Definitive Analysis
| Stable Growth | $13.74 - $20.81 | $17.07 |
| Multi-Stage | $20.30 - $22.22 | $21.24 |
| Blended Fair Value | $19.15 | |
| Current Price | $35.21 | |
| Upside | -45.60% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 4.78% | 0.81 | 0.72 | 0.69 | 0.66 | 0.00 | 0.00 | 0.56 | 0.52 | 0.50 | 0.50 |
| YoY Growth | - | - | 12.68% | 4.18% | 4.45% | 0.00% | 0.00% | -100.00% | 7.28% | 4.74% | -0.36% | -0.44% |
| Dividend Yield | - | - | 2.35% | 2.07% | 1.61% | 1.56% | 0.00% | 0.00% | 1.70% | 1.69% | 1.42% | 1.47% |
| Net Income To Common (M) | 18.27 |
| (-) Cash Dividends Paid (M) | 10.28 |
| (=) Cash Retained (M) | 7.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3.65 | 2.28 | 1.37 |
| Cash Retained (M) | 7.98 | 7.98 | 7.98 |
| (-) Cash Required (M) | -3.65 | -2.28 | -1.37 |
| (=) Excess Retained (M) | 4.33 | 5.70 | 6.61 |
| (/) Shares Outstanding (M) | 11.75 | 11.75 | 11.75 |
| (=) Excess Retained per Share | 0.37 | 0.48 | 0.56 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | 0.37 | 0.48 | 0.56 |
| (=) Adjusted Dividend | 1.24 | 1.36 | 1.44 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.05% | 1.05% | 2.05% |
| Fair Value | $13.74 | $17.07 | $20.81 |
| Upside / Downside | -60.97% | -51.52% | -40.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 18.27 | 18.46 | 18.65 | 18.85 | 19.04 | 19.24 | 19.82 |
| Payout Ratio | 56.29% | 63.03% | 69.78% | 76.52% | 83.26% | 90.00% | 92.50% |
| Projected Dividends (M) | 10.28 | 11.63 | 13.01 | 14.42 | 15.85 | 17.32 | 18.33 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.05% | 1.05% | 2.05% |
| Year 1 PV (M) | 10.56 | 10.66 | 10.77 |
| Year 2 PV (M) | 10.72 | 10.93 | 11.15 |
| Year 3 PV (M) | 10.78 | 11.10 | 11.44 |
| Year 4 PV (M) | 10.76 | 11.19 | 11.64 |
| Year 5 PV (M) | 10.66 | 11.21 | 11.77 |
| PV of Terminal Value (M) | 185.09 | 194.52 | 204.34 |
| Equity Value (M) | 238.56 | 249.62 | 261.11 |
| Shares Outstanding (M) | 11.75 | 11.75 | 11.75 |
| Fair Value | $20.30 | $21.24 | $22.22 |
| Upside / Downside | -42.36% | -39.68% | -36.91% |
| 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% |