Definitive Analysis
| Stable Growth | $44.41 - $91.61 | $62.42 |
| Multi-Stage | $40.31 - $43.95 | $42.10 |
| Blended Fair Value | $52.26 | |
| Current Price | $44.93 | |
| Upside | 16.31% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.43% | 3.82% | 1.80 | 1.66 | 1.55 | 1.38 | 1.37 | 1.32 | 1.27 | 1.33 | 1.27 | 1.21 |
| YoY Growth | - | - | 8.19% | 7.28% | 12.25% | 0.90% | 3.90% | 3.95% | -4.90% | 4.75% | 4.60% | -1.70% |
| Dividend Yield | - | - | 4.21% | 4.47% | 3.25% | 2.67% | 2.53% | 2.13% | 1.94% | 2.32% | 2.15% | 2.26% |
| Net Income To Common (M) | 100.53 |
| (-) Cash Dividends Paid (M) | 76.66 |
| (=) Cash Retained (M) | 23.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.11 | 12.57 | 7.54 |
| Cash Retained (M) | 23.87 | 23.87 | 23.87 |
| (-) Cash Required (M) | -20.11 | -12.57 | -7.54 |
| (=) Excess Retained (M) | 3.77 | 11.31 | 16.33 |
| (/) Shares Outstanding (M) | 40.55 | 40.55 | 40.55 |
| (=) Excess Retained per Share | 0.09 | 0.28 | 0.40 |
| LTM Dividend per Share | 1.89 | 1.89 | 1.89 |
| (+) Excess Retained per Share | 0.09 | 0.28 | 0.40 |
| (=) Adjusted Dividend | 1.98 | 2.17 | 2.29 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.43% | 5.43% | 6.43% |
| Fair Value | $44.41 | $62.42 | $91.61 |
| Upside / Downside | -1.16% | 38.93% | 103.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 100.53 | 105.99 | 111.75 | 117.82 | 124.22 | 130.97 | 134.90 |
| Payout Ratio | 76.25% | 79.00% | 81.75% | 84.50% | 87.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 76.66 | 83.74 | 91.36 | 99.56 | 108.39 | 117.88 | 124.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.43% | 5.43% | 6.43% |
| Year 1 PV (M) | 76.03 | 76.75 | 77.48 |
| Year 2 PV (M) | 75.31 | 76.76 | 78.22 |
| Year 3 PV (M) | 74.51 | 76.67 | 78.88 |
| Year 4 PV (M) | 73.65 | 76.51 | 79.45 |
| Year 5 PV (M) | 72.72 | 76.27 | 79.95 |
| PV of Terminal Value (M) | 1,262.41 | 1,324.01 | 1,388.01 |
| Equity Value (M) | 1,634.62 | 1,706.97 | 1,781.99 |
| Shares Outstanding (M) | 40.55 | 40.55 | 40.55 |
| Fair Value | $40.31 | $42.10 | $43.95 |
| Upside / Downside | -10.28% | -6.30% | -2.19% |
| 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% |