Definitive Analysis
| Stable Growth | $105.15 - $323.22 | $167.86 |
| Multi-Stage | $68.42 - $74.82 | $71.56 |
| Blended Fair Value | $119.71 | |
| Current Price | $177.73 | |
| Upside | -32.65% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 39.03% | 0.00% | 0.55 | 0.55 | 0.56 | 1.77 | 0.11 | 0.11 | 0.10 | 0.09 | 0.08 | 2.02 |
| YoY Growth | - | - | -1.25% | -0.80% | -68.41% | 1,518.05% | 3.75% | 7.55% | 13.78% | 1.82% | -95.81% | 0.00% |
| Dividend Yield | - | - | 0.40% | 0.58% | 0.77% | 2.80% | 0.16% | 0.24% | 0.23% | 0.17% | 0.24% | 8.39% |
| Net Income To Common (M) | 178.06 |
| (-) Cash Dividends Paid (M) | 24.40 |
| (=) Cash Retained (M) | 153.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35.61 | 22.26 | 13.35 |
| Cash Retained (M) | 153.66 | 153.66 | 153.66 |
| (-) Cash Required (M) | -35.61 | -22.26 | -13.35 |
| (=) Excess Retained (M) | 118.05 | 131.40 | 140.30 |
| (/) Shares Outstanding (M) | 44.07 | 44.07 | 44.07 |
| (=) Excess Retained per Share | 2.68 | 2.98 | 3.18 |
| LTM Dividend per Share | 0.55 | 0.55 | 0.55 |
| (+) Excess Retained per Share | 2.68 | 2.98 | 3.18 |
| (=) Adjusted Dividend | 3.23 | 3.54 | 3.74 |
| WACC / Discount Rate | 8.74% | 8.74% | 8.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $105.15 | $167.86 | $323.22 |
| Upside / Downside | -40.84% | -5.56% | 81.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 178.06 | 189.63 | 201.96 | 215.09 | 229.07 | 243.96 | 251.27 |
| Payout Ratio | 13.70% | 28.96% | 44.22% | 59.48% | 74.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.40 | 54.92 | 89.31 | 127.94 | 171.21 | 219.56 | 232.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.74% | 8.74% | 8.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 50.03 | 50.51 | 50.98 |
| Year 2 PV (M) | 74.12 | 75.53 | 76.95 |
| Year 3 PV (M) | 96.72 | 99.49 | 102.32 |
| Year 4 PV (M) | 117.90 | 122.44 | 127.10 |
| Year 5 PV (M) | 137.74 | 144.39 | 151.30 |
| PV of Terminal Value (M) | 2,539.01 | 2,661.65 | 2,788.98 |
| Equity Value (M) | 3,015.53 | 3,154.01 | 3,297.64 |
| Shares Outstanding (M) | 44.07 | 44.07 | 44.07 |
| Fair Value | $68.42 | $71.56 | $74.82 |
| Upside / Downside | -61.50% | -59.73% | -57.90% |
| 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% |