Definitive Analysis
| Stable Growth | $20.29 - $31.81 | $25.59 |
| Multi-Stage | $46.27 - $50.82 | $48.50 |
| Blended Fair Value | $37.05 | |
| Current Price | $19.27 | |
| Upside | 92.25% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.37% | 4.72% | 0.92 | 0.92 | 0.92 | 0.93 | 0.92 | 0.90 | 0.81 | 0.72 | 0.67 | 0.62 |
| YoY Growth | - | - | -0.77% | -0.13% | -0.26% | 0.51% | 2.50% | 10.79% | 12.64% | 8.36% | 7.46% | 7.17% |
| Dividend Yield | - | - | 5.01% | 6.83% | 6.22% | 4.39% | 4.33% | 5.78% | 3.88% | 2.90% | 3.07% | 3.39% |
| Net Income To Common (M) | 176.00 |
| (-) Cash Dividends Paid (M) | 159.20 |
| (=) Cash Retained (M) | 16.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35.20 | 22.00 | 13.20 |
| Cash Retained (M) | 16.80 | 16.80 | 16.80 |
| (-) Cash Required (M) | -35.20 | -22.00 | -13.20 |
| (=) Excess Retained (M) | -18.40 | -5.20 | 3.60 |
| (/) Shares Outstanding (M) | 84.45 | 84.45 | 84.45 |
| (=) Excess Retained per Share | -0.22 | -0.06 | 0.04 |
| LTM Dividend per Share | 1.89 | 1.89 | 1.89 |
| (+) Excess Retained per Share | -0.22 | -0.06 | 0.04 |
| (=) Adjusted Dividend | 1.67 | 1.82 | 1.93 |
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | -1.63% | -0.63% | 0.37% |
| Fair Value | $20.29 | $25.59 | $31.81 |
| Upside / Downside | 5.31% | 32.78% | 65.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 176.00 | 174.88 | 173.77 | 172.67 | 171.58 | 170.49 | 175.60 |
| Payout Ratio | 90.45% | 90.36% | 90.27% | 90.18% | 90.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 159.20 | 158.03 | 156.87 | 155.72 | 154.58 | 153.44 | 162.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | -1.63% | -0.63% | 0.37% |
| Year 1 PV (M) | 146.97 | 148.46 | 149.95 |
| Year 2 PV (M) | 135.67 | 138.44 | 141.24 |
| Year 3 PV (M) | 125.24 | 129.10 | 133.04 |
| Year 4 PV (M) | 115.62 | 120.39 | 125.31 |
| Year 5 PV (M) | 106.73 | 112.27 | 118.03 |
| PV of Terminal Value (M) | 3,277.55 | 3,447.58 | 3,624.58 |
| Equity Value (M) | 3,907.79 | 4,096.25 | 4,292.17 |
| Shares Outstanding (M) | 84.45 | 84.45 | 84.45 |
| Fair Value | $46.27 | $48.50 | $50.82 |
| Upside / Downside | 140.13% | 151.71% | 163.75% |
| 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% |