Definitive Analysis
| Stable Growth | $121.86 - $323.26 | $186.33 |
| Multi-Stage | $82.29 - $89.97 | $86.06 |
| Blended Fair Value | $136.20 | |
| Current Price | $33.13 | |
| Upside | 311.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.78% | 10.19% | 0.66 | 0.56 | 0.50 | 0.47 | 0.38 | 0.32 | 0.32 | 0.34 | 0.36 | 0.28 |
| YoY Growth | - | - | 18.39% | 12.45% | 5.66% | 23.35% | 19.90% | -0.55% | -5.32% | -6.76% | 30.15% | 11.07% |
| Dividend Yield | - | - | 2.00% | 1.39% | 1.46% | 2.14% | 1.36% | 0.86% | 0.89% | 1.60% | 1.82% | 1.33% |
| Net Income To Common (M) | 29.36 |
| (-) Cash Dividends Paid (M) | 3.74 |
| (=) Cash Retained (M) | 25.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5.87 | 3.67 | 2.20 |
| Cash Retained (M) | 25.62 | 25.62 | 25.62 |
| (-) Cash Required (M) | -5.87 | -3.67 | -2.20 |
| (=) Excess Retained (M) | 19.75 | 21.95 | 23.42 |
| (/) Shares Outstanding (M) | 5.65 | 5.65 | 5.65 |
| (=) Excess Retained per Share | 3.49 | 3.88 | 4.14 |
| LTM Dividend per Share | 0.66 | 0.66 | 0.66 |
| (+) Excess Retained per Share | 3.49 | 3.88 | 4.14 |
| (=) Adjusted Dividend | 4.16 | 4.55 | 4.81 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $121.86 | $186.33 | $323.26 |
| Upside / Downside | 267.82% | 462.43% | 875.72% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 29.36 | 31.26 | 33.30 | 35.46 | 37.77 | 40.22 | 41.43 |
| Payout Ratio | 12.72% | 28.18% | 43.63% | 59.09% | 74.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 3.74 | 8.81 | 14.53 | 20.95 | 28.15 | 36.20 | 38.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 8.00 | 8.08 | 8.15 |
| Year 2 PV (M) | 11.98 | 12.21 | 12.44 |
| Year 3 PV (M) | 15.69 | 16.14 | 16.60 |
| Year 4 PV (M) | 19.14 | 19.87 | 20.63 |
| Year 5 PV (M) | 22.34 | 23.42 | 24.54 |
| PV of Terminal Value (M) | 387.85 | 406.59 | 426.04 |
| Equity Value (M) | 464.99 | 486.30 | 508.39 |
| Shares Outstanding (M) | 5.65 | 5.65 | 5.65 |
| Fair Value | $82.29 | $86.06 | $89.97 |
| Upside / Downside | 148.37% | 159.75% | 171.55% |
| 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% |