Definitive Analysis
| Stable Growth | $806.15 - $3,058.97 | $2,348.36 |
| Multi-Stage | $397.96 - $434.36 | $415.83 |
| Blended Fair Value | $1,382.10 | |
| Current Price | $140.00 | |
| Upside | 887.21% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 26.82% | 14.87% | 8.26 | 2.52 | 1.91 | 3.52 | 2.52 | 2.52 | 2.52 | 2.42 | 2.32 | 2.22 |
| YoY Growth | - | - | 228.00% | 31.58% | -45.71% | 40.00% | 0.00% | 0.00% | 4.17% | 4.35% | 4.55% | 7.32% |
| Dividend Yield | - | - | 5.51% | 2.25% | 1.60% | 2.87% | 1.35% | 1.61% | 1.75% | 1.34% | 1.14% | 1.30% |
| Net Income To Common (M) | 36.66 |
| (-) Cash Dividends Paid (M) | 34.56 |
| (=) Cash Retained (M) | 2.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 7.33 | 4.58 | 2.75 |
| Cash Retained (M) | 2.10 | 2.10 | 2.10 |
| (-) Cash Required (M) | -7.33 | -4.58 | -2.75 |
| (=) Excess Retained (M) | -5.24 | -2.49 | -0.65 |
| (/) Shares Outstanding (M) | 2.38 | 2.38 | 2.38 |
| (=) Excess Retained per Share | -2.20 | -1.04 | -0.27 |
| LTM Dividend per Share | 14.50 | 14.50 | 14.50 |
| (+) Excess Retained per Share | -2.20 | -1.04 | -0.27 |
| (=) Adjusted Dividend | 12.31 | 13.46 | 14.23 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $806.15 | $2,348.36 | $3,058.97 |
| Upside / Downside | 475.82% | 1,577.40% | 2,084.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 36.66 | 39.04 | 41.58 | 44.28 | 47.16 | 50.22 | 51.73 |
| Payout Ratio | 94.28% | 93.43% | 92.57% | 91.71% | 90.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 34.56 | 36.47 | 38.49 | 40.61 | 42.84 | 45.20 | 47.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 33.73 | 34.05 | 34.37 |
| Year 2 PV (M) | 32.92 | 33.55 | 34.18 |
| Year 3 PV (M) | 32.12 | 33.05 | 33.99 |
| Year 4 PV (M) | 31.35 | 32.55 | 33.79 |
| Year 5 PV (M) | 30.58 | 32.06 | 33.59 |
| PV of Terminal Value (M) | 787.68 | 825.72 | 865.22 |
| Equity Value (M) | 948.38 | 990.98 | 1,035.15 |
| Shares Outstanding (M) | 2.38 | 2.38 | 2.38 |
| Fair Value | $397.96 | $415.83 | $434.36 |
| Upside / Downside | 184.25% | 197.02% | 210.26% |
| 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% |