Definitive Analysis
| Stable Growth | $13.92 - $21.35 | $17.39 |
| Multi-Stage | $28.79 - $31.62 | $30.18 |
| Blended Fair Value | $23.78 | |
| Current Price | $19.55 | |
| Upside | 21.65% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.31% | 0.00% | 0.89 | 0.89 | 0.89 | 0.85 | 1.19 | 0.69 | 0.69 | 0.58 | 0.19 | 0.00 |
| YoY Growth | - | - | -0.03% | 0.00% | 5.85% | -29.17% | 72.80% | -0.40% | 19.53% | 201.44% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.50% | 2.96% | 2.73% | 2.12% | 2.95% | 1.43% | 1.16% | 0.97% | 0.32% | 0.00% |
| Net Income To Common (M) | 154.23 |
| (-) Cash Dividends Paid (M) | 109.91 |
| (=) Cash Retained (M) | 44.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 30.85 | 19.28 | 11.57 |
| Cash Retained (M) | 44.32 | 44.32 | 44.32 |
| (-) Cash Required (M) | -30.85 | -19.28 | -11.57 |
| (=) Excess Retained (M) | 13.47 | 25.04 | 32.75 |
| (/) Shares Outstanding (M) | 100.51 | 100.51 | 100.51 |
| (=) Excess Retained per Share | 0.13 | 0.25 | 0.33 |
| LTM Dividend per Share | 1.09 | 1.09 | 1.09 |
| (+) Excess Retained per Share | 0.13 | 0.25 | 0.33 |
| (=) Adjusted Dividend | 1.23 | 1.34 | 1.42 |
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | -1.66% | -0.66% | 0.34% |
| Fair Value | $13.92 | $17.39 | $21.35 |
| Upside / Downside | -28.79% | -11.07% | 9.19% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 154.23 | 153.21 | 152.20 | 151.20 | 150.20 | 149.21 | 153.68 |
| Payout Ratio | 71.26% | 75.01% | 78.76% | 82.51% | 86.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 109.91 | 114.92 | 119.87 | 124.74 | 129.55 | 134.29 | 142.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | -1.66% | -0.66% | 0.34% |
| Year 1 PV (M) | 106.31 | 107.39 | 108.47 |
| Year 2 PV (M) | 102.58 | 104.67 | 106.79 |
| Year 3 PV (M) | 98.75 | 101.79 | 104.90 |
| Year 4 PV (M) | 94.87 | 98.79 | 102.83 |
| Year 5 PV (M) | 90.97 | 95.69 | 100.60 |
| PV of Terminal Value (M) | 2,400.36 | 2,524.91 | 2,654.58 |
| Equity Value (M) | 2,893.84 | 3,033.25 | 3,178.18 |
| Shares Outstanding (M) | 100.51 | 100.51 | 100.51 |
| Fair Value | $28.79 | $30.18 | $31.62 |
| Upside / Downside | 47.28% | 54.37% | 61.75% |
| 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% |