Definitive Analysis
| Stable Growth | $355.67 - $705.50 | $661.16 |
| Multi-Stage | $111.23 - $121.65 | $116.34 |
| Blended Fair Value | $388.75 | |
| Current Price | $23.00 | |
| Upside | 1,590.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.68% | 3.70% | 1.15 | 1.20 | 1.05 | 0.00 | 0.92 | 0.83 | 0.92 | 0.95 | 0.81 | 0.89 |
| YoY Growth | - | - | -4.17% | 14.29% | 0.00% | -100.00% | 10.06% | -9.03% | -3.30% | 16.72% | -8.36% | 10.55% |
| Dividend Yield | - | - | 6.66% | 6.88% | 5.53% | 0.00% | 4.39% | 4.02% | 5.25% | 3.93% | 3.88% | 3.82% |
| Net Income To Common (M) | 104.91 |
| (-) Cash Dividends Paid (M) | 71.07 |
| (=) Cash Retained (M) | 33.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.98 | 13.11 | 7.87 |
| Cash Retained (M) | 33.84 | 33.84 | 33.84 |
| (-) Cash Required (M) | -20.98 | -13.11 | -7.87 |
| (=) Excess Retained (M) | 12.86 | 20.73 | 25.97 |
| (/) Shares Outstanding (M) | 29.57 | 29.57 | 29.57 |
| (=) Excess Retained per Share | 0.43 | 0.70 | 0.88 |
| LTM Dividend per Share | 2.40 | 2.40 | 2.40 |
| (+) Excess Retained per Share | 0.43 | 0.70 | 0.88 |
| (=) Adjusted Dividend | 2.84 | 3.10 | 3.28 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $355.67 | $661.16 | $705.50 |
| Upside / Downside | 1,446.39% | 2,774.60% | 2,967.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 104.91 | 111.73 | 118.99 | 126.73 | 134.97 | 143.74 | 148.05 |
| Payout Ratio | 67.74% | 72.20% | 76.65% | 81.10% | 85.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 71.07 | 80.67 | 91.21 | 102.78 | 115.46 | 129.37 | 136.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 75.14 | 75.86 | 76.57 |
| Year 2 PV (M) | 79.14 | 80.65 | 82.17 |
| Year 3 PV (M) | 83.08 | 85.46 | 87.89 |
| Year 4 PV (M) | 86.94 | 90.29 | 93.73 |
| Year 5 PV (M) | 90.74 | 95.13 | 99.68 |
| PV of Terminal Value (M) | 2,874.54 | 3,013.38 | 3,157.54 |
| Equity Value (M) | 3,289.59 | 3,440.77 | 3,597.58 |
| Shares Outstanding (M) | 29.57 | 29.57 | 29.57 |
| Fair Value | $111.23 | $116.34 | $121.65 |
| Upside / Downside | 383.62% | 405.84% | 428.90% |
| 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% |