Definitive Analysis
| Stable Growth | $7.93 - $11.84 | $9.79 |
| Multi-Stage | $12.13 - $13.28 | $12.70 |
| Blended Fair Value | $11.24 | |
| Current Price | $33.84 | |
| Upside | -66.77% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.91 | 0.74 | 0.64 | 0.58 | 1.16 | 1.15 | 1.14 | 1.24 | 0.92 |
| YoY Growth | - | - | -100.00% | 23.22% | 16.28% | 8.80% | -49.83% | 1.08% | 0.83% | -7.74% | 34.53% | 15.95% |
| Dividend Yield | - | - | 0.00% | 3.10% | 3.77% | 3.70% | 3.86% | 23.29% | 5.66% | 5.19% | 3.78% | 2.53% |
| Net Income To Common (M) | 107.80 |
| (-) Cash Dividends Paid (M) | 62.70 |
| (=) Cash Retained (M) | 45.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.56 | 13.48 | 8.09 |
| Cash Retained (M) | 45.10 | 45.10 | 45.10 |
| (-) Cash Required (M) | -21.56 | -13.48 | -8.09 |
| (=) Excess Retained (M) | 23.54 | 31.63 | 37.02 |
| (/) Shares Outstanding (M) | 113.91 | 113.91 | 113.91 |
| (=) Excess Retained per Share | 0.21 | 0.28 | 0.32 |
| LTM Dividend per Share | 0.55 | 0.55 | 0.55 |
| (+) Excess Retained per Share | 0.21 | 0.28 | 0.32 |
| (=) Adjusted Dividend | 0.76 | 0.83 | 0.88 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.41% | 0.59% | 1.59% |
| Fair Value | $7.93 | $9.79 | $11.84 |
| Upside / Downside | -76.57% | -71.07% | -65.00% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 107.80 | 108.43 | 109.07 | 109.72 | 110.36 | 111.01 | 114.34 |
| Payout Ratio | 58.16% | 64.53% | 70.90% | 77.27% | 83.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 62.70 | 69.97 | 77.33 | 84.77 | 92.30 | 99.91 | 105.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.41% | 0.59% | 1.59% |
| Year 1 PV (M) | 63.50 | 64.14 | 64.78 |
| Year 2 PV (M) | 63.69 | 64.97 | 66.27 |
| Year 3 PV (M) | 63.36 | 65.28 | 67.25 |
| Year 4 PV (M) | 62.60 | 65.15 | 67.78 |
| Year 5 PV (M) | 61.49 | 64.64 | 67.92 |
| PV of Terminal Value (M) | 1,067.54 | 1,122.22 | 1,179.13 |
| Equity Value (M) | 1,382.18 | 1,446.41 | 1,513.13 |
| Shares Outstanding (M) | 113.91 | 113.91 | 113.91 |
| Fair Value | $12.13 | $12.70 | $13.28 |
| Upside / Downside | -64.14% | -62.48% | -60.74% |
| 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% |