Definitive Analysis
| Stable Growth | $2,934.45 - $10,587.26 | $9,339.86 |
| Multi-Stage | $1,333.35 - $1,459.31 | $1,395.17 |
| Blended Fair Value | $5,367.52 | |
| Current Price | $168.98 | |
| Upside | 3,076.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.79% | 10.33% | 12.50 | 11.00 | 10.50 | 7.00 | 10.00 | 9.00 | 8.50 | 7.06 | 4.68 | 4.95 |
| YoY Growth | - | - | 13.64% | 4.76% | 49.99% | -30.00% | 11.11% | 5.88% | 20.39% | 50.99% | -5.55% | 5.88% |
| Dividend Yield | - | - | 7.49% | 7.01% | 6.73% | 4.24% | 6.94% | 7.09% | 6.91% | 5.98% | 4.08% | 4.48% |
| Net Income To Common (M) | 147.79 |
| (-) Cash Dividends Paid (M) | 37.48 |
| (=) Cash Retained (M) | 110.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 29.56 | 18.47 | 11.08 |
| Cash Retained (M) | 110.31 | 110.31 | 110.31 |
| (-) Cash Required (M) | -29.56 | -18.47 | -11.08 |
| (=) Excess Retained (M) | 80.75 | 91.84 | 99.22 |
| (/) Shares Outstanding (M) | 2.78 | 2.78 | 2.78 |
| (=) Excess Retained per Share | 29.09 | 33.08 | 35.74 |
| LTM Dividend per Share | 13.50 | 13.50 | 13.50 |
| (+) Excess Retained per Share | 29.09 | 33.08 | 35.74 |
| (=) Adjusted Dividend | 42.59 | 46.58 | 49.24 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $2,934.45 | $9,339.86 | $10,587.26 |
| Upside / Downside | 1,636.57% | 5,427.20% | 6,165.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 147.79 | 157.39 | 167.62 | 178.52 | 190.12 | 202.48 | 208.56 |
| Payout Ratio | 25.36% | 38.29% | 51.22% | 64.14% | 77.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 37.48 | 60.26 | 85.85 | 114.51 | 146.53 | 182.23 | 192.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 55.78 | 56.30 | 56.83 |
| Year 2 PV (M) | 73.54 | 74.94 | 76.36 |
| Year 3 PV (M) | 90.79 | 93.39 | 96.05 |
| Year 4 PV (M) | 107.52 | 111.66 | 115.91 |
| Year 5 PV (M) | 123.76 | 129.74 | 135.95 |
| PV of Terminal Value (M) | 3,250.12 | 3,407.11 | 3,570.10 |
| Equity Value (M) | 3,701.51 | 3,873.15 | 4,051.19 |
| Shares Outstanding (M) | 2.78 | 2.78 | 2.78 |
| Fair Value | $1,333.35 | $1,395.17 | $1,459.31 |
| Upside / Downside | 689.06% | 725.64% | 763.60% |
| 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% |