Definitive Analysis
| Stable Growth | $53.82 - $73.82 | $63.94 |
| Multi-Stage | $104.75 - $115.69 | $110.11 |
| Blended Fair Value | $87.02 | |
| Current Price | $28.50 | |
| Upside | 205.35% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -49.44% | -22.96% | 0.62 | 0.31 | 0.00 | 0.00 | 14.18 | 18.72 | 16.10 | 14.85 | 13.52 | 11.16 |
| YoY Growth | - | - | 99.94% | 0.00% | 0.00% | -100.00% | -24.27% | 16.31% | 8.44% | 9.81% | 21.15% | 32.88% |
| Dividend Yield | - | - | 2.17% | 2.02% | 0.00% | 0.00% | 154.95% | 12.56% | 7.64% | 4.12% | 5.31% | 2.31% |
| Net Income To Common (M) | 108.14 |
| (-) Cash Dividends Paid (M) | 6.51 |
| (=) Cash Retained (M) | 101.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.63 | 13.52 | 8.11 |
| Cash Retained (M) | 101.63 | 101.63 | 101.63 |
| (-) Cash Required (M) | -21.63 | -13.52 | -8.11 |
| (=) Excess Retained (M) | 80.00 | 88.11 | 93.52 |
| (/) Shares Outstanding (M) | 10.53 | 10.53 | 10.53 |
| (=) Excess Retained per Share | 7.60 | 8.37 | 8.89 |
| LTM Dividend per Share | 0.62 | 0.62 | 0.62 |
| (+) Excess Retained per Share | 7.60 | 8.37 | 8.89 |
| (=) Adjusted Dividend | 8.22 | 8.99 | 9.50 |
| WACC / Discount Rate | 8.52% | 8.52% | 8.52% |
| Growth Rate | -5.85% | -4.85% | -3.85% |
| Fair Value | $53.82 | $63.94 | $73.82 |
| Upside / Downside | 88.85% | 124.35% | 159.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 108.14 | 102.89 | 97.90 | 93.15 | 88.63 | 84.33 | 86.86 |
| Payout Ratio | 6.02% | 22.82% | 39.61% | 56.41% | 73.20% | 90.00% | 92.50% |
| Projected Dividends (M) | 6.51 | 23.48 | 38.78 | 52.54 | 64.88 | 75.89 | 80.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.52% | 8.52% | 8.52% |
| Growth Rate | -5.85% | -4.85% | -3.85% |
| Year 1 PV (M) | 21.41 | 21.63 | 21.86 |
| Year 2 PV (M) | 32.24 | 32.93 | 33.62 |
| Year 3 PV (M) | 39.83 | 41.11 | 42.42 |
| Year 4 PV (M) | 44.84 | 46.77 | 48.77 |
| Year 5 PV (M) | 47.82 | 50.42 | 53.12 |
| PV of Terminal Value (M) | 916.35 | 966.07 | 1,017.91 |
| Equity Value (M) | 1,102.49 | 1,158.92 | 1,217.71 |
| Shares Outstanding (M) | 10.53 | 10.53 | 10.53 |
| Fair Value | $104.75 | $110.11 | $115.69 |
| Upside / Downside | 267.53% | 286.35% | 305.94% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |