Definitive Analysis
| Stable Growth | $68.60 - $181.97 | $104.89 |
| Multi-Stage | $47.83 - $52.21 | $49.98 |
| Blended Fair Value | $77.44 | |
| Current Price | $39.27 | |
| Upside | 97.19% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.65% | 14.19% | 0.93 | 0.86 | 0.79 | 0.65 | 0.59 | 0.51 | 0.41 | 0.35 | 0.31 | 0.26 |
| YoY Growth | - | - | 8.19% | 8.92% | 21.61% | 10.35% | 14.70% | 24.74% | 18.85% | 11.40% | 17.98% | 6.63% |
| Dividend Yield | - | - | 2.48% | 2.56% | 2.36% | 1.71% | 1.27% | 1.87% | 1.37% | 1.04% | 0.98% | 1.23% |
| Net Income To Common (M) | 100.16 |
| (-) Cash Dividends Paid (M) | 40.42 |
| (=) Cash Retained (M) | 59.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.03 | 12.52 | 7.51 |
| Cash Retained (M) | 59.75 | 59.75 | 59.75 |
| (-) Cash Required (M) | -20.03 | -12.52 | -7.51 |
| (=) Excess Retained (M) | 39.71 | 47.23 | 52.23 |
| (/) Shares Outstanding (M) | 34.25 | 34.25 | 34.25 |
| (=) Excess Retained per Share | 1.16 | 1.38 | 1.52 |
| LTM Dividend per Share | 1.18 | 1.18 | 1.18 |
| (+) Excess Retained per Share | 1.16 | 1.38 | 1.52 |
| (=) Adjusted Dividend | 2.34 | 2.56 | 2.70 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $68.60 | $104.89 | $181.97 |
| Upside / Downside | 74.68% | 167.10% | 363.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 100.16 | 106.67 | 113.61 | 120.99 | 128.86 | 137.23 | 141.35 |
| Payout Ratio | 40.35% | 50.28% | 60.21% | 70.14% | 80.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 40.42 | 53.64 | 68.40 | 84.86 | 103.18 | 123.51 | 130.75 |
| 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) | 48.70 | 49.16 | 49.63 |
| Year 2 PV (M) | 56.40 | 57.47 | 58.56 |
| Year 3 PV (M) | 63.53 | 65.35 | 67.21 |
| Year 4 PV (M) | 70.13 | 72.83 | 75.60 |
| Year 5 PV (M) | 76.23 | 79.91 | 83.74 |
| PV of Terminal Value (M) | 1,323.36 | 1,387.28 | 1,453.64 |
| Equity Value (M) | 1,638.35 | 1,712.01 | 1,788.37 |
| Shares Outstanding (M) | 34.25 | 34.25 | 34.25 |
| Fair Value | $47.83 | $49.98 | $52.21 |
| Upside / Downside | 21.80% | 27.28% | 32.96% |
| 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% |