Definitive Analysis
| Stable Growth | $171.25 - $330.43 | $234.82 |
| Multi-Stage | $241.20 - $264.72 | $252.74 |
| Blended Fair Value | $243.78 | |
| Current Price | $34.00 | |
| Upside | 617.00% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 64.65% | 0.00% | 3.30 | 2.90 | 3.20 | 1.60 | 0.60 | 0.27 | 0.09 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 13.82% | -9.38% | 99.91% | 166.51% | 120.20% | 209.38% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.32% | 7.18% | 7.80% | 4.19% | 1.43% | 0.85% | 0.87% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 7.86 |
| (-) Cash Dividends Paid (M) | 2.69 |
| (=) Cash Retained (M) | 5.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1.57 | 0.98 | 0.59 |
| Cash Retained (M) | 5.17 | 5.17 | 5.17 |
| (-) Cash Required (M) | -1.57 | -0.98 | -0.59 |
| (=) Excess Retained (M) | 3.60 | 4.19 | 4.58 |
| (/) Shares Outstanding (M) | 0.73 | 0.73 | 0.73 |
| (=) Excess Retained per Share | 4.96 | 5.77 | 6.31 |
| LTM Dividend per Share | 3.70 | 3.70 | 3.70 |
| (+) Excess Retained per Share | 4.96 | 5.77 | 6.31 |
| (=) Adjusted Dividend | 8.66 | 9.47 | 10.01 |
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 1.69% | 2.69% | 3.69% |
| Fair Value | $171.25 | $234.82 | $330.43 |
| Upside / Downside | 403.69% | 590.65% | 871.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7.86 | 8.07 | 8.29 | 8.51 | 8.74 | 8.98 | 9.24 |
| Payout Ratio | 34.18% | 45.35% | 56.51% | 67.67% | 78.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 2.69 | 3.66 | 4.68 | 5.76 | 6.89 | 8.08 | 8.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 1.69% | 2.69% | 3.69% |
| Year 1 PV (M) | 3.39 | 3.43 | 3.46 |
| Year 2 PV (M) | 4.02 | 4.10 | 4.18 |
| Year 3 PV (M) | 4.59 | 4.72 | 4.86 |
| Year 4 PV (M) | 5.09 | 5.29 | 5.50 |
| Year 5 PV (M) | 5.53 | 5.80 | 6.09 |
| PV of Terminal Value (M) | 152.50 | 160.15 | 168.10 |
| Equity Value (M) | 175.11 | 183.49 | 192.19 |
| Shares Outstanding (M) | 0.73 | 0.73 | 0.73 |
| Fair Value | $241.20 | $252.74 | $264.72 |
| Upside / Downside | 609.42% | 643.35% | 678.60% |
| 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% |