Definitive Analysis
| Stable Growth | $417.82 - $804.15 | $753.61 |
| Multi-Stage | $124.79 - $136.64 | $130.61 |
| Blended Fair Value | $442.11 | |
| Current Price | $20.90 | |
| Upside | 2,015.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.51% | 12.09% | 0.63 | 0.61 | 0.40 | 0.35 | 0.35 | 0.35 | 0.35 | 0.35 | 0.20 | 0.20 |
| YoY Growth | - | - | 3.45% | 53.00% | 14.32% | -0.43% | 0.05% | -0.04% | 0.40% | 75.00% | -1.14% | 0.00% |
| Dividend Yield | - | - | 3.03% | 1.43% | 0.96% | 1.18% | 1.20% | 1.25% | 0.88% | 0.88% | 0.56% | 0.85% |
| Net Income To Common (M) | 87.63 |
| (-) Cash Dividends Paid (M) | 26.64 |
| (=) Cash Retained (M) | 60.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.53 | 10.95 | 6.57 |
| Cash Retained (M) | 60.99 | 60.99 | 60.99 |
| (-) Cash Required (M) | -17.53 | -10.95 | -6.57 |
| (=) Excess Retained (M) | 43.47 | 50.04 | 54.42 |
| (/) Shares Outstanding (M) | 21.67 | 21.67 | 21.67 |
| (=) Excess Retained per Share | 2.01 | 2.31 | 2.51 |
| LTM Dividend per Share | 1.23 | 1.23 | 1.23 |
| (+) Excess Retained per Share | 2.01 | 2.31 | 2.51 |
| (=) Adjusted Dividend | 3.23 | 3.54 | 3.74 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $417.82 | $753.61 | $804.15 |
| Upside / Downside | 1,899.13% | 3,505.77% | 3,747.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 87.63 | 93.32 | 99.39 | 105.85 | 112.73 | 120.06 | 123.66 |
| Payout Ratio | 30.40% | 42.32% | 54.24% | 66.16% | 78.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 26.64 | 39.49 | 53.91 | 70.03 | 88.02 | 108.05 | 114.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 36.80 | 37.15 | 37.49 |
| Year 2 PV (M) | 46.80 | 47.69 | 48.59 |
| Year 3 PV (M) | 56.65 | 58.27 | 59.93 |
| Year 4 PV (M) | 66.34 | 68.89 | 71.52 |
| Year 5 PV (M) | 75.88 | 79.55 | 83.35 |
| PV of Terminal Value (M) | 2,421.93 | 2,538.91 | 2,660.37 |
| Equity Value (M) | 2,704.40 | 2,830.46 | 2,961.25 |
| Shares Outstanding (M) | 21.67 | 21.67 | 21.67 |
| Fair Value | $124.79 | $130.61 | $136.64 |
| Upside / Downside | 497.08% | 524.91% | 553.79% |
| 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% |