Definitive Analysis
| Stable Growth | $968.48 - $2,097.92 | $1,966.06 |
| Multi-Stage | $327.36 - $357.74 | $342.28 |
| Blended Fair Value | $1,154.17 | |
| Current Price | $130.20 | |
| Upside | 786.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.11% | 31.76% | 4.46 | 4.20 | 2.15 | 1.36 | 2.09 | 2.21 | 2.83 | 3.11 | 2.97 | 2.83 |
| YoY Growth | - | - | 6.20% | 95.43% | 58.30% | -35.12% | -5.18% | -22.00% | -9.14% | 4.76% | 5.03% | 900.97% |
| Dividend Yield | - | - | 4.90% | 4.53% | 2.80% | 2.15% | 3.16% | 2.90% | 3.48% | 2.45% | 2.17% | 2.61% |
| Net Income To Common (M) | 111.80 |
| (-) Cash Dividends Paid (M) | 98.75 |
| (=) Cash Retained (M) | 13.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 22.36 | 13.97 | 8.38 |
| Cash Retained (M) | 13.04 | 13.04 | 13.04 |
| (-) Cash Required (M) | -22.36 | -13.97 | -8.38 |
| (=) Excess Retained (M) | -9.32 | -0.93 | 4.66 |
| (/) Shares Outstanding (M) | 10.60 | 10.60 | 10.60 |
| (=) Excess Retained per Share | -0.88 | -0.09 | 0.44 |
| LTM Dividend per Share | 9.32 | 9.32 | 9.32 |
| (+) Excess Retained per Share | -0.88 | -0.09 | 0.44 |
| (=) Adjusted Dividend | 8.44 | 9.23 | 9.76 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $968.48 | $1,966.06 | $2,097.92 |
| Upside / Downside | 643.84% | 1,410.03% | 1,511.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 111.80 | 119.06 | 126.80 | 135.04 | 143.82 | 153.17 | 157.76 |
| Payout Ratio | 88.33% | 88.67% | 89.00% | 89.33% | 89.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 98.75 | 105.57 | 112.85 | 120.64 | 128.96 | 137.85 | 145.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 98.27 | 99.20 | 100.13 |
| Year 2 PV (M) | 97.79 | 99.65 | 101.53 |
| Year 3 PV (M) | 97.30 | 100.10 | 102.94 |
| Year 4 PV (M) | 96.82 | 100.55 | 104.38 |
| Year 5 PV (M) | 96.34 | 101.00 | 105.83 |
| PV of Terminal Value (M) | 2,982.79 | 3,126.86 | 3,276.45 |
| Equity Value (M) | 3,469.32 | 3,627.35 | 3,791.26 |
| Shares Outstanding (M) | 10.60 | 10.60 | 10.60 |
| Fair Value | $327.36 | $342.28 | $357.74 |
| Upside / Downside | 151.43% | 162.89% | 174.76% |
| 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% |