Definitive Analysis
| Stable Growth | $49.36 - $130.94 | $75.48 |
| Multi-Stage | $34.35 - $37.50 | $35.89 |
| Blended Fair Value | $55.69 | |
| Current Price | $26.10 | |
| Upside | 113.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.22% | 0.00% | 0.79 | 0.79 | 0.77 | 0.66 | 0.62 | 0.49 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.60% | 2.43% | 15.72% | 7.30% | 27.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.17% | 3.94% | 4.21% | 1.74% | 1.89% | 3.48% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 115.86 |
| (-) Cash Dividends Paid (M) | 44.65 |
| (=) Cash Retained (M) | 71.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.17 | 14.48 | 8.69 |
| Cash Retained (M) | 71.21 | 71.21 | 71.21 |
| (-) Cash Required (M) | -23.17 | -14.48 | -8.69 |
| (=) Excess Retained (M) | 48.04 | 56.73 | 62.52 |
| (/) Shares Outstanding (M) | 55.06 | 55.06 | 55.06 |
| (=) Excess Retained per Share | 0.87 | 1.03 | 1.14 |
| LTM Dividend per Share | 0.81 | 0.81 | 0.81 |
| (+) Excess Retained per Share | 0.87 | 1.03 | 1.14 |
| (=) Adjusted Dividend | 1.68 | 1.84 | 1.95 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $49.36 | $75.48 | $130.94 |
| Upside / Downside | 89.12% | 189.19% | 401.69% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 115.86 | 123.39 | 131.41 | 139.95 | 149.05 | 158.74 | 163.50 |
| Payout Ratio | 38.53% | 48.83% | 59.12% | 69.41% | 79.71% | 90.00% | 92.50% |
| Projected Dividends (M) | 44.65 | 60.25 | 77.69 | 97.15 | 118.80 | 142.86 | 151.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 54.70 | 55.22 | 55.74 |
| Year 2 PV (M) | 64.05 | 65.27 | 66.50 |
| Year 3 PV (M) | 72.72 | 74.81 | 76.94 |
| Year 4 PV (M) | 80.75 | 83.86 | 87.05 |
| Year 5 PV (M) | 88.18 | 92.43 | 96.86 |
| PV of Terminal Value (M) | 1,530.73 | 1,604.67 | 1,681.43 |
| Equity Value (M) | 1,891.15 | 1,976.27 | 2,064.53 |
| Shares Outstanding (M) | 55.06 | 55.06 | 55.06 |
| Fair Value | $34.35 | $35.89 | $37.50 |
| Upside / Downside | 31.60% | 37.52% | 43.67% |
| 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% |