Definitive Analysis
| Stable Growth | $272.71 - $1,046.62 | $460.76 |
| Multi-Stage | $169.17 - $185.06 | $176.97 |
| Blended Fair Value | $318.86 | |
| Current Price | $134.50 | |
| Upside | 137.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 1.07 | 0.72 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 48.83% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.98% | 0.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 144.84 |
| (-) Cash Dividends Paid (M) | 18.23 |
| (=) Cash Retained (M) | 126.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 28.97 | 18.11 | 10.86 |
| Cash Retained (M) | 126.61 | 126.61 | 126.61 |
| (-) Cash Required (M) | -28.97 | -18.11 | -10.86 |
| (=) Excess Retained (M) | 97.65 | 108.51 | 115.75 |
| (/) Shares Outstanding (M) | 15.53 | 15.53 | 15.53 |
| (=) Excess Retained per Share | 6.29 | 6.99 | 7.45 |
| LTM Dividend per Share | 1.17 | 1.17 | 1.17 |
| (+) Excess Retained per Share | 6.29 | 6.99 | 7.45 |
| (=) Adjusted Dividend | 7.46 | 8.16 | 8.63 |
| WACC / Discount Rate | 8.39% | 8.39% | 8.39% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $272.71 | $460.76 | $1,046.62 |
| Upside / Downside | 102.76% | 242.57% | 678.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 144.84 | 154.26 | 164.28 | 174.96 | 186.33 | 198.45 | 204.40 |
| Payout Ratio | 12.58% | 28.07% | 43.55% | 59.03% | 74.52% | 90.00% | 92.50% |
| Projected Dividends (M) | 18.23 | 43.30 | 71.55 | 103.29 | 138.85 | 178.60 | 189.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.39% | 8.39% | 8.39% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 39.57 | 39.95 | 40.32 |
| Year 2 PV (M) | 59.77 | 60.90 | 62.05 |
| Year 3 PV (M) | 78.86 | 81.12 | 83.43 |
| Year 4 PV (M) | 96.89 | 100.61 | 104.45 |
| Year 5 PV (M) | 113.90 | 119.40 | 125.12 |
| PV of Terminal Value (M) | 2,238.77 | 2,346.91 | 2,459.18 |
| Equity Value (M) | 2,627.76 | 2,748.90 | 2,874.54 |
| Shares Outstanding (M) | 15.53 | 15.53 | 15.53 |
| Fair Value | $169.17 | $176.97 | $185.06 |
| Upside / Downside | 25.78% | 31.58% | 37.59% |
| 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% |