Definitive Analysis
| Stable Growth | $26.85 - $38.64 | $32.60 |
| Multi-Stage | $45.89 - $50.26 | $48.04 |
| Blended Fair Value | $40.32 | |
| Current Price | $15.45 | |
| Upside | 160.97% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -5.69% | 0.00% | 1.29 | 1.26 | 0.70 | 1.21 | 1.72 | 1.72 | 1.72 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 2.35% | 79.38% | -41.93% | -30.01% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.48% | 9.23% | 5.43% | 12.08% | 11.08% | 10.05% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 22.97 |
| (-) Cash Dividends Paid (M) | 15.57 |
| (=) Cash Retained (M) | 7.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.59 | 2.87 | 1.72 |
| Cash Retained (M) | 7.41 | 7.41 | 7.41 |
| (-) Cash Required (M) | -4.59 | -2.87 | -1.72 |
| (=) Excess Retained (M) | 2.81 | 4.53 | 5.68 |
| (/) Shares Outstanding (M) | 6.05 | 6.05 | 6.05 |
| (=) Excess Retained per Share | 0.47 | 0.75 | 0.94 |
| LTM Dividend per Share | 2.58 | 2.58 | 2.58 |
| (+) Excess Retained per Share | 0.47 | 0.75 | 0.94 |
| (=) Adjusted Dividend | 3.04 | 3.33 | 3.52 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $26.85 | $32.60 | $38.64 |
| Upside / Downside | 73.77% | 111.02% | 150.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22.97 | 22.74 | 22.52 | 22.29 | 22.07 | 21.85 | 22.50 |
| Payout Ratio | 67.76% | 72.21% | 76.66% | 81.10% | 85.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 15.57 | 16.42 | 17.26 | 18.08 | 18.88 | 19.66 | 20.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 14.90 | 15.05 | 15.21 |
| Year 2 PV (M) | 14.21 | 14.50 | 14.80 |
| Year 3 PV (M) | 13.51 | 13.92 | 14.35 |
| Year 4 PV (M) | 12.80 | 13.33 | 13.87 |
| Year 5 PV (M) | 12.09 | 12.72 | 13.38 |
| PV of Terminal Value (M) | 209.93 | 220.86 | 232.25 |
| Equity Value (M) | 277.44 | 290.39 | 303.85 |
| Shares Outstanding (M) | 6.05 | 6.05 | 6.05 |
| Fair Value | $45.89 | $48.04 | $50.26 |
| Upside / Downside | 197.05% | 210.92% | 225.33% |
| 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% |