Definitive Analysis
| Stable Growth | $105.83 - $280.74 | $161.83 |
| Multi-Stage | $76.64 - $83.51 | $80.02 |
| Blended Fair Value | $120.92 | |
| Current Price | $134.79 | |
| Upside | -10.29% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.40% | 9.79% | 2.34 | 2.14 | 2.66 | 1.90 | 1.45 | 1.50 | 1.36 | 0.91 | 1.57 | 1.33 |
| YoY Growth | - | - | 9.63% | -19.56% | 39.56% | 31.46% | -3.13% | 10.26% | 49.23% | -42.26% | 18.64% | 44.01% |
| Dividend Yield | - | - | 1.65% | 1.74% | 3.32% | 2.84% | 1.59% | 2.22% | 2.36% | 1.89% | 7.16% | 7.36% |
| Net Income To Common (M) | 230.58 |
| (-) Cash Dividends Paid (M) | 170.83 |
| (=) Cash Retained (M) | 59.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 46.12 | 28.82 | 17.29 |
| Cash Retained (M) | 59.75 | 59.75 | 59.75 |
| (-) Cash Required (M) | -46.12 | -28.82 | -17.29 |
| (=) Excess Retained (M) | 13.64 | 30.93 | 42.46 |
| (/) Shares Outstanding (M) | 51.11 | 51.11 | 51.11 |
| (=) Excess Retained per Share | 0.27 | 0.61 | 0.83 |
| LTM Dividend per Share | 3.34 | 3.34 | 3.34 |
| (+) Excess Retained per Share | 0.27 | 0.61 | 0.83 |
| (=) Adjusted Dividend | 3.61 | 3.95 | 4.17 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $105.83 | $161.83 | $280.74 |
| Upside / Downside | -21.48% | 20.06% | 108.28% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 230.58 | 245.57 | 261.53 | 278.53 | 296.63 | 315.91 | 325.39 |
| Payout Ratio | 74.09% | 77.27% | 80.45% | 83.63% | 86.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 170.83 | 189.75 | 210.40 | 232.94 | 257.53 | 284.32 | 300.99 |
| 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) | 172.29 | 173.92 | 175.56 |
| Year 2 PV (M) | 173.47 | 176.77 | 180.11 |
| Year 3 PV (M) | 174.39 | 179.39 | 184.49 |
| Year 4 PV (M) | 175.05 | 181.78 | 188.71 |
| Year 5 PV (M) | 175.48 | 183.96 | 192.76 |
| PV of Terminal Value (M) | 3,046.41 | 3,193.55 | 3,346.32 |
| Equity Value (M) | 3,917.09 | 4,089.38 | 4,267.95 |
| Shares Outstanding (M) | 51.11 | 51.11 | 51.11 |
| Fair Value | $76.64 | $80.02 | $83.51 |
| Upside / Downside | -43.14% | -40.64% | -38.04% |
| 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% |