Definitive Analysis
| Stable Growth | $66.51 - $124.87 | $90.24 |
| Multi-Stage | $68.08 - $74.24 | $71.10 |
| Blended Fair Value | $80.67 | |
| Current Price | $66.56 | |
| Upside | 21.20% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.73% | 29.32% | 2.66 | 2.64 | 2.46 | 0.57 | 1.12 | 2.02 | 1.27 | 0.95 | 0.85 | 0.59 |
| YoY Growth | - | - | 0.94% | 7.07% | 330.43% | -48.89% | -44.44% | 58.82% | 34.21% | 11.76% | 42.90% | 190.90% |
| Dividend Yield | - | - | 4.15% | 2.46% | 1.83% | 0.36% | 0.64% | 3.63% | 1.31% | 0.71% | 0.85% | 0.90% |
| Net Income To Common (M) | 173.00 |
| (-) Cash Dividends Paid (M) | 136.00 |
| (=) Cash Retained (M) | 37.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 34.60 | 21.63 | 12.98 |
| Cash Retained (M) | 37.00 | 37.00 | 37.00 |
| (-) Cash Required (M) | -34.60 | -21.63 | -12.98 |
| (=) Excess Retained (M) | 2.40 | 15.38 | 24.03 |
| (/) Shares Outstanding (M) | 40.18 | 40.18 | 40.18 |
| (=) Excess Retained per Share | 0.06 | 0.38 | 0.60 |
| LTM Dividend per Share | 3.39 | 3.39 | 3.39 |
| (+) Excess Retained per Share | 0.06 | 0.38 | 0.60 |
| (=) Adjusted Dividend | 3.44 | 3.77 | 3.98 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.73% | 4.73% | 5.73% |
| Fair Value | $66.51 | $90.24 | $124.87 |
| Upside / Downside | -0.07% | 35.58% | 87.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 173.00 | 181.18 | 189.74 | 198.70 | 208.09 | 217.93 | 224.46 |
| Payout Ratio | 78.61% | 80.89% | 83.17% | 85.45% | 87.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 136.00 | 146.55 | 157.80 | 169.78 | 182.54 | 196.13 | 207.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.73% | 4.73% | 5.73% |
| Year 1 PV (M) | 133.05 | 134.33 | 135.61 |
| Year 2 PV (M) | 130.06 | 132.58 | 135.12 |
| Year 3 PV (M) | 127.04 | 130.75 | 134.53 |
| Year 4 PV (M) | 124.00 | 128.85 | 133.85 |
| Year 5 PV (M) | 120.96 | 126.90 | 133.08 |
| PV of Terminal Value (M) | 2,099.82 | 2,203.01 | 2,310.22 |
| Equity Value (M) | 2,734.92 | 2,856.42 | 2,982.41 |
| Shares Outstanding (M) | 40.18 | 40.18 | 40.18 |
| Fair Value | $68.08 | $71.10 | $74.24 |
| Upside / Downside | 2.28% | 6.82% | 11.53% |
| 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% |