Definitive Analysis
| Stable Growth | $27.21 - $38.86 | $32.92 |
| Multi-Stage | $41.37 - $45.49 | $43.39 |
| Blended Fair Value | $38.16 | |
| Current Price | $117.56 | |
| Upside | -67.54% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.28 | 0.22 | 0.10 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 27.36% | 120.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.26% | 0.20% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 242.84 |
| (-) Cash Dividends Paid (M) | 20.68 |
| (=) Cash Retained (M) | 222.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 48.57 | 30.35 | 18.21 |
| Cash Retained (M) | 222.16 | 222.16 | 222.16 |
| (-) Cash Required (M) | -48.57 | -30.35 | -18.21 |
| (=) Excess Retained (M) | 173.59 | 191.80 | 203.95 |
| (/) Shares Outstanding (M) | 60.83 | 60.83 | 60.83 |
| (=) Excess Retained per Share | 2.85 | 3.15 | 3.35 |
| LTM Dividend per Share | 0.34 | 0.34 | 0.34 |
| (+) Excess Retained per Share | 2.85 | 3.15 | 3.35 |
| (=) Adjusted Dividend | 3.19 | 3.49 | 3.69 |
| WACC / Discount Rate | 9.50% | 9.50% | 9.50% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $27.21 | $32.92 | $38.86 |
| Upside / Downside | -76.86% | -71.99% | -66.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 242.84 | 240.41 | 238.00 | 235.62 | 233.27 | 230.94 | 237.86 |
| Payout Ratio | 8.52% | 24.81% | 41.11% | 57.41% | 73.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 20.68 | 59.65 | 97.84 | 135.26 | 171.93 | 207.84 | 220.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.50% | 9.50% | 9.50% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 53.92 | 54.47 | 55.02 |
| Year 2 PV (M) | 79.96 | 81.60 | 83.25 |
| Year 3 PV (M) | 99.93 | 103.02 | 106.17 |
| Year 4 PV (M) | 114.82 | 119.58 | 124.48 |
| Year 5 PV (M) | 125.48 | 132.01 | 138.81 |
| PV of Terminal Value (M) | 2,042.74 | 2,149.11 | 2,259.86 |
| Equity Value (M) | 2,516.84 | 2,639.78 | 2,767.60 |
| Shares Outstanding (M) | 60.83 | 60.83 | 60.83 |
| Fair Value | $41.37 | $43.39 | $45.49 |
| Upside / Downside | -64.81% | -63.09% | -61.30% |
| 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% |