Definitive Analysis
| Stable Growth | $17.59 - $25.80 | $21.54 |
| Multi-Stage | $47.87 - $52.72 | $50.25 |
| Blended Fair Value | $35.90 | |
| Current Price | $25.00 | |
| Upside | 43.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.32% | 15.28% | 1.66 | 1.60 | 1.67 | 1.46 | 0.60 | 2.30 | 1.20 | 1.20 | 1.10 | 1.00 |
| YoY Growth | - | - | 3.67% | -3.92% | 13.96% | 141.94% | -73.73% | 91.61% | 0.00% | 9.09% | 10.00% | 150.00% |
| Dividend Yield | - | - | 6.85% | 6.69% | 6.94% | 5.87% | 2.63% | 10.31% | 5.45% | 5.74% | 4.95% | 5.13% |
| Net Income To Common (M) | 350.85 |
| (-) Cash Dividends Paid (M) | 265.10 |
| (=) Cash Retained (M) | 85.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 70.17 | 43.86 | 26.31 |
| Cash Retained (M) | 85.75 | 85.75 | 85.75 |
| (-) Cash Required (M) | -70.17 | -43.86 | -26.31 |
| (=) Excess Retained (M) | 15.58 | 41.90 | 59.44 |
| (/) Shares Outstanding (M) | 150.00 | 150.00 | 150.00 |
| (=) Excess Retained per Share | 0.10 | 0.28 | 0.40 |
| LTM Dividend per Share | 1.77 | 1.77 | 1.77 |
| (+) Excess Retained per Share | 0.10 | 0.28 | 0.40 |
| (=) Adjusted Dividend | 1.87 | 2.05 | 2.16 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -3.91% | -2.91% | -1.91% |
| Fair Value | $17.59 | $21.54 | $25.80 |
| Upside / Downside | -29.66% | -13.83% | 3.22% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 350.85 | 340.64 | 330.72 | 321.09 | 311.74 | 302.66 | 311.74 |
| Payout Ratio | 75.56% | 78.45% | 81.34% | 84.22% | 87.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 265.10 | 267.22 | 268.99 | 270.43 | 271.56 | 272.40 | 288.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -3.91% | -2.91% | -1.91% |
| Year 1 PV (M) | 248.76 | 251.35 | 253.94 |
| Year 2 PV (M) | 233.12 | 238.00 | 242.92 |
| Year 3 PV (M) | 218.18 | 225.06 | 232.09 |
| Year 4 PV (M) | 203.96 | 212.59 | 221.48 |
| Year 5 PV (M) | 190.46 | 200.58 | 211.12 |
| PV of Terminal Value (M) | 6,086.61 | 6,409.99 | 6,746.97 |
| Equity Value (M) | 7,181.09 | 7,537.56 | 7,908.53 |
| Shares Outstanding (M) | 150.00 | 150.00 | 150.00 |
| Fair Value | $47.87 | $50.25 | $52.72 |
| Upside / Downside | 91.50% | 101.00% | 110.89% |
| 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% |