Definitive Analysis
| Stable Growth | $9.24 - $13.09 | $11.14 |
| Multi-Stage | $16.80 - $18.39 | $17.58 |
| Blended Fair Value | $14.36 | |
| Current Price | $10.85 | |
| Upside | 32.35% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.28% | -2.54% | 0.67 | 0.64 | 0.63 | 0.63 | 0.63 | 0.63 | 0.63 | 0.69 | 0.82 | 0.86 |
| YoY Growth | - | - | 4.48% | 1.52% | 0.37% | -0.07% | 0.18% | 0.09% | -9.06% | -15.61% | -5.03% | -0.51% |
| Dividend Yield | - | - | 6.24% | 5.98% | 5.95% | 4.41% | 4.46% | 4.30% | 5.21% | 5.01% | 6.34% | 7.11% |
| Net Income To Common (M) | 21.12 |
| (-) Cash Dividends Paid (M) | 16.93 |
| (=) Cash Retained (M) | 4.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4.22 | 2.64 | 1.58 |
| Cash Retained (M) | 4.19 | 4.19 | 4.19 |
| (-) Cash Required (M) | -4.22 | -2.64 | -1.58 |
| (=) Excess Retained (M) | -0.03 | 1.55 | 2.61 |
| (/) Shares Outstanding (M) | 14.83 | 14.83 | 14.83 |
| (=) Excess Retained per Share | 0.00 | 0.10 | 0.18 |
| LTM Dividend per Share | 1.14 | 1.14 | 1.14 |
| (+) Excess Retained per Share | 0.00 | 0.10 | 0.18 |
| (=) Adjusted Dividend | 1.14 | 1.25 | 1.32 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.88% | -1.88% | -0.88% |
| Fair Value | $9.24 | $11.14 | $13.09 |
| Upside / Downside | -14.85% | 2.66% | 20.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 21.12 | 20.73 | 20.34 | 19.95 | 19.58 | 19.21 | 19.79 |
| Payout Ratio | 80.16% | 82.13% | 84.09% | 86.06% | 88.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 16.93 | 17.02 | 17.10 | 17.17 | 17.24 | 17.29 | 18.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.88% | -1.88% | -0.88% |
| Year 1 PV (M) | 15.44 | 15.60 | 15.76 |
| Year 2 PV (M) | 14.08 | 14.37 | 14.66 |
| Year 3 PV (M) | 12.83 | 13.23 | 13.63 |
| Year 4 PV (M) | 11.68 | 12.17 | 12.67 |
| Year 5 PV (M) | 10.63 | 11.19 | 11.77 |
| PV of Terminal Value (M) | 184.52 | 194.21 | 204.31 |
| Equity Value (M) | 249.17 | 260.76 | 272.81 |
| Shares Outstanding (M) | 14.83 | 14.83 | 14.83 |
| Fair Value | $16.80 | $17.58 | $18.39 |
| Upside / Downside | 54.83% | 62.04% | 69.53% |
| 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% |