Definitive Analysis
| Stable Growth | $51.28 - $77.67 | $63.70 |
| Multi-Stage | $129.92 - $143.05 | $136.36 |
| Blended Fair Value | $100.03 | |
| Current Price | $43.14 | |
| Upside | 131.87% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -20.85% | -1.56% | 0.80 | 2.98 | 1.41 | 1.83 | 0.19 | 2.58 | 0.18 | 0.48 | 0.25 | 1.42 |
| YoY Growth | - | - | -73.15% | 111.94% | -23.11% | 876.04% | -92.73% | 1,350.55% | -63.16% | 90.00% | -82.14% | 51.67% |
| Dividend Yield | - | - | 1.85% | 3.21% | 0.84% | 0.98% | 0.12% | 2.58% | 0.15% | 0.42% | 0.28% | 2.13% |
| Net Income To Common (M) | 306.10 |
| (-) Cash Dividends Paid (M) | 193.70 |
| (=) Cash Retained (M) | 112.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 61.22 | 38.26 | 22.96 |
| Cash Retained (M) | 112.40 | 112.40 | 112.40 |
| (-) Cash Required (M) | -61.22 | -38.26 | -22.96 |
| (=) Excess Retained (M) | 51.18 | 74.14 | 89.44 |
| (/) Shares Outstanding (M) | 51.26 | 51.26 | 51.26 |
| (=) Excess Retained per Share | 1.00 | 1.45 | 1.74 |
| LTM Dividend per Share | 3.78 | 3.78 | 3.78 |
| (+) Excess Retained per Share | 1.00 | 1.45 | 1.74 |
| (=) Adjusted Dividend | 4.78 | 5.22 | 5.52 |
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | -2.80% | -1.80% | -0.80% |
| Fair Value | $51.28 | $63.70 | $77.67 |
| Upside / Downside | 18.87% | 47.66% | 80.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 306.10 | 300.60 | 295.20 | 289.89 | 284.68 | 279.57 | 287.95 |
| Payout Ratio | 63.28% | 68.62% | 73.97% | 79.31% | 84.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 193.70 | 206.28 | 218.35 | 229.92 | 241.00 | 251.61 | 266.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | -2.80% | -1.80% | -0.80% |
| Year 1 PV (M) | 192.16 | 194.13 | 196.11 |
| Year 2 PV (M) | 189.47 | 193.39 | 197.35 |
| Year 3 PV (M) | 185.85 | 191.64 | 197.56 |
| Year 4 PV (M) | 181.47 | 189.05 | 196.87 |
| Year 5 PV (M) | 176.48 | 185.75 | 195.40 |
| PV of Terminal Value (M) | 5,734.80 | 6,035.92 | 6,349.56 |
| Equity Value (M) | 6,660.22 | 6,989.88 | 7,332.85 |
| Shares Outstanding (M) | 51.26 | 51.26 | 51.26 |
| Fair Value | $129.92 | $136.36 | $143.05 |
| Upside / Downside | 201.17% | 216.08% | 231.59% |
| 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% |