Definitive Analysis
| Stable Growth | $59.71 - $158.39 | $91.30 |
| Multi-Stage | $41.53 - $45.34 | $43.40 |
| Blended Fair Value | $67.35 | |
| Current Price | $25.25 | |
| Upside | 166.74% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.10% | 9.90% | 0.94 | 0.91 | 0.91 | 0.91 | 0.94 | 0.93 | 0.83 | 0.43 | 0.41 | 0.41 |
| YoY Growth | - | - | 2.74% | 0.64% | -0.81% | -2.65% | 0.67% | 11.85% | 93.44% | 5.25% | 0.14% | 12.12% |
| Dividend Yield | - | - | 3.75% | 4.16% | 4.16% | 3.96% | 3.91% | 6.25% | 3.38% | 1.47% | 1.49% | 2.25% |
| Net Income To Common (M) | 243.41 |
| (-) Cash Dividends Paid (M) | 92.91 |
| (=) Cash Retained (M) | 150.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 48.68 | 30.43 | 18.26 |
| Cash Retained (M) | 150.51 | 150.51 | 150.51 |
| (-) Cash Required (M) | -48.68 | -30.43 | -18.26 |
| (=) Excess Retained (M) | 101.83 | 120.08 | 132.25 |
| (/) Shares Outstanding (M) | 95.63 | 95.63 | 95.63 |
| (=) Excess Retained per Share | 1.06 | 1.26 | 1.38 |
| LTM Dividend per Share | 0.97 | 0.97 | 0.97 |
| (+) Excess Retained per Share | 1.06 | 1.26 | 1.38 |
| (=) Adjusted Dividend | 2.04 | 2.23 | 2.35 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $59.71 | $91.30 | $158.39 |
| Upside / Downside | 136.47% | 261.59% | 527.30% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 243.41 | 259.23 | 276.09 | 294.03 | 313.14 | 333.50 | 343.50 |
| Payout Ratio | 38.17% | 48.53% | 58.90% | 69.27% | 79.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 92.91 | 125.82 | 162.62 | 203.67 | 249.37 | 300.15 | 317.74 |
| 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) | 114.24 | 115.33 | 116.41 |
| Year 2 PV (M) | 134.07 | 136.62 | 139.20 |
| Year 3 PV (M) | 152.47 | 156.84 | 161.30 |
| Year 4 PV (M) | 169.50 | 176.02 | 182.73 |
| Year 5 PV (M) | 185.25 | 194.20 | 203.49 |
| PV of Terminal Value (M) | 3,215.98 | 3,371.32 | 3,532.59 |
| Equity Value (M) | 3,971.52 | 4,150.33 | 4,335.73 |
| Shares Outstanding (M) | 95.63 | 95.63 | 95.63 |
| Fair Value | $41.53 | $43.40 | $45.34 |
| Upside / Downside | 64.48% | 71.89% | 79.56% |
| 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% |