Definitive Analysis
| Stable Growth | $13.21 - $19.01 | $16.04 |
| Multi-Stage | $22.58 - $24.73 | $23.64 |
| Blended Fair Value | $19.84 | |
| Current Price | $25.67 | |
| Upside | -22.72% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 7.11% | 1.27 | 1.27 | 1.26 | 1.29 | 1.34 | 0.00 | 1.26 | 0.77 | 0.79 | 0.71 |
| YoY Growth | - | - | -0.27% | 1.33% | -2.62% | -3.49% | 0.00% | -100.00% | 62.54% | -2.17% | 11.20% | 11.19% |
| Dividend Yield | - | - | 4.95% | 4.91% | 4.35% | 4.31% | 7.99% | 0.00% | 6.47% | 4.82% | 5.84% | 4.94% |
| Net Income To Common (M) | 380.70 |
| (-) Cash Dividends Paid (M) | 258.70 |
| (=) Cash Retained (M) | 122.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 76.14 | 47.59 | 28.55 |
| Cash Retained (M) | 122.00 | 122.00 | 122.00 |
| (-) Cash Required (M) | -76.14 | -47.59 | -28.55 |
| (=) Excess Retained (M) | 45.86 | 74.41 | 93.45 |
| (/) Shares Outstanding (M) | 203.62 | 203.62 | 203.62 |
| (=) Excess Retained per Share | 0.23 | 0.37 | 0.46 |
| LTM Dividend per Share | 1.27 | 1.27 | 1.27 |
| (+) Excess Retained per Share | 0.23 | 0.37 | 0.46 |
| (=) Adjusted Dividend | 1.50 | 1.64 | 1.73 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $13.21 | $16.04 | $19.01 |
| Upside / Downside | -48.55% | -37.52% | -25.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 380.70 | 376.89 | 373.12 | 369.39 | 365.70 | 362.04 | 372.90 |
| Payout Ratio | 67.95% | 72.36% | 76.77% | 81.18% | 85.59% | 90.00% | 92.50% |
| Projected Dividends (M) | 258.70 | 272.73 | 286.46 | 299.88 | 313.00 | 325.84 | 344.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 247.46 | 249.99 | 252.51 |
| Year 2 PV (M) | 235.83 | 240.67 | 245.56 |
| Year 3 PV (M) | 224.01 | 230.94 | 238.01 |
| Year 4 PV (M) | 212.15 | 220.94 | 230.01 |
| Year 5 PV (M) | 200.39 | 210.82 | 221.69 |
| PV of Terminal Value (M) | 3,478.73 | 3,659.88 | 3,848.49 |
| Equity Value (M) | 4,598.58 | 4,813.24 | 5,036.26 |
| Shares Outstanding (M) | 203.62 | 203.62 | 203.62 |
| Fair Value | $22.58 | $23.64 | $24.73 |
| Upside / Downside | -12.02% | -7.91% | -3.65% |
| 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% |