Definitive Analysis
| Stable Growth | $128.28 - $196.17 | $160.02 |
| Multi-Stage | $272.90 - $300.26 | $286.31 |
| Blended Fair Value | $223.16 | |
| Current Price | $110.60 | |
| Upside | 101.78% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.05% | 0.00% | 3.10 | 2.90 | 2.70 | 1.91 | 0.00 | 3.09 | 3.02 | 2.86 | 2.77 | 2.61 |
| YoY Growth | - | - | 6.82% | 7.51% | 41.12% | 0.00% | -100.00% | 2.23% | 5.47% | 3.32% | 6.06% | 0.00% |
| Dividend Yield | - | - | 3.62% | 3.63% | 3.29% | 2.01% | 0.00% | 2.86% | 2.61% | 2.37% | 2.65% | 2.84% |
| Net Income To Common (M) | 144.63 |
| (-) Cash Dividends Paid (M) | 64.61 |
| (=) Cash Retained (M) | 80.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 28.93 | 18.08 | 10.85 |
| Cash Retained (M) | 80.01 | 80.01 | 80.01 |
| (-) Cash Required (M) | -28.93 | -18.08 | -10.85 |
| (=) Excess Retained (M) | 51.09 | 61.93 | 69.16 |
| (/) Shares Outstanding (M) | 10.10 | 10.10 | 10.10 |
| (=) Excess Retained per Share | 5.06 | 6.13 | 6.84 |
| LTM Dividend per Share | 6.39 | 6.39 | 6.39 |
| (+) Excess Retained per Share | 5.06 | 6.13 | 6.84 |
| (=) Adjusted Dividend | 11.45 | 12.52 | 13.24 |
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -1.95% | -0.95% | 0.05% |
| Fair Value | $128.28 | $160.02 | $196.17 |
| Upside / Downside | 15.98% | 44.68% | 77.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 144.63 | 143.26 | 141.90 | 140.56 | 139.22 | 137.91 | 142.04 |
| Payout Ratio | 44.68% | 53.74% | 62.81% | 71.87% | 80.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 64.61 | 76.99 | 89.12 | 101.02 | 112.68 | 124.12 | 131.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -1.95% | -0.95% | 0.05% |
| Year 1 PV (M) | 71.35 | 72.08 | 72.81 |
| Year 2 PV (M) | 76.56 | 78.13 | 79.71 |
| Year 3 PV (M) | 80.43 | 82.91 | 85.45 |
| Year 4 PV (M) | 83.15 | 86.59 | 90.14 |
| Year 5 PV (M) | 84.88 | 89.30 | 93.90 |
| PV of Terminal Value (M) | 2,361.16 | 2,484.04 | 2,611.98 |
| Equity Value (M) | 2,757.52 | 2,893.05 | 3,034.00 |
| Shares Outstanding (M) | 10.10 | 10.10 | 10.10 |
| Fair Value | $272.90 | $286.31 | $300.26 |
| Upside / Downside | 146.75% | 158.87% | 171.48% |
| 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% |