Definitive Analysis
| Stable Growth | $27.48 - $43.66 | $34.84 |
| Multi-Stage | $36.08 - $39.48 | $37.75 |
| Blended Fair Value | $36.30 | |
| Current Price | $79.91 | |
| Upside | -54.58% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.40% | 11.93% | 1.30 | 1.18 | 1.07 | 1.03 | 0.92 | 0.91 | 0.80 | 0.68 | 0.59 | 0.50 |
| YoY Growth | - | - | 10.49% | 10.80% | 3.34% | 12.22% | 0.67% | 14.30% | 17.14% | 15.94% | 17.90% | 17.99% |
| Dividend Yield | - | - | 0.00% | 1.50% | 1.24% | 1.46% | 1.04% | 0.96% | 1.17% | 1.12% | 0.95% | 1.10% |
| Net Income To Common (M) | 255.02 |
| (-) Cash Dividends Paid (M) | 126.60 |
| (=) Cash Retained (M) | 128.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 51.00 | 31.88 | 19.13 |
| Cash Retained (M) | 128.42 | 128.42 | 128.42 |
| (-) Cash Required (M) | -51.00 | -31.88 | -19.13 |
| (=) Excess Retained (M) | 77.42 | 96.54 | 109.29 |
| (/) Shares Outstanding (M) | 97.09 | 97.09 | 97.09 |
| (=) Excess Retained per Share | 0.80 | 0.99 | 1.13 |
| LTM Dividend per Share | 1.30 | 1.30 | 1.30 |
| (+) Excess Retained per Share | 0.80 | 0.99 | 1.13 |
| (=) Adjusted Dividend | 2.10 | 2.30 | 2.43 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.35% | 2.35% | 3.35% |
| Fair Value | $27.48 | $34.84 | $43.66 |
| Upside / Downside | -65.62% | -56.40% | -45.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 255.02 | 261.00 | 267.13 | 273.40 | 279.82 | 286.39 | 294.98 |
| Payout Ratio | 49.64% | 57.71% | 65.79% | 73.86% | 81.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 126.60 | 150.64 | 175.73 | 201.93 | 229.25 | 257.75 | 272.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.35% | 2.35% | 3.35% |
| Year 1 PV (M) | 136.73 | 138.08 | 139.42 |
| Year 2 PV (M) | 144.78 | 147.65 | 150.55 |
| Year 3 PV (M) | 150.99 | 155.51 | 160.11 |
| Year 4 PV (M) | 155.59 | 161.83 | 168.24 |
| Year 5 PV (M) | 158.78 | 166.77 | 175.08 |
| PV of Terminal Value (M) | 2,756.40 | 2,895.10 | 3,039.32 |
| Equity Value (M) | 3,503.26 | 3,664.92 | 3,832.72 |
| Shares Outstanding (M) | 97.09 | 97.09 | 97.09 |
| Fair Value | $36.08 | $37.75 | $39.48 |
| Upside / Downside | -54.85% | -52.76% | -50.60% |
| 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% |