Definitive Analysis
| Stable Growth | $109.68 - $290.95 | $167.71 |
| Multi-Stage | $75.39 - $82.35 | $78.81 |
| Blended Fair Value | $123.26 | |
| Current Price | $80.53 | |
| Upside | 53.06% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.15% | 33.61% | 1.20 | 0.84 | 0.69 | 0.60 | 0.52 | 0.44 | 0.37 | 0.18 | 0.14 | 0.11 |
| YoY Growth | - | - | 43.10% | 21.99% | 15.22% | 15.20% | 17.37% | 19.11% | 101.14% | 27.77% | 33.57% | 63.01% |
| Dividend Yield | - | - | 1.45% | 1.28% | 1.26% | 0.62% | 0.84% | 1.50% | 1.07% | 0.45% | 0.40% | 0.49% |
| Net Income To Common (M) | 255.39 |
| (-) Cash Dividends Paid (M) | 71.27 |
| (=) Cash Retained (M) | 184.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 51.08 | 31.92 | 19.15 |
| Cash Retained (M) | 184.13 | 184.13 | 184.13 |
| (-) Cash Required (M) | -51.08 | -31.92 | -19.15 |
| (=) Excess Retained (M) | 133.05 | 152.20 | 164.97 |
| (/) Shares Outstanding (M) | 54.62 | 54.62 | 54.62 |
| (=) Excess Retained per Share | 2.44 | 2.79 | 3.02 |
| LTM Dividend per Share | 1.30 | 1.30 | 1.30 |
| (+) Excess Retained per Share | 2.44 | 2.79 | 3.02 |
| (=) Adjusted Dividend | 3.74 | 4.09 | 4.33 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $109.68 | $167.71 | $290.95 |
| Upside / Downside | 36.20% | 108.26% | 261.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 255.39 | 271.99 | 289.67 | 308.50 | 328.55 | 349.91 | 360.41 |
| Payout Ratio | 27.90% | 40.32% | 52.74% | 65.16% | 77.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 71.27 | 109.68 | 152.78 | 201.02 | 254.89 | 314.92 | 333.38 |
| 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) | 99.59 | 100.53 | 101.47 |
| Year 2 PV (M) | 125.96 | 128.36 | 130.78 |
| Year 3 PV (M) | 150.49 | 154.81 | 159.21 |
| Year 4 PV (M) | 173.26 | 179.93 | 186.78 |
| Year 5 PV (M) | 194.37 | 203.76 | 213.51 |
| PV of Terminal Value (M) | 3,374.25 | 3,537.23 | 3,706.44 |
| Equity Value (M) | 4,117.92 | 4,304.61 | 4,498.19 |
| Shares Outstanding (M) | 54.62 | 54.62 | 54.62 |
| Fair Value | $75.39 | $78.81 | $82.35 |
| Upside / Downside | -6.38% | -2.14% | 2.26% |
| 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% |