Definitive Analysis
| Stable Growth | $117.04 - $310.48 | $178.97 |
| Multi-Stage | $80.36 - $87.79 | $84.01 |
| Blended Fair Value | $131.49 | |
| Current Price | $64.70 | |
| Upside | 103.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.69% | 32.26% | 1.59 | 1.04 | 0.63 | 0.51 | 0.43 | 0.43 | 0.45 | 0.44 | 0.44 | 0.42 |
| YoY Growth | - | - | 53.76% | 64.97% | 23.09% | 19.06% | -1.32% | -2.82% | 2.20% | -1.56% | 6.80% | 327.68% |
| Dividend Yield | - | - | 2.25% | 1.41% | 1.19% | 0.78% | 0.62% | 1.55% | 1.14% | 0.66% | 1.33% | 1.85% |
| Net Income To Common (M) | 261.69 |
| (-) Cash Dividends Paid (M) | 70.58 |
| (=) Cash Retained (M) | 191.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 52.34 | 32.71 | 19.63 |
| Cash Retained (M) | 191.11 | 191.11 | 191.11 |
| (-) Cash Required (M) | -52.34 | -32.71 | -19.63 |
| (=) Excess Retained (M) | 138.78 | 158.40 | 171.49 |
| (/) Shares Outstanding (M) | 52.45 | 52.45 | 52.45 |
| (=) Excess Retained per Share | 2.65 | 3.02 | 3.27 |
| LTM Dividend per Share | 1.35 | 1.35 | 1.35 |
| (+) Excess Retained per Share | 2.65 | 3.02 | 3.27 |
| (=) Adjusted Dividend | 3.99 | 4.37 | 4.62 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $117.04 | $178.97 | $310.48 |
| Upside / Downside | 80.90% | 176.61% | 379.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 261.69 | 278.70 | 296.82 | 316.11 | 336.66 | 358.54 | 369.30 |
| Payout Ratio | 26.97% | 39.58% | 52.18% | 64.79% | 77.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 70.58 | 110.30 | 154.89 | 204.80 | 260.55 | 322.69 | 341.60 |
| 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) | 100.15 | 101.10 | 102.05 |
| Year 2 PV (M) | 127.70 | 130.13 | 132.59 |
| Year 3 PV (M) | 153.32 | 157.72 | 162.20 |
| Year 4 PV (M) | 177.11 | 183.92 | 190.93 |
| Year 5 PV (M) | 199.16 | 208.78 | 218.77 |
| PV of Terminal Value (M) | 3,457.50 | 3,624.50 | 3,797.89 |
| Equity Value (M) | 4,214.94 | 4,406.15 | 4,604.43 |
| Shares Outstanding (M) | 52.45 | 52.45 | 52.45 |
| Fair Value | $80.36 | $84.01 | $87.79 |
| Upside / Downside | 24.21% | 29.84% | 35.69% |
| 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% |