Definitive Analysis
| Stable Growth | $30.81 - $81.73 | $47.11 |
| Multi-Stage | $21.70 - $23.67 | $22.67 |
| Blended Fair Value | $34.89 | |
| Current Price | $19.17 | |
| Upside | 81.99% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 35.16% | 0.00% | 0.64 | 0.36 | 0.20 | 0.14 | 0.14 | 0.14 | 0.12 | 0.09 | 0.08 | 0.09 |
| YoY Growth | - | - | 80.74% | 76.60% | 43.74% | -2.82% | 1.16% | 15.08% | 36.64% | 9.65% | -3.68% | 0.00% |
| Dividend Yield | - | - | 2.68% | 2.08% | 1.39% | 1.09% | 1.62% | 2.74% | 1.96% | 1.43% | 1.14% | 1.51% |
| Net Income To Common (M) | 50.57 |
| (-) Cash Dividends Paid (M) | 24.83 |
| (=) Cash Retained (M) | 25.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10.11 | 6.32 | 3.79 |
| Cash Retained (M) | 25.74 | 25.74 | 25.74 |
| (-) Cash Required (M) | -10.11 | -6.32 | -3.79 |
| (=) Excess Retained (M) | 15.63 | 19.42 | 21.95 |
| (/) Shares Outstanding (M) | 38.50 | 38.50 | 38.50 |
| (=) Excess Retained per Share | 0.41 | 0.50 | 0.57 |
| LTM Dividend per Share | 0.64 | 0.64 | 0.64 |
| (+) Excess Retained per Share | 0.41 | 0.50 | 0.57 |
| (=) Adjusted Dividend | 1.05 | 1.15 | 1.21 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $30.81 | $47.11 | $81.73 |
| Upside / Downside | 60.71% | 145.74% | 326.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 50.57 | 53.85 | 57.35 | 61.08 | 65.05 | 69.28 | 71.36 |
| Payout Ratio | 49.10% | 57.28% | 65.46% | 73.64% | 81.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.83 | 30.85 | 37.54 | 44.98 | 53.23 | 62.35 | 66.01 |
| 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) | 28.01 | 28.27 | 28.54 |
| Year 2 PV (M) | 30.95 | 31.54 | 32.14 |
| Year 3 PV (M) | 33.67 | 34.64 | 35.62 |
| Year 4 PV (M) | 36.18 | 37.57 | 39.00 |
| Year 5 PV (M) | 38.48 | 40.34 | 42.27 |
| PV of Terminal Value (M) | 668.09 | 700.36 | 733.87 |
| Equity Value (M) | 835.39 | 872.74 | 911.45 |
| Shares Outstanding (M) | 38.50 | 38.50 | 38.50 |
| Fair Value | $21.70 | $22.67 | $23.67 |
| Upside / Downside | 13.19% | 18.24% | 23.49% |
| 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% |