Definitive Analysis
| Stable Growth | $47.98 - $127.27 | $73.36 |
| Multi-Stage | $33.21 - $36.27 | $34.71 |
| Blended Fair Value | $54.04 | |
| Current Price | $22.05 | |
| Upside | 145.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 28.31% | 0.00% | 0.65 | 0.61 | 0.54 | 0.40 | 0.27 | 0.19 | 0.04 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 5.93% | 13.48% | 35.07% | 49.76% | 43.02% | 365.80% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.38% | 3.53% | 4.72% | 3.04% | 2.36% | 3.50% | 0.34% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 333.47 |
| (-) Cash Dividends Paid (M) | 113.57 |
| (=) Cash Retained (M) | 219.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 66.69 | 41.68 | 25.01 |
| Cash Retained (M) | 219.89 | 219.89 | 219.89 |
| (-) Cash Required (M) | -66.69 | -41.68 | -25.01 |
| (=) Excess Retained (M) | 153.20 | 178.21 | 194.88 |
| (/) Shares Outstanding (M) | 163.04 | 163.04 | 163.04 |
| (=) Excess Retained per Share | 0.94 | 1.09 | 1.20 |
| LTM Dividend per Share | 0.70 | 0.70 | 0.70 |
| (+) Excess Retained per Share | 0.94 | 1.09 | 1.20 |
| (=) Adjusted Dividend | 1.64 | 1.79 | 1.89 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $47.98 | $73.36 | $127.27 |
| Upside / Downside | 117.58% | 232.71% | 477.19% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 333.47 | 355.14 | 378.23 | 402.81 | 428.99 | 456.88 | 470.58 |
| Payout Ratio | 34.06% | 45.25% | 56.44% | 67.62% | 78.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 113.57 | 160.69 | 213.45 | 272.39 | 338.10 | 411.19 | 435.29 |
| 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) | 145.91 | 147.29 | 148.67 |
| Year 2 PV (M) | 175.98 | 179.34 | 182.72 |
| Year 3 PV (M) | 203.92 | 209.77 | 215.74 |
| Year 4 PV (M) | 229.82 | 238.66 | 247.75 |
| Year 5 PV (M) | 253.79 | 266.05 | 278.77 |
| PV of Terminal Value (M) | 4,405.77 | 4,618.57 | 4,839.51 |
| Equity Value (M) | 5,415.18 | 5,659.67 | 5,913.16 |
| Shares Outstanding (M) | 163.04 | 163.04 | 163.04 |
| Fair Value | $33.21 | $34.71 | $36.27 |
| Upside / Downside | 50.63% | 57.43% | 64.48% |
| 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% |