Definitive Analysis
| Stable Growth | $50.32 - $134.32 | $77.09 |
| Multi-Stage | $34.70 - $37.90 | $36.27 |
| Blended Fair Value | $56.68 | |
| Current Price | $53.30 | |
| Upside | 6.34% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 25.90% | 7.91% | 0.66 | 0.58 | 0.51 | 0.43 | 0.29 | 0.21 | 0.13 | 0.00 | 1.43 | 0.52 |
| YoY Growth | - | - | 13.27% | 14.50% | 17.43% | 47.18% | 41.13% | 63.68% | 0.00% | -100.00% | 173.37% | 70.71% |
| Dividend Yield | - | - | 1.41% | 1.57% | 1.63% | 0.97% | 0.66% | 1.05% | 0.39% | 0.00% | 4.04% | 2.52% |
| Net Income To Common (M) | 103.53 |
| (-) Cash Dividends Paid (M) | 33.43 |
| (=) Cash Retained (M) | 70.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.71 | 12.94 | 7.76 |
| Cash Retained (M) | 70.10 | 70.10 | 70.10 |
| (-) Cash Required (M) | -20.71 | -12.94 | -7.76 |
| (=) Excess Retained (M) | 49.39 | 57.16 | 62.33 |
| (/) Shares Outstanding (M) | 48.51 | 48.51 | 48.51 |
| (=) Excess Retained per Share | 1.02 | 1.18 | 1.29 |
| LTM Dividend per Share | 0.69 | 0.69 | 0.69 |
| (+) Excess Retained per Share | 1.02 | 1.18 | 1.29 |
| (=) Adjusted Dividend | 1.71 | 1.87 | 1.97 |
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $50.32 | $77.09 | $134.32 |
| Upside / Downside | -5.60% | 44.63% | 152.00% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 103.53 | 110.26 | 117.43 | 125.06 | 133.19 | 141.85 | 146.10 |
| Payout Ratio | 32.29% | 43.83% | 55.38% | 66.92% | 78.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 33.43 | 48.33 | 65.03 | 83.69 | 104.50 | 127.66 | 135.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.08% | 9.08% | 9.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 43.89 | 44.31 | 44.72 |
| Year 2 PV (M) | 53.63 | 54.65 | 55.68 |
| Year 3 PV (M) | 62.68 | 64.48 | 66.31 |
| Year 4 PV (M) | 71.08 | 73.81 | 76.62 |
| Year 5 PV (M) | 78.86 | 82.67 | 86.62 |
| PV of Terminal Value (M) | 1,373.00 | 1,439.31 | 1,508.17 |
| Equity Value (M) | 1,683.13 | 1,759.23 | 1,838.13 |
| Shares Outstanding (M) | 48.51 | 48.51 | 48.51 |
| Fair Value | $34.70 | $36.27 | $37.90 |
| Upside / Downside | -34.90% | -31.95% | -28.90% |
| 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% |