Definitive Analysis
| Stable Growth | $47.19 - $76.66 | $60.40 |
| Multi-Stage | $58.03 - $63.53 | $60.73 |
| Blended Fair Value | $60.57 | |
| Current Price | $75.18 | |
| Upside | -19.44% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.51% | 0.62% | 1.37 | 1.34 | 1.30 | 1.31 | 1.24 | 1.21 | 1.22 | 1.18 | 1.16 | 1.24 |
| YoY Growth | - | - | 2.23% | 2.51% | -0.54% | 5.98% | 2.47% | -0.93% | 2.88% | 2.08% | -6.21% | -3.65% |
| Dividend Yield | - | - | 1.90% | 1.52% | 1.59% | 2.16% | 1.52% | 3.73% | 2.68% | 2.70% | 2.57% | 3.69% |
| Net Income To Common (M) | 297.30 |
| (-) Cash Dividends Paid (M) | 97.80 |
| (=) Cash Retained (M) | 199.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 59.46 | 37.16 | 22.30 |
| Cash Retained (M) | 199.50 | 199.50 | 199.50 |
| (-) Cash Required (M) | -59.46 | -37.16 | -22.30 |
| (=) Excess Retained (M) | 140.04 | 162.34 | 177.20 |
| (/) Shares Outstanding (M) | 70.36 | 70.36 | 70.36 |
| (=) Excess Retained per Share | 1.99 | 2.31 | 2.52 |
| LTM Dividend per Share | 1.39 | 1.39 | 1.39 |
| (+) Excess Retained per Share | 1.99 | 2.31 | 2.52 |
| (=) Adjusted Dividend | 3.38 | 3.70 | 3.91 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.80% | 2.80% | 3.80% |
| Fair Value | $47.19 | $60.40 | $76.66 |
| Upside / Downside | -37.23% | -19.66% | 1.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 297.30 | 305.64 | 314.21 | 323.03 | 332.09 | 341.40 | 351.64 |
| Payout Ratio | 32.90% | 44.32% | 55.74% | 67.16% | 78.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 97.80 | 135.45 | 175.13 | 216.94 | 260.95 | 307.26 | 325.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.80% | 2.80% | 3.80% |
| Year 1 PV (M) | 122.95 | 124.15 | 125.36 |
| Year 2 PV (M) | 144.29 | 147.14 | 150.02 |
| Year 3 PV (M) | 162.24 | 167.07 | 171.99 |
| Year 4 PV (M) | 177.14 | 184.20 | 191.47 |
| Year 5 PV (M) | 189.32 | 198.80 | 208.66 |
| PV of Terminal Value (M) | 3,286.60 | 3,451.22 | 3,622.37 |
| Equity Value (M) | 4,082.54 | 4,272.59 | 4,469.88 |
| Shares Outstanding (M) | 70.36 | 70.36 | 70.36 |
| Fair Value | $58.03 | $60.73 | $63.53 |
| Upside / Downside | -22.82% | -19.22% | -15.49% |
| 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% |