Definitive Analysis
| Stable Growth | $70.77 - $109.17 | $88.61 |
| Multi-Stage | $167.32 - $183.90 | $175.45 |
| Blended Fair Value | $132.03 | |
| Current Price | $80.00 | |
| Upside | 65.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.23% | 0.07% | 4.12 | 3.89 | 3.41 | 3.43 | 4.09 | 4.07 | 3.99 | 3.89 | 3.90 | 4.87 |
| YoY Growth | - | - | 5.74% | 14.24% | -0.51% | -16.19% | 0.43% | 1.99% | 2.50% | -0.04% | -19.99% | 19.03% |
| Dividend Yield | - | - | 5.26% | 4.94% | 4.29% | 4.28% | 4.90% | 5.61% | 4.79% | 4.31% | 4.71% | 5.97% |
| Net Income To Common (M) | 103.73 |
| (-) Cash Dividends Paid (M) | 86.98 |
| (=) Cash Retained (M) | 16.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.75 | 12.97 | 7.78 |
| Cash Retained (M) | 16.75 | 16.75 | 16.75 |
| (-) Cash Required (M) | -20.75 | -12.97 | -7.78 |
| (=) Excess Retained (M) | -4.00 | 3.78 | 8.97 |
| (/) Shares Outstanding (M) | 13.50 | 13.50 | 13.50 |
| (=) Excess Retained per Share | -0.30 | 0.28 | 0.66 |
| LTM Dividend per Share | 6.44 | 6.44 | 6.44 |
| (+) Excess Retained per Share | -0.30 | 0.28 | 0.66 |
| (=) Adjusted Dividend | 6.15 | 6.72 | 7.11 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -2.08% | -1.08% | -0.08% |
| Fair Value | $70.77 | $88.61 | $109.17 |
| Upside / Downside | -11.54% | 10.77% | 36.46% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 103.73 | 102.61 | 101.50 | 100.40 | 99.32 | 98.24 | 101.19 |
| Payout Ratio | 83.85% | 85.08% | 86.31% | 87.54% | 88.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 86.98 | 87.30 | 87.61 | 87.89 | 88.16 | 88.42 | 93.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -2.08% | -1.08% | -0.08% |
| Year 1 PV (M) | 81.21 | 82.03 | 82.86 |
| Year 2 PV (M) | 75.79 | 77.35 | 78.92 |
| Year 3 PV (M) | 70.73 | 72.92 | 75.15 |
| Year 4 PV (M) | 65.99 | 68.73 | 71.55 |
| Year 5 PV (M) | 61.56 | 64.77 | 68.11 |
| PV of Terminal Value (M) | 1,903.52 | 2,002.72 | 2,106.02 |
| Equity Value (M) | 2,258.80 | 2,368.52 | 2,482.62 |
| Shares Outstanding (M) | 13.50 | 13.50 | 13.50 |
| Fair Value | $167.32 | $175.45 | $183.90 |
| Upside / Downside | 109.15% | 119.31% | 129.87% |
| 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% |