Definitive Analysis
| Stable Growth | $56.78 - $122.56 | $81.11 |
| Multi-Stage | $46.50 - $50.82 | $48.62 |
| Blended Fair Value | $64.87 | |
| Current Price | $30.02 | |
| Upside | 116.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.17% | 6.69% | 0.85 | 0.86 | 0.85 | 0.81 | 0.60 | 0.80 | 0.81 | 0.73 | 0.58 | 0.52 |
| YoY Growth | - | - | -0.83% | 1.80% | 4.38% | 34.44% | -25.17% | -0.26% | 10.31% | 25.11% | 13.41% | 15.50% |
| Dividend Yield | - | - | 3.01% | 4.23% | 3.56% | 3.03% | 2.11% | 4.93% | 3.23% | 2.64% | 2.26% | 2.64% |
| Net Income To Common (M) | 86.95 |
| (-) Cash Dividends Paid (M) | 25.18 |
| (=) Cash Retained (M) | 61.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.39 | 10.87 | 6.52 |
| Cash Retained (M) | 61.78 | 61.78 | 61.78 |
| (-) Cash Required (M) | -17.39 | -10.87 | -6.52 |
| (=) Excess Retained (M) | 44.39 | 50.91 | 55.26 |
| (/) Shares Outstanding (M) | 29.12 | 29.12 | 29.12 |
| (=) Excess Retained per Share | 1.52 | 1.75 | 1.90 |
| LTM Dividend per Share | 0.86 | 0.86 | 0.86 |
| (+) Excess Retained per Share | 1.52 | 1.75 | 1.90 |
| (=) Adjusted Dividend | 2.39 | 2.61 | 2.76 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.69% | 5.69% | 6.69% |
| Fair Value | $56.78 | $81.11 | $122.56 |
| Upside / Downside | 89.15% | 170.20% | 308.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 86.95 | 91.90 | 97.14 | 102.67 | 108.51 | 114.69 | 118.13 |
| Payout Ratio | 28.95% | 41.16% | 53.37% | 65.58% | 77.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 25.18 | 37.83 | 51.84 | 67.33 | 84.41 | 103.22 | 109.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.69% | 5.69% | 6.69% |
| Year 1 PV (M) | 34.35 | 34.67 | 35.00 |
| Year 2 PV (M) | 42.74 | 43.56 | 44.38 |
| Year 3 PV (M) | 50.39 | 51.85 | 53.34 |
| Year 4 PV (M) | 57.36 | 59.58 | 61.87 |
| Year 5 PV (M) | 63.69 | 66.79 | 70.01 |
| PV of Terminal Value (M) | 1,105.58 | 1,159.40 | 1,215.29 |
| Equity Value (M) | 1,354.10 | 1,415.85 | 1,479.89 |
| Shares Outstanding (M) | 29.12 | 29.12 | 29.12 |
| Fair Value | $46.50 | $48.62 | $50.82 |
| Upside / Downside | 54.90% | 61.97% | 69.29% |
| 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% |