Definitive Analysis
| Stable Growth | $122.80 - $325.77 | $187.78 |
| Multi-Stage | $83.87 - $91.64 | $87.68 |
| Blended Fair Value | $137.73 | |
| Current Price | $57.98 | |
| Upside | 137.55% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.01% | 25.21% | 1.06 | 1.00 | 0.90 | 0.70 | 0.53 | 0.44 | 0.00 | 0.00 | 0.00 | 0.14 |
| YoY Growth | - | - | 5.84% | 11.21% | 28.48% | 32.12% | 19.48% | 0.00% | 0.00% | 0.00% | -100.00% | 25.90% |
| Dividend Yield | - | - | 1.97% | 2.55% | 2.02% | 1.48% | 1.07% | 1.59% | 0.00% | 0.00% | 0.00% | 0.52% |
| Net Income To Common (M) | 195.41 |
| (-) Cash Dividends Paid (M) | 43.65 |
| (=) Cash Retained (M) | 151.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 39.08 | 24.43 | 14.66 |
| Cash Retained (M) | 151.76 | 151.76 | 151.76 |
| (-) Cash Required (M) | -39.08 | -24.43 | -14.66 |
| (=) Excess Retained (M) | 112.68 | 127.34 | 137.11 |
| (/) Shares Outstanding (M) | 37.33 | 37.33 | 37.33 |
| (=) Excess Retained per Share | 3.02 | 3.41 | 3.67 |
| LTM Dividend per Share | 1.17 | 1.17 | 1.17 |
| (+) Excess Retained per Share | 3.02 | 3.41 | 3.67 |
| (=) Adjusted Dividend | 4.19 | 4.58 | 4.84 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $122.80 | $187.78 | $325.77 |
| Upside / Downside | 111.80% | 223.87% | 461.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 195.41 | 208.12 | 221.64 | 236.05 | 251.39 | 267.73 | 275.77 |
| Payout Ratio | 22.34% | 35.87% | 49.40% | 62.93% | 76.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 43.65 | 74.65 | 109.50 | 148.56 | 192.23 | 240.96 | 255.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 67.78 | 68.43 | 69.07 |
| Year 2 PV (M) | 90.28 | 92.00 | 93.73 |
| Year 3 PV (M) | 111.21 | 114.41 | 117.66 |
| Year 4 PV (M) | 130.67 | 135.69 | 140.86 |
| Year 5 PV (M) | 148.72 | 155.91 | 163.36 |
| PV of Terminal Value (M) | 2,581.82 | 2,706.52 | 2,836.00 |
| Equity Value (M) | 3,130.48 | 3,272.95 | 3,420.68 |
| Shares Outstanding (M) | 37.33 | 37.33 | 37.33 |
| Fair Value | $83.87 | $87.68 | $91.64 |
| Upside / Downside | 44.65% | 51.23% | 58.06% |
| 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% |