Definitive Analysis
| Stable Growth | $63.20 - $98.88 | $79.62 |
| Multi-Stage | $82.52 - $90.49 | $86.43 |
| Blended Fair Value | $83.02 | |
| Current Price | $46.63 | |
| Upside | 78.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.40% | 9.16% | 1.23 | 1.20 | 1.12 | 1.11 | 1.11 | 1.09 | 1.03 | 0.93 | 0.77 | 0.73 |
| YoY Growth | - | - | 3.13% | 6.37% | 0.84% | 0.38% | 1.39% | 5.97% | 10.96% | 20.18% | 6.81% | 41.31% |
| Dividend Yield | - | - | 2.64% | 1.76% | 2.98% | 2.90% | 2.78% | 3.28% | 3.67% | 1.90% | 1.55% | 1.87% |
| Net Income To Common (M) | 204.10 |
| (-) Cash Dividends Paid (M) | 39.60 |
| (=) Cash Retained (M) | 164.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 40.82 | 25.51 | 15.31 |
| Cash Retained (M) | 164.50 | 164.50 | 164.50 |
| (-) Cash Required (M) | -40.82 | -25.51 | -15.31 |
| (=) Excess Retained (M) | 123.68 | 138.99 | 149.19 |
| (/) Shares Outstanding (M) | 32.13 | 32.13 | 32.13 |
| (=) Excess Retained per Share | 3.85 | 4.33 | 4.64 |
| LTM Dividend per Share | 1.23 | 1.23 | 1.23 |
| (+) Excess Retained per Share | 3.85 | 4.33 | 4.64 |
| (=) Adjusted Dividend | 5.08 | 5.56 | 5.88 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.98% | 1.98% | 2.98% |
| Fair Value | $63.20 | $79.62 | $98.88 |
| Upside / Downside | 35.54% | 70.75% | 112.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 204.10 | 208.14 | 212.25 | 216.45 | 220.74 | 225.10 | 231.86 |
| Payout Ratio | 19.40% | 33.52% | 47.64% | 61.76% | 75.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 39.60 | 69.77 | 101.12 | 133.68 | 167.50 | 202.59 | 214.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.98% | 1.98% | 2.98% |
| Year 1 PV (M) | 63.33 | 63.95 | 64.58 |
| Year 2 PV (M) | 83.30 | 84.96 | 86.63 |
| Year 3 PV (M) | 99.95 | 102.95 | 106.01 |
| Year 4 PV (M) | 113.66 | 118.23 | 122.94 |
| Year 5 PV (M) | 124.78 | 131.08 | 137.63 |
| PV of Terminal Value (M) | 2,166.15 | 2,275.55 | 2,389.33 |
| Equity Value (M) | 2,651.17 | 2,776.73 | 2,907.13 |
| Shares Outstanding (M) | 32.13 | 32.13 | 32.13 |
| Fair Value | $82.52 | $86.43 | $90.49 |
| Upside / Downside | 76.97% | 85.35% | 94.06% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ORA | Ormat Technologies, Inc. | 0.42% | $0.48 | 21.81% |
| VLTO | Veralto Corporation | 0.42% | $0.42 | 11.39% |
| CEG | Constellation Energy Corporation | 0.41% | $1.52 | 17.38% |
| EXPE | Expedia Group, Inc. | 0.41% | $1.15 | 10.88% |
| GE | GE Aerospace | 0.40% | $1.29 | 17.08% |
| GEHCV | GE HealthCare Technologies Inc. | 0.40% | $0.23 | 5.05% |
| ATMU | Atmus Filtration Technologies Inc. | 0.39% | $0.20 | 8.42% |
| BMNR | Bitmine Immersion Technologies, Inc. | 0.39% | $0.12 | 0.85% |
| CHDN | Churchill Downs Incorporated | 0.39% | $0.43 | 7.61% |
| PLPC | Preformed Line Products Company | 0.39% | $0.83 | 11.03% |
| AAPL | Apple Inc. | 0.38% | $1.03 | 13.77% |
| AMOT | Allied Motion Technologies Inc. | 0.38% | $0.12 | 21.85% |
| CASY | Casey's General Stores, Inc. | 0.38% | $2.09 | 12.85% |
| EA | Electronic Arts Inc. | 0.38% | $0.77 | 21.92% |
| LOB | Live Oak Bancshares, Inc. | 0.37% | $0.13 | 8.44% |
| PCG-PA | Pacific Gas and Electric Company | 0.37% | $0.08 | 6.94% |
| CTS | CTS Corporation | 0.36% | $0.16 | 8.09% |
| GVA | Granite Construction Incorporated | 0.36% | $0.43 | 12.45% |
| LCORX | Leuthold Core Investment Fund | 0.36% | $0.08 | 4.98% |
| LCRIX | Leuthold Core Investment Fund Class Institutional | 0.36% | $0.08 | 4.98% |
| UHAL | U-Haul Holding Company | 0.36% | $0.18 | 17.87% |
| BOX | Box, Inc. | 0.35% | $0.10 | 6.61% |
| HCC | Warrior Met Coal, Inc. | 0.35% | $0.31 | 47.04% |
| MCK | McKesson Corporation | 0.35% | $2.91 | 8.98% |
| CSWI | CSW Industrials, Inc. | 0.34% | $1.02 | 11.93% |
| MOG-A | Moog Inc. | 0.34% | $0.85 | 11.59% |
| SRBK | SR Bancorp, Inc. Common stock | 0.34% | $0.05 | 9.61% |
| VHAQ-UN | Viveon Health Acquisition Corp. | 0.34% | $0.04 | 17.38% |
| WWD | Woodward, Inc. | 0.34% | $1.05 | 14.70% |
| AGX | Argan, Inc. | 0.33% | $1.08 | 12.72% |
| PJT | PJT Partners Inc. | 0.33% | $0.56 | 13.70% |
| REGN | Regeneron Pharmaceuticals, Inc. | 0.33% | $2.59 | 6.06% |
| LPLA | LPL Financial Holdings Inc. | 0.32% | $1.16 | 11.15% |
| META | Meta Platforms, Inc. | 0.31% | $2.04 | 8.98% |
| ESAB | ESAB Corporation | 0.30% | $0.34 | 8.52% |
| POWL | Powell Industries, Inc. | 0.30% | $1.05 | 7.31% |
| VC | Visteon Corporation | 0.30% | $0.29 | 2.59% |
| WST | West Pharmaceutical Services, Inc. | 0.30% | $0.83 | 12.34% |
| CASH | Pathward Financial, Inc. | 0.29% | $0.21 | 2.52% |
| NGS | Natural Gas Services Group, Inc. | 0.29% | $0.10 | 6.71% |
| PLUS | ePlus inc. | 0.29% | $0.25 | 5.41% |
| RVTY | Revvity, Inc. | 0.29% | $0.28 | 14.01% |
| TMO | Thermo Fisher Scientific Inc. | 0.28% | $1.65 | 9.48% |
| MRVL | Marvell Technology, Inc. | 0.27% | $0.24 | 8.33% |
| VNT | Vontier Corporation | 0.27% | $0.10 | 3.64% |
| DBRG | DigitalBridge Group, Inc. | 0.26% | $0.04 | 9.84% |
| FOUR | Shift4 Payments, Inc. | 0.26% | $0.16 | 7.44% |
| GOOG | Alphabet Inc. | 0.26% | $0.82 | 8.01% |
| TPB | Turning Point Brands, Inc. | 0.26% | $0.29 | 10.22% |
| USB-PA | U.S. Bancorp PERP PFD SER A | 0.26% | $2.02 | 43.68% |