Definitive Analysis
| Stable Growth | $125.95 - $334.12 | $192.59 |
| Multi-Stage | $86.19 - $94.17 | $90.11 |
| Blended Fair Value | $141.35 | |
| Current Price | $31.80 | |
| Upside | 344.50% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.29% | 0.00% | 1.11 | 1.06 | 0.83 | 0.68 | 0.52 | 0.38 | 0.22 | 0.17 | 0.14 | 0.09 |
| YoY Growth | - | - | 5.49% | 27.42% | 21.87% | 31.95% | 37.19% | 68.89% | 28.50% | 27.73% | 47.42% | 0.00% |
| Dividend Yield | - | - | 3.01% | 2.50% | 3.18% | 2.48% | 1.84% | 3.71% | 1.54% | 1.21% | 1.21% | 0.82% |
| Net Income To Common (M) | 246.59 |
| (-) Cash Dividends Paid (M) | 59.41 |
| (=) Cash Retained (M) | 187.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 49.32 | 30.82 | 18.49 |
| Cash Retained (M) | 187.18 | 187.18 | 187.18 |
| (-) Cash Required (M) | -49.32 | -30.82 | -18.49 |
| (=) Excess Retained (M) | 137.86 | 156.35 | 168.68 |
| (/) Shares Outstanding (M) | 45.92 | 45.92 | 45.92 |
| (=) Excess Retained per Share | 3.00 | 3.40 | 3.67 |
| LTM Dividend per Share | 1.29 | 1.29 | 1.29 |
| (+) Excess Retained per Share | 3.00 | 3.40 | 3.67 |
| (=) Adjusted Dividend | 4.30 | 4.70 | 4.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $125.95 | $192.59 | $334.12 |
| Upside / Downside | 296.07% | 505.64% | 950.68% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 246.59 | 262.62 | 279.69 | 297.86 | 317.23 | 337.85 | 347.98 |
| Payout Ratio | 24.09% | 37.27% | 50.46% | 63.64% | 76.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 59.41 | 97.89 | 141.12 | 189.55 | 243.69 | 304.06 | 321.88 |
| 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) | 88.88 | 89.72 | 90.57 |
| Year 2 PV (M) | 116.35 | 118.56 | 120.80 |
| Year 3 PV (M) | 141.90 | 145.97 | 150.13 |
| Year 4 PV (M) | 165.65 | 172.02 | 178.57 |
| Year 5 PV (M) | 187.67 | 196.73 | 206.14 |
| PV of Terminal Value (M) | 3,257.92 | 3,415.28 | 3,578.66 |
| Equity Value (M) | 3,958.36 | 4,138.28 | 4,324.86 |
| Shares Outstanding (M) | 45.92 | 45.92 | 45.92 |
| Fair Value | $86.19 | $90.11 | $94.17 |
| Upside / Downside | 171.04% | 183.37% | 196.14% |
| 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% |