Definitive Analysis
| Stable Growth | $19.07 - $26.20 | $22.67 |
| Multi-Stage | $38.79 - $42.49 | $40.60 |
| Blended Fair Value | $31.64 | |
| Current Price | $90.23 | |
| Upside | -64.94% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -15.65% | -3.97% | 3.39 | 3.35 | 3.16 | 2.99 | 2.99 | 7.95 | 2.61 | 2.24 | 1.83 | 1.89 |
| YoY Growth | - | - | 1.27% | 5.98% | 5.58% | 0.05% | -62.33% | 204.83% | 16.17% | 22.71% | -3.37% | -62.78% |
| Dividend Yield | - | - | 3.76% | 3.90% | 3.20% | 3.50% | 3.68% | 9.14% | 3.55% | 2.53% | 2.02% | 2.08% |
| Net Income To Common (M) | 199.33 |
| (-) Cash Dividends Paid (M) | 189.65 |
| (=) Cash Retained (M) | 9.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 39.87 | 24.92 | 14.95 |
| Cash Retained (M) | 9.68 | 9.68 | 9.68 |
| (-) Cash Required (M) | -39.87 | -24.92 | -14.95 |
| (=) Excess Retained (M) | -30.19 | -15.24 | -5.27 |
| (/) Shares Outstanding (M) | 55.89 | 55.89 | 55.89 |
| (=) Excess Retained per Share | -0.54 | -0.27 | -0.09 |
| LTM Dividend per Share | 3.39 | 3.39 | 3.39 |
| (+) Excess Retained per Share | -0.54 | -0.27 | -0.09 |
| (=) Adjusted Dividend | 2.85 | 3.12 | 3.30 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.10% | -4.10% | -3.10% |
| Fair Value | $19.07 | $22.67 | $26.20 |
| Upside / Downside | -78.87% | -74.88% | -70.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 199.33 | 191.15 | 183.31 | 175.79 | 168.57 | 161.66 | 166.51 |
| Payout Ratio | 95.14% | 94.12% | 93.09% | 92.06% | 91.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 189.65 | 179.90 | 170.64 | 161.83 | 153.45 | 145.49 | 154.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -5.10% | -4.10% | -3.10% |
| Year 1 PV (M) | 163.18 | 164.90 | 166.62 |
| Year 2 PV (M) | 140.39 | 143.36 | 146.37 |
| Year 3 PV (M) | 120.76 | 124.62 | 128.56 |
| Year 4 PV (M) | 103.87 | 108.32 | 112.91 |
| Year 5 PV (M) | 89.33 | 94.14 | 99.15 |
| PV of Terminal Value (M) | 1,550.75 | 1,634.20 | 1,721.20 |
| Equity Value (M) | 2,168.29 | 2,269.54 | 2,374.81 |
| Shares Outstanding (M) | 55.89 | 55.89 | 55.89 |
| Fair Value | $38.79 | $40.60 | $42.49 |
| Upside / Downside | -57.01% | -55.00% | -52.91% |
| 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% |