Definitive Analysis
| Stable Growth | $83.17 - $220.62 | $127.17 |
| Multi-Stage | $57.83 - $63.13 | $60.43 |
| Blended Fair Value | $93.80 | |
| Current Price | $44.41 | |
| Upside | 111.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.79% | 18.78% | 1.32 | 1.21 | 1.09 | 0.90 | 0.80 | 0.76 | 0.57 | 0.46 | 0.42 | 0.36 |
| YoY Growth | - | - | 9.39% | 11.46% | 20.43% | 13.01% | 5.22% | 33.19% | 24.04% | 10.49% | 15.58% | 51.77% |
| Dividend Yield | - | - | 3.31% | 3.40% | 2.61% | 2.25% | 1.68% | 2.54% | 1.44% | 1.23% | 1.17% | 1.42% |
| Net Income To Common (M) | 116.96 |
| (-) Cash Dividends Paid (M) | 44.25 |
| (=) Cash Retained (M) | 72.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.39 | 14.62 | 8.77 |
| Cash Retained (M) | 72.71 | 72.71 | 72.71 |
| (-) Cash Required (M) | -23.39 | -14.62 | -8.77 |
| (=) Excess Retained (M) | 49.32 | 58.09 | 63.94 |
| (/) Shares Outstanding (M) | 32.99 | 32.99 | 32.99 |
| (=) Excess Retained per Share | 1.50 | 1.76 | 1.94 |
| LTM Dividend per Share | 1.34 | 1.34 | 1.34 |
| (+) Excess Retained per Share | 1.50 | 1.76 | 1.94 |
| (=) Adjusted Dividend | 2.84 | 3.10 | 3.28 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $83.17 | $127.17 | $220.62 |
| Upside / Downside | 87.28% | 186.36% | 396.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 116.96 | 124.56 | 132.66 | 141.28 | 150.46 | 160.24 | 165.05 |
| Payout Ratio | 37.83% | 48.26% | 58.70% | 69.13% | 79.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 44.25 | 60.12 | 77.87 | 97.67 | 119.72 | 144.22 | 152.67 |
| 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) | 54.59 | 55.10 | 55.62 |
| Year 2 PV (M) | 64.20 | 65.42 | 66.66 |
| Year 3 PV (M) | 73.12 | 75.22 | 77.35 |
| Year 4 PV (M) | 81.38 | 84.51 | 87.73 |
| Year 5 PV (M) | 89.01 | 93.31 | 97.78 |
| PV of Terminal Value (M) | 1,545.25 | 1,619.89 | 1,697.38 |
| Equity Value (M) | 1,907.54 | 1,993.45 | 2,082.52 |
| Shares Outstanding (M) | 32.99 | 32.99 | 32.99 |
| Fair Value | $57.83 | $60.43 | $63.13 |
| Upside / Downside | 30.21% | 36.07% | 42.15% |
| 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% |