Definitive Analysis
| Stable Growth | $34.84 - $51.59 | $42.85 |
| Multi-Stage | $69.92 - $77.05 | $73.42 |
| Blended Fair Value | $58.14 | |
| Current Price | $68.71 | |
| Upside | -15.39% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.16% | -0.56% | 0.65 | 0.65 | 0.65 | 0.65 | 0.66 | 0.68 | 0.68 | 0.68 | 0.68 | 0.68 |
| YoY Growth | - | - | 0.01% | 0.06% | 0.05% | -2.97% | -2.90% | 0.01% | 0.02% | 0.04% | 0.04% | 0.12% |
| Dividend Yield | - | - | 0.94% | 0.99% | 0.75% | 0.65% | 0.76% | 1.68% | 1.43% | 2.58% | 1.98% | 1.39% |
| Net Income To Common (M) | 83.59 |
| (-) Cash Dividends Paid (M) | 12.27 |
| (=) Cash Retained (M) | 71.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.72 | 10.45 | 6.27 |
| Cash Retained (M) | 71.32 | 71.32 | 71.32 |
| (-) Cash Required (M) | -16.72 | -10.45 | -6.27 |
| (=) Excess Retained (M) | 54.60 | 60.87 | 65.05 |
| (/) Shares Outstanding (M) | 18.99 | 18.99 | 18.99 |
| (=) Excess Retained per Share | 2.87 | 3.20 | 3.42 |
| LTM Dividend per Share | 0.65 | 0.65 | 0.65 |
| (+) Excess Retained per Share | 2.87 | 3.20 | 3.42 |
| (=) Adjusted Dividend | 3.52 | 3.85 | 4.07 |
| WACC / Discount Rate | 7.29% | 7.29% | 7.29% |
| Growth Rate | -2.56% | -1.56% | -0.56% |
| Fair Value | $34.84 | $42.85 | $51.59 |
| Upside / Downside | -49.29% | -37.63% | -24.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 83.59 | 82.29 | 81.01 | 79.74 | 78.50 | 77.28 | 79.59 |
| Payout Ratio | 14.68% | 29.74% | 44.81% | 59.87% | 74.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 12.27 | 24.47 | 36.30 | 47.74 | 58.82 | 69.55 | 73.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.29% | 7.29% | 7.29% |
| Growth Rate | -2.56% | -1.56% | -0.56% |
| Year 1 PV (M) | 22.58 | 22.81 | 23.04 |
| Year 2 PV (M) | 30.90 | 31.53 | 32.18 |
| Year 3 PV (M) | 37.49 | 38.66 | 39.85 |
| Year 4 PV (M) | 42.62 | 44.40 | 46.23 |
| Year 5 PV (M) | 46.49 | 48.93 | 51.46 |
| PV of Terminal Value (M) | 1,148.07 | 1,208.20 | 1,270.83 |
| Equity Value (M) | 1,328.16 | 1,394.54 | 1,463.60 |
| Shares Outstanding (M) | 18.99 | 18.99 | 18.99 |
| Fair Value | $69.92 | $73.42 | $77.05 |
| Upside / Downside | 1.77% | 6.85% | 12.14% |
| 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% |