Definitive Analysis
| Stable Growth | $202.59 - $332.04 | $260.28 |
| Multi-Stage | $238.93 - $261.90 | $250.20 |
| Blended Fair Value | $255.24 | |
| Current Price | $47.86 | |
| Upside | 433.31% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.86% | 3.97% | 1.32 | 1.07 | 1.34 | 2.02 | 0.94 | 0.76 | 0.80 | 0.56 | 0.56 | 1.02 |
| YoY Growth | - | - | 23.15% | -20.06% | -33.41% | 113.89% | 24.89% | -6.11% | 43.14% | 0.82% | -45.21% | 13.56% |
| Dividend Yield | - | - | 2.89% | 2.84% | 4.02% | 4.53% | 2.89% | 2.28% | 3.24% | 2.05% | 2.56% | 5.35% |
| Net Income To Common (M) | 507.00 |
| (-) Cash Dividends Paid (M) | 70.31 |
| (=) Cash Retained (M) | 436.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 101.40 | 63.38 | 38.03 |
| Cash Retained (M) | 436.69 | 436.69 | 436.69 |
| (-) Cash Required (M) | -101.40 | -63.38 | -38.03 |
| (=) Excess Retained (M) | 335.29 | 373.32 | 398.67 |
| (/) Shares Outstanding (M) | 28.66 | 28.66 | 28.66 |
| (=) Excess Retained per Share | 11.70 | 13.03 | 13.91 |
| LTM Dividend per Share | 2.45 | 2.45 | 2.45 |
| (+) Excess Retained per Share | 11.70 | 13.03 | 13.91 |
| (=) Adjusted Dividend | 14.15 | 15.48 | 16.37 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.97% | 2.97% | 3.97% |
| Fair Value | $202.59 | $260.28 | $332.04 |
| Upside / Downside | 323.29% | 443.84% | 593.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 507.00 | 522.08 | 537.60 | 553.58 | 570.04 | 586.99 | 604.60 |
| Payout Ratio | 13.87% | 29.09% | 44.32% | 59.55% | 74.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 70.31 | 151.89 | 238.27 | 329.64 | 426.24 | 528.30 | 559.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.97% | 2.97% | 3.97% |
| Year 1 PV (M) | 137.87 | 139.22 | 140.58 |
| Year 2 PV (M) | 196.31 | 200.18 | 204.09 |
| Year 3 PV (M) | 246.53 | 253.86 | 261.33 |
| Year 4 PV (M) | 289.36 | 300.88 | 312.74 |
| Year 5 PV (M) | 325.54 | 341.82 | 358.74 |
| PV of Terminal Value (M) | 5,651.34 | 5,933.92 | 6,227.70 |
| Equity Value (M) | 6,846.95 | 7,169.88 | 7,505.17 |
| Shares Outstanding (M) | 28.66 | 28.66 | 28.66 |
| Fair Value | $238.93 | $250.20 | $261.90 |
| Upside / Downside | 399.24% | 422.78% | 447.23% |
| 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% |