Definitive Analysis
| Stable Growth | $209.10 - $1,128.04 | $379.02 |
| Multi-Stage | $184.08 - $201.83 | $192.79 |
| Blended Fair Value | $285.91 | |
| Current Price | $28.35 | |
| Upside | 908.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.89% | 18.59% | 1.10 | 0.80 | 0.75 | 0.91 | 0.31 | 0.60 | 0.70 | 0.65 | 0.41 | 0.38 |
| YoY Growth | - | - | 37.49% | 6.67% | -17.66% | 198.28% | -49.10% | -14.55% | 8.00% | 58.58% | 7.89% | 89.99% |
| Dividend Yield | - | - | 3.88% | 2.59% | 3.45% | 3.36% | 1.24% | 3.69% | 3.62% | 1.89% | 1.25% | 1.63% |
| Net Income To Common (M) | 119.18 |
| (-) Cash Dividends Paid (M) | 38.82 |
| (=) Cash Retained (M) | 80.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.84 | 14.90 | 8.94 |
| Cash Retained (M) | 80.36 | 80.36 | 80.36 |
| (-) Cash Required (M) | -23.84 | -14.90 | -8.94 |
| (=) Excess Retained (M) | 56.52 | 65.46 | 71.42 |
| (/) Shares Outstanding (M) | 18.49 | 18.49 | 18.49 |
| (=) Excess Retained per Share | 3.06 | 3.54 | 3.86 |
| LTM Dividend per Share | 2.10 | 2.10 | 2.10 |
| (+) Excess Retained per Share | 3.06 | 3.54 | 3.86 |
| (=) Adjusted Dividend | 5.16 | 5.64 | 5.96 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.75% | 4.75% | 5.75% |
| Fair Value | $209.10 | $379.02 | $1,128.04 |
| Upside / Downside | 637.58% | 1,236.93% | 3,878.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 119.18 | 124.84 | 130.78 | 136.99 | 143.51 | 150.33 | 154.84 |
| Payout Ratio | 32.57% | 44.06% | 55.54% | 67.03% | 78.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 38.82 | 55.00 | 72.64 | 91.83 | 112.67 | 135.29 | 143.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.75% | 4.75% | 5.75% |
| Year 1 PV (M) | 51.24 | 51.74 | 52.23 |
| Year 2 PV (M) | 63.05 | 64.27 | 65.50 |
| Year 3 PV (M) | 74.25 | 76.42 | 78.63 |
| Year 4 PV (M) | 84.88 | 88.20 | 91.62 |
| Year 5 PV (M) | 94.96 | 99.62 | 104.47 |
| PV of Terminal Value (M) | 3,034.63 | 3,183.72 | 3,338.61 |
| Equity Value (M) | 3,403.01 | 3,563.97 | 3,731.06 |
| Shares Outstanding (M) | 18.49 | 18.49 | 18.49 |
| Fair Value | $184.08 | $192.79 | $201.83 |
| Upside / Downside | 549.33% | 580.04% | 611.92% |
| 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% |