Definitive Analysis
| Stable Growth | $82.28 - $130.48 | $104.25 |
| Multi-Stage | $100.25 - $110.01 | $105.04 |
| Blended Fair Value | $104.65 | |
| Current Price | $74.01 | |
| Upside | 41.39% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.97% | 2.98% | 0.20 | 0.22 | 0.23 | 0.25 | 0.27 | 0.30 | 0.33 | 0.24 | 0.21 | 0.19 |
| YoY Growth | - | - | -7.52% | -6.62% | -8.36% | -7.48% | -9.86% | -8.51% | 35.29% | 18.54% | 10.25% | 25.65% |
| Dividend Yield | - | - | 0.27% | 0.29% | 0.44% | 0.59% | 0.46% | 0.83% | 0.90% | 1.26% | 0.67% | 0.54% |
| Net Income To Common (M) | 185.87 |
| (-) Cash Dividends Paid (M) | 4.69 |
| (=) Cash Retained (M) | 181.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 37.17 | 23.23 | 13.94 |
| Cash Retained (M) | 181.19 | 181.19 | 181.19 |
| (-) Cash Required (M) | -37.17 | -23.23 | -13.94 |
| (=) Excess Retained (M) | 144.01 | 157.95 | 167.25 |
| (/) Shares Outstanding (M) | 23.51 | 23.51 | 23.51 |
| (=) Excess Retained per Share | 6.13 | 6.72 | 7.11 |
| LTM Dividend per Share | 0.20 | 0.20 | 0.20 |
| (+) Excess Retained per Share | 6.13 | 6.72 | 7.11 |
| (=) Adjusted Dividend | 6.33 | 6.92 | 7.31 |
| WACC / Discount Rate | 9.22% | 9.22% | 9.22% |
| Growth Rate | 1.43% | 2.43% | 3.43% |
| Fair Value | $82.28 | $104.25 | $130.48 |
| Upside / Downside | 11.18% | 40.86% | 76.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 185.87 | 190.38 | 195.01 | 199.74 | 204.59 | 209.56 | 215.84 |
| Payout Ratio | 2.52% | 20.02% | 37.51% | 55.01% | 72.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.69 | 38.11 | 73.15 | 109.87 | 148.34 | 188.60 | 199.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.22% | 9.22% | 9.22% |
| Growth Rate | 1.43% | 2.43% | 3.43% |
| Year 1 PV (M) | 34.55 | 34.89 | 35.23 |
| Year 2 PV (M) | 60.13 | 61.32 | 62.52 |
| Year 3 PV (M) | 81.88 | 84.32 | 86.81 |
| Year 4 PV (M) | 100.21 | 104.22 | 108.35 |
| Year 5 PV (M) | 115.52 | 121.32 | 127.36 |
| PV of Terminal Value (M) | 1,964.54 | 2,063.31 | 2,166.02 |
| Equity Value (M) | 2,356.82 | 2,469.39 | 2,586.30 |
| Shares Outstanding (M) | 23.51 | 23.51 | 23.51 |
| Fair Value | $100.25 | $105.04 | $110.01 |
| Upside / Downside | 35.45% | 41.92% | 48.64% |
| 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% |