Definitive Analysis
| Stable Growth | $33.49 - $51.60 | $41.91 |
| Multi-Stage | $77.31 - $84.94 | $81.05 |
| Blended Fair Value | $61.48 | |
| Current Price | $40.80 | |
| Upside | 50.69% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.78% | 0.00% | 2.46 | 1.97 | 1.77 | 1.77 | 2.07 | 2.56 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 25.00% | 11.11% | 0.00% | -14.29% | -19.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.50% | 4.90% | 5.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 203.87 |
| (-) Cash Dividends Paid (M) | 176.05 |
| (=) Cash Retained (M) | 27.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 40.77 | 25.48 | 15.29 |
| Cash Retained (M) | 27.82 | 27.82 | 27.82 |
| (-) Cash Required (M) | -40.77 | -25.48 | -15.29 |
| (=) Excess Retained (M) | -12.95 | 2.34 | 12.53 |
| (/) Shares Outstanding (M) | 55.90 | 55.90 | 55.90 |
| (=) Excess Retained per Share | -0.23 | 0.04 | 0.22 |
| LTM Dividend per Share | 3.15 | 3.15 | 3.15 |
| (+) Excess Retained per Share | -0.23 | 0.04 | 0.22 |
| (=) Adjusted Dividend | 2.92 | 3.19 | 3.37 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $33.49 | $41.91 | $51.60 |
| Upside / Downside | -17.92% | 2.72% | 26.46% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 203.87 | 201.83 | 199.81 | 197.81 | 195.83 | 193.87 | 199.69 |
| Payout Ratio | 86.35% | 87.08% | 87.81% | 88.54% | 89.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 176.05 | 175.76 | 175.46 | 175.14 | 174.82 | 174.49 | 184.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 163.30 | 164.97 | 166.64 |
| Year 2 PV (M) | 151.47 | 154.58 | 157.72 |
| Year 3 PV (M) | 140.49 | 144.84 | 149.27 |
| Year 4 PV (M) | 130.30 | 135.70 | 141.26 |
| Year 5 PV (M) | 120.83 | 127.13 | 133.68 |
| PV of Terminal Value (M) | 3,615.05 | 3,803.29 | 3,999.30 |
| Equity Value (M) | 4,321.45 | 4,530.50 | 4,747.86 |
| Shares Outstanding (M) | 55.90 | 55.90 | 55.90 |
| Fair Value | $77.31 | $81.05 | $84.94 |
| Upside / Downside | 89.49% | 98.65% | 108.18% |
| 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% |