Definitive Analysis
| Stable Growth | $36.70 - $62.42 | $47.88 |
| Multi-Stage | $41.81 - $45.73 | $43.74 |
| Blended Fair Value | $45.81 | |
| Current Price | $81.06 | |
| Upside | -43.49% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.99% | 3.98% | 1.14 | 1.07 | 1.00 | 0.93 | 0.87 | 0.85 | 0.82 | 0.79 | 0.76 | 0.77 |
| YoY Growth | - | - | 6.47% | 6.35% | 8.00% | 7.36% | 1.88% | 4.28% | 2.61% | 4.62% | -1.41% | 0.08% |
| Dividend Yield | - | - | 1.43% | 0.87% | 1.47% | 1.18% | 1.08% | 1.47% | 1.32% | 1.17% | 1.05% | 1.50% |
| Net Income To Common (M) | 54.80 |
| (-) Cash Dividends Paid (M) | 21.90 |
| (=) Cash Retained (M) | 32.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 10.96 | 6.85 | 4.11 |
| Cash Retained (M) | 32.90 | 32.90 | 32.90 |
| (-) Cash Required (M) | -10.96 | -6.85 | -4.11 |
| (=) Excess Retained (M) | 21.94 | 26.05 | 28.79 |
| (/) Shares Outstanding (M) | 18.81 | 18.81 | 18.81 |
| (=) Excess Retained per Share | 1.17 | 1.38 | 1.53 |
| LTM Dividend per Share | 1.16 | 1.16 | 1.16 |
| (+) Excess Retained per Share | 1.17 | 1.38 | 1.53 |
| (=) Adjusted Dividend | 2.33 | 2.55 | 2.69 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.58% | 3.58% | 4.58% |
| Fair Value | $36.70 | $47.88 | $62.42 |
| Upside / Downside | -54.73% | -40.93% | -22.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 54.80 | 56.76 | 58.80 | 60.90 | 63.09 | 65.35 | 67.31 |
| Payout Ratio | 39.96% | 49.97% | 59.98% | 69.99% | 79.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 21.90 | 28.37 | 35.27 | 42.62 | 50.46 | 58.81 | 62.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.58% | 3.58% | 4.58% |
| Year 1 PV (M) | 25.75 | 26.00 | 26.25 |
| Year 2 PV (M) | 29.06 | 29.63 | 30.20 |
| Year 3 PV (M) | 31.88 | 32.82 | 33.78 |
| Year 4 PV (M) | 34.27 | 35.62 | 37.02 |
| Year 5 PV (M) | 36.25 | 38.05 | 39.93 |
| PV of Terminal Value (M) | 629.31 | 660.59 | 693.10 |
| Equity Value (M) | 786.52 | 822.72 | 860.28 |
| Shares Outstanding (M) | 18.81 | 18.81 | 18.81 |
| Fair Value | $41.81 | $43.74 | $45.73 |
| Upside / Downside | -48.42% | -46.04% | -43.58% |
| 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% |