Definitive Analysis
| Stable Growth | $3.52 - $5.07 | $4.28 |
| Multi-Stage | $5.52 - $6.04 | $5.78 |
| Blended Fair Value | $5.03 | |
| Current Price | $55.63 | |
| Upside | -90.96% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.60% | 0.68% | 0.32 | 0.32 | 0.32 | 0.32 | 0.31 | 0.31 | 0.31 | 0.30 | 0.30 | 0.30 |
| YoY Growth | - | - | -0.06% | 0.27% | 0.20% | 1.13% | 1.47% | 1.11% | 0.82% | 1.37% | -0.59% | 1.06% |
| Dividend Yield | - | - | 0.57% | 0.40% | 0.47% | 0.45% | 0.26% | 0.50% | 0.63% | 0.60% | 0.99% | 1.10% |
| Net Income To Common (M) | 77.98 |
| (-) Cash Dividends Paid (M) | 50.15 |
| (=) Cash Retained (M) | 27.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.60 | 9.75 | 5.85 |
| Cash Retained (M) | 27.83 | 27.83 | 27.83 |
| (-) Cash Required (M) | -15.60 | -9.75 | -5.85 |
| (=) Excess Retained (M) | 12.24 | 18.08 | 21.98 |
| (/) Shares Outstanding (M) | 157.71 | 157.71 | 157.71 |
| (=) Excess Retained per Share | 0.08 | 0.11 | 0.14 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | 0.08 | 0.11 | 0.14 |
| (=) Adjusted Dividend | 0.40 | 0.43 | 0.46 |
| WACC / Discount Rate | 9.76% | 9.76% | 9.76% |
| Growth Rate | -1.32% | -0.32% | 0.68% |
| Fair Value | $3.52 | $4.28 | $5.07 |
| Upside / Downside | -93.67% | -92.31% | -90.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 77.98 | 77.73 | 77.48 | 77.22 | 76.97 | 76.73 | 79.03 |
| Payout Ratio | 64.31% | 69.45% | 74.59% | 79.72% | 84.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 50.15 | 53.98 | 57.78 | 61.57 | 65.32 | 69.05 | 73.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.76% | 9.76% | 9.76% |
| Growth Rate | -1.32% | -0.32% | 0.68% |
| Year 1 PV (M) | 48.69 | 49.18 | 49.67 |
| Year 2 PV (M) | 47.01 | 47.97 | 48.93 |
| Year 3 PV (M) | 45.17 | 46.56 | 47.98 |
| Year 4 PV (M) | 43.23 | 45.01 | 46.84 |
| Year 5 PV (M) | 41.22 | 43.35 | 45.57 |
| PV of Terminal Value (M) | 645.55 | 678.93 | 713.68 |
| Equity Value (M) | 870.87 | 911.00 | 952.67 |
| Shares Outstanding (M) | 157.71 | 157.71 | 157.71 |
| Fair Value | $5.52 | $5.78 | $6.04 |
| Upside / Downside | -90.07% | -89.62% | -89.14% |
| 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% |