Definitive Analysis
| Stable Growth | $7.74 - $10.18 | $9.01 |
| Multi-Stage | $15.87 - $17.56 | $16.70 |
| Blended Fair Value | $12.85 | |
| Current Price | $54.95 | |
| Upside | -76.61% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -8.65% | -3.10% | 0.68 | 1.15 | 1.19 | 1.15 | 1.07 | 1.07 | 1.05 | 1.04 | 1.02 | 0.95 |
| YoY Growth | - | - | -40.33% | -4.09% | 3.53% | 7.99% | -0.56% | 1.82% | 1.90% | 1.27% | 7.47% | 1.63% |
| Dividend Yield | - | - | 1.04% | 2.50% | 2.57% | 3.67% | 2.99% | 4.20% | 4.93% | 3.61% | 3.32% | 3.60% |
| Net Income To Common (M) | 106.02 |
| (-) Cash Dividends Paid (M) | 25.39 |
| (=) Cash Retained (M) | 80.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.20 | 13.25 | 7.95 |
| Cash Retained (M) | 80.62 | 80.62 | 80.62 |
| (-) Cash Required (M) | -21.20 | -13.25 | -7.95 |
| (=) Excess Retained (M) | 59.42 | 67.37 | 72.67 |
| (/) Shares Outstanding (M) | 49.61 | 49.61 | 49.61 |
| (=) Excess Retained per Share | 1.20 | 1.36 | 1.46 |
| LTM Dividend per Share | 0.51 | 0.51 | 0.51 |
| (+) Excess Retained per Share | 1.20 | 1.36 | 1.46 |
| (=) Adjusted Dividend | 1.71 | 1.87 | 1.98 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -10.65% | -9.65% | -8.65% |
| Fair Value | $7.74 | $9.01 | $10.18 |
| Upside / Downside | -85.92% | -83.60% | -81.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 106.02 | 95.79 | 86.55 | 78.20 | 70.65 | 63.84 | 65.75 |
| Payout Ratio | 23.95% | 37.16% | 50.37% | 63.58% | 76.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 25.39 | 35.60 | 43.60 | 49.72 | 54.25 | 57.45 | 60.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -10.65% | -9.65% | -8.65% |
| Year 1 PV (M) | 32.27 | 32.63 | 32.99 |
| Year 2 PV (M) | 35.82 | 36.63 | 37.44 |
| Year 3 PV (M) | 37.03 | 38.29 | 39.57 |
| Year 4 PV (M) | 36.63 | 38.30 | 40.02 |
| Year 5 PV (M) | 35.16 | 37.17 | 39.28 |
| PV of Terminal Value (M) | 610.39 | 645.32 | 681.84 |
| Equity Value (M) | 787.31 | 828.34 | 871.14 |
| Shares Outstanding (M) | 49.61 | 49.61 | 49.61 |
| Fair Value | $15.87 | $16.70 | $17.56 |
| Upside / Downside | -71.12% | -69.62% | -68.05% |
| 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% |