Definitive Analysis
| Stable Growth | $83.55 - $148.27 | $110.88 |
| Multi-Stage | $87.31 - $95.54 | $91.35 |
| Blended Fair Value | $101.12 | |
| Current Price | $61.25 | |
| Upside | 65.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -8.43% | 5.21% | 1.62 | 1.67 | 1.66 | 1.63 | 2.89 | 2.52 | 1.37 | 1.12 | 1.06 | 1.06 |
| YoY Growth | - | - | -2.98% | 0.53% | 2.03% | -43.76% | 15.06% | 83.65% | 22.68% | 5.41% | -0.47% | 9.18% |
| Dividend Yield | - | - | 2.93% | 3.16% | 3.28% | 2.76% | 5.11% | 6.23% | 2.57% | 2.24% | 2.10% | 2.87% |
| Net Income To Common (M) | 69.62 |
| (-) Cash Dividends Paid (M) | 18.55 |
| (=) Cash Retained (M) | 51.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.92 | 8.70 | 5.22 |
| Cash Retained (M) | 51.07 | 51.07 | 51.07 |
| (-) Cash Required (M) | -13.92 | -8.70 | -5.22 |
| (=) Excess Retained (M) | 37.15 | 42.37 | 45.85 |
| (/) Shares Outstanding (M) | 11.55 | 11.55 | 11.55 |
| (=) Excess Retained per Share | 3.22 | 3.67 | 3.97 |
| LTM Dividend per Share | 1.61 | 1.61 | 1.61 |
| (+) Excess Retained per Share | 3.22 | 3.67 | 3.97 |
| (=) Adjusted Dividend | 4.82 | 5.28 | 5.58 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.14% | 4.14% | 5.14% |
| Fair Value | $83.55 | $110.88 | $148.27 |
| Upside / Downside | 36.40% | 81.04% | 142.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 69.62 | 72.50 | 75.51 | 78.64 | 81.89 | 85.29 | 87.85 |
| Payout Ratio | 26.64% | 39.31% | 51.99% | 64.66% | 77.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.55 | 28.50 | 39.25 | 50.84 | 63.33 | 76.76 | 81.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.14% | 4.14% | 5.14% |
| Year 1 PV (M) | 25.88 | 26.13 | 26.38 |
| Year 2 PV (M) | 32.35 | 32.98 | 33.62 |
| Year 3 PV (M) | 38.04 | 39.16 | 40.29 |
| Year 4 PV (M) | 43.01 | 44.70 | 46.44 |
| Year 5 PV (M) | 47.32 | 49.66 | 52.09 |
| PV of Terminal Value (M) | 821.56 | 862.16 | 904.36 |
| Equity Value (M) | 1,008.15 | 1,054.79 | 1,103.18 |
| Shares Outstanding (M) | 11.55 | 11.55 | 11.55 |
| Fair Value | $87.31 | $91.35 | $95.54 |
| Upside / Downside | 42.55% | 49.15% | 55.99% |
| 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% |