Definitive Analysis
| Stable Growth | $21.69 - $30.03 | $25.88 |
| Multi-Stage | $40.36 - $44.34 | $42.31 |
| Blended Fair Value | $34.09 | |
| Current Price | $53.00 | |
| Upside | -35.67% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -8.51% | 3.58% | 1.86 | 1.95 | 2.57 | 2.65 | 2.76 | 2.90 | 3.30 | 0.86 | 0.00 | 0.00 |
| YoY Growth | - | - | -4.74% | -23.91% | -3.06% | -4.06% | -4.92% | -12.05% | 281.70% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.51% | 2.33% | 3.22% | 4.35% | 2.71% | 5.08% | 5.18% | 2.05% | 0.00% | 0.00% |
| Net Income To Common (M) | 99.90 |
| (-) Cash Dividends Paid (M) | 48.20 |
| (=) Cash Retained (M) | 51.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 19.98 | 12.49 | 7.49 |
| Cash Retained (M) | 51.70 | 51.70 | 51.70 |
| (-) Cash Required (M) | -19.98 | -12.49 | -7.49 |
| (=) Excess Retained (M) | 31.72 | 39.21 | 44.21 |
| (/) Shares Outstanding (M) | 25.90 | 25.90 | 25.90 |
| (=) Excess Retained per Share | 1.22 | 1.51 | 1.71 |
| LTM Dividend per Share | 1.86 | 1.86 | 1.86 |
| (+) Excess Retained per Share | 1.22 | 1.51 | 1.71 |
| (=) Adjusted Dividend | 3.09 | 3.38 | 3.57 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.49% | -3.49% | -2.49% |
| Fair Value | $21.69 | $25.88 | $30.03 |
| Upside / Downside | -59.07% | -51.17% | -43.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 99.90 | 96.41 | 93.05 | 89.80 | 86.67 | 83.65 | 86.16 |
| Payout Ratio | 48.25% | 56.60% | 64.95% | 73.30% | 81.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 48.20 | 54.57 | 60.44 | 65.83 | 70.77 | 75.28 | 79.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.49% | -3.49% | -2.49% |
| Year 1 PV (M) | 49.50 | 50.02 | 50.54 |
| Year 2 PV (M) | 49.73 | 50.78 | 51.83 |
| Year 3 PV (M) | 49.13 | 50.69 | 52.29 |
| Year 4 PV (M) | 47.91 | 49.95 | 52.06 |
| Year 5 PV (M) | 46.24 | 48.71 | 51.29 |
| PV of Terminal Value (M) | 802.69 | 845.60 | 890.32 |
| Equity Value (M) | 1,045.20 | 1,095.75 | 1,148.32 |
| Shares Outstanding (M) | 25.90 | 25.90 | 25.90 |
| Fair Value | $40.36 | $42.31 | $44.34 |
| Upside / Downside | -23.86% | -20.18% | -16.35% |
| 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% |