Definitive Analysis
| Stable Growth | $45.71 - $121.26 | $69.89 |
| Multi-Stage | $32.50 - $35.45 | $33.95 |
| Blended Fair Value | $51.92 | |
| Current Price | $40.70 | |
| Upside | 27.57% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.49% | 9.91% | 1.69 | 1.40 | 1.32 | 1.25 | 1.09 | 1.03 | 0.94 | 0.86 | 0.78 | 0.71 |
| YoY Growth | - | - | 20.75% | 5.73% | 6.08% | 14.69% | 6.00% | 9.37% | 9.22% | 10.15% | 9.92% | 8.04% |
| Dividend Yield | - | - | 4.15% | 3.74% | 2.72% | 2.61% | 2.22% | 2.70% | 2.01% | 2.24% | 2.11% | 2.10% |
| Net Income To Common (M) | 176.66 |
| (-) Cash Dividends Paid (M) | 101.85 |
| (=) Cash Retained (M) | 74.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35.33 | 22.08 | 13.25 |
| Cash Retained (M) | 74.81 | 74.81 | 74.81 |
| (-) Cash Required (M) | -35.33 | -22.08 | -13.25 |
| (=) Excess Retained (M) | 39.48 | 52.73 | 61.56 |
| (/) Shares Outstanding (M) | 90.66 | 90.66 | 90.66 |
| (=) Excess Retained per Share | 0.44 | 0.58 | 0.68 |
| LTM Dividend per Share | 1.12 | 1.12 | 1.12 |
| (+) Excess Retained per Share | 0.44 | 0.58 | 0.68 |
| (=) Adjusted Dividend | 1.56 | 1.71 | 1.80 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $45.71 | $69.89 | $121.26 |
| Upside / Downside | 12.31% | 71.73% | 197.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 176.66 | 188.14 | 200.37 | 213.39 | 227.26 | 242.04 | 249.30 |
| Payout Ratio | 57.65% | 64.12% | 70.59% | 77.06% | 83.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 101.85 | 120.64 | 141.44 | 164.44 | 189.83 | 217.83 | 230.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 109.54 | 110.58 | 111.62 |
| Year 2 PV (M) | 116.61 | 118.84 | 121.08 |
| Year 3 PV (M) | 123.10 | 126.64 | 130.24 |
| Year 4 PV (M) | 129.04 | 134.00 | 139.11 |
| Year 5 PV (M) | 134.45 | 140.94 | 147.68 |
| PV of Terminal Value (M) | 2,334.01 | 2,446.75 | 2,563.79 |
| Equity Value (M) | 2,946.76 | 3,077.74 | 3,213.52 |
| Shares Outstanding (M) | 90.66 | 90.66 | 90.66 |
| Fair Value | $32.50 | $33.95 | $35.45 |
| Upside / Downside | -20.14% | -16.59% | -12.91% |
| 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% |