Definitive Analysis
| Stable Growth | $48.33 - $128.21 | $73.90 |
| Multi-Stage | $33.81 - $36.90 | $35.33 |
| Blended Fair Value | $54.62 | |
| Current Price | $61.05 | |
| Upside | -10.54% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.02% | 7.50% | 0.85 | 0.78 | 0.70 | 0.63 | 0.60 | 0.58 | 0.56 | 0.53 | 0.49 | 0.46 |
| YoY Growth | - | - | 9.69% | 10.68% | 12.47% | 4.18% | 3.41% | 3.96% | 5.11% | 7.61% | 7.14% | 11.24% |
| Dividend Yield | - | - | 1.50% | 0.98% | 0.97% | 0.89% | 1.07% | 1.48% | 1.09% | 1.07% | 1.00% | 1.20% |
| Net Income To Common (M) | 114.88 |
| (-) Cash Dividends Paid (M) | 49.72 |
| (=) Cash Retained (M) | 65.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 22.98 | 14.36 | 8.62 |
| Cash Retained (M) | 65.16 | 65.16 | 65.16 |
| (-) Cash Required (M) | -22.98 | -14.36 | -8.62 |
| (=) Excess Retained (M) | 42.18 | 50.80 | 56.54 |
| (/) Shares Outstanding (M) | 55.76 | 55.76 | 55.76 |
| (=) Excess Retained per Share | 0.76 | 0.91 | 1.01 |
| LTM Dividend per Share | 0.89 | 0.89 | 0.89 |
| (+) Excess Retained per Share | 0.76 | 0.91 | 1.01 |
| (=) Adjusted Dividend | 1.65 | 1.80 | 1.91 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $48.33 | $73.90 | $128.21 |
| Upside / Downside | -20.83% | 21.05% | 110.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 114.88 | 122.34 | 130.30 | 138.77 | 147.79 | 157.39 | 162.11 |
| Payout Ratio | 43.28% | 52.62% | 61.97% | 71.31% | 80.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 49.72 | 64.38 | 80.74 | 98.96 | 119.20 | 141.65 | 149.95 |
| 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) | 58.46 | 59.01 | 59.57 |
| Year 2 PV (M) | 66.57 | 67.84 | 69.12 |
| Year 3 PV (M) | 74.08 | 76.21 | 78.37 |
| Year 4 PV (M) | 81.02 | 84.14 | 87.34 |
| Year 5 PV (M) | 87.43 | 91.65 | 96.04 |
| PV of Terminal Value (M) | 1,517.76 | 1,591.07 | 1,667.18 |
| Equity Value (M) | 1,885.32 | 1,969.91 | 2,057.62 |
| Shares Outstanding (M) | 55.76 | 55.76 | 55.76 |
| Fair Value | $33.81 | $35.33 | $36.90 |
| Upside / Downside | -44.61% | -42.13% | -39.55% |
| 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% |