Definitive Analysis
| Stable Growth | $179.92 - $446.38 | $269.39 |
| Multi-Stage | $127.83 - $139.78 | $133.70 |
| Blended Fair Value | $201.54 | |
| Current Price | $106.91 | |
| Upside | 88.51% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.91% | 2.46% | 1.18 | 1.20 | 1.12 | 0.53 | 0.54 | 1.02 | 1.04 | 1.04 | 0.98 | 0.96 |
| YoY Growth | - | - | -1.70% | 7.45% | 109.81% | -0.91% | -47.44% | -1.29% | 0.13% | 5.35% | 2.14% | 3.87% |
| Dividend Yield | - | - | 0.89% | 0.97% | 0.95% | 0.38% | 0.50% | 1.67% | 1.32% | 1.29% | 1.57% | 1.78% |
| Net Income To Common (M) | 382.07 |
| (-) Cash Dividends Paid (M) | 53.20 |
| (=) Cash Retained (M) | 328.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 76.41 | 47.76 | 28.66 |
| Cash Retained (M) | 328.87 | 328.87 | 328.87 |
| (-) Cash Required (M) | -76.41 | -47.76 | -28.66 |
| (=) Excess Retained (M) | 252.45 | 281.11 | 300.21 |
| (/) Shares Outstanding (M) | 46.96 | 46.96 | 46.96 |
| (=) Excess Retained per Share | 5.38 | 5.99 | 6.39 |
| LTM Dividend per Share | 1.13 | 1.13 | 1.13 |
| (+) Excess Retained per Share | 5.38 | 5.99 | 6.39 |
| (=) Adjusted Dividend | 6.51 | 7.12 | 7.53 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.29% | 6.29% | 7.29% |
| Fair Value | $179.92 | $269.39 | $446.38 |
| Upside / Downside | 68.29% | 151.97% | 317.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 382.07 | 406.10 | 431.64 | 458.78 | 487.64 | 518.31 | 533.86 |
| Payout Ratio | 13.93% | 29.14% | 44.36% | 59.57% | 74.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 53.20 | 118.34 | 191.45 | 273.30 | 364.68 | 466.48 | 493.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.29% | 6.29% | 7.29% |
| Year 1 PV (M) | 107.45 | 108.47 | 109.49 |
| Year 2 PV (M) | 157.84 | 160.85 | 163.89 |
| Year 3 PV (M) | 204.58 | 210.47 | 216.46 |
| Year 4 PV (M) | 247.87 | 257.42 | 267.25 |
| Year 5 PV (M) | 287.88 | 301.82 | 316.29 |
| PV of Terminal Value (M) | 4,997.67 | 5,239.55 | 5,490.71 |
| Equity Value (M) | 6,003.30 | 6,278.58 | 6,564.09 |
| Shares Outstanding (M) | 46.96 | 46.96 | 46.96 |
| Fair Value | $127.83 | $133.70 | $139.78 |
| Upside / Downside | 19.57% | 25.05% | 30.74% |
| 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% |