Definitive Analysis
| Stable Growth | $59.80 - $94.02 | $75.49 |
| Multi-Stage | $81.55 - $89.17 | $85.29 |
| Blended Fair Value | $80.39 | |
| Current Price | $70.69 | |
| Upside | 13.72% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.25% | 3.10% | 3.61 | 3.61 | 3.59 | 3.66 | 3.70 | 3.57 | 3.31 | 3.08 | 2.86 | 2.84 |
| YoY Growth | - | - | 0.06% | 0.48% | -1.80% | -1.04% | 3.62% | 7.90% | 7.38% | 7.56% | 0.69% | 6.80% |
| Dividend Yield | - | - | 4.58% | 4.46% | 4.82% | 4.03% | 4.39% | 4.23% | 3.74% | 4.01% | 4.09% | 4.99% |
| Net Income To Common (M) | 87.27 |
| (-) Cash Dividends Paid (M) | 53.65 |
| (=) Cash Retained (M) | 33.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.45 | 10.91 | 6.55 |
| Cash Retained (M) | 33.63 | 33.63 | 33.63 |
| (-) Cash Required (M) | -17.45 | -10.91 | -6.55 |
| (=) Excess Retained (M) | 16.17 | 22.72 | 27.08 |
| (/) Shares Outstanding (M) | 14.75 | 14.75 | 14.75 |
| (=) Excess Retained per Share | 1.10 | 1.54 | 1.84 |
| LTM Dividend per Share | 3.64 | 3.64 | 3.64 |
| (+) Excess Retained per Share | 1.10 | 1.54 | 1.84 |
| (=) Adjusted Dividend | 4.73 | 5.18 | 5.47 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.10% | 2.10% | 3.10% |
| Fair Value | $59.80 | $75.49 | $94.02 |
| Upside / Downside | -15.40% | 6.80% | 33.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 87.27 | 89.11 | 90.98 | 92.88 | 94.83 | 96.82 | 99.73 |
| Payout Ratio | 61.47% | 67.17% | 72.88% | 78.59% | 84.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 53.65 | 59.86 | 66.30 | 72.99 | 79.94 | 87.14 | 92.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.10% | 2.10% | 3.10% |
| Year 1 PV (M) | 54.33 | 54.86 | 55.40 |
| Year 2 PV (M) | 54.62 | 55.71 | 56.80 |
| Year 3 PV (M) | 54.58 | 56.21 | 57.88 |
| Year 4 PV (M) | 54.25 | 56.43 | 58.67 |
| Year 5 PV (M) | 53.67 | 56.38 | 59.20 |
| PV of Terminal Value (M) | 931.78 | 978.78 | 1,027.66 |
| Equity Value (M) | 1,203.22 | 1,258.37 | 1,315.62 |
| Shares Outstanding (M) | 14.75 | 14.75 | 14.75 |
| Fair Value | $81.55 | $85.29 | $89.17 |
| Upside / Downside | 15.36% | 20.65% | 26.14% |
| 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% |