Definitive Analysis
| Stable Growth | $52.79 - $80.06 | $65.61 |
| Multi-Stage | $113.55 - $124.65 | $118.99 |
| Blended Fair Value | $92.30 | |
| Current Price | $70.40 | |
| Upside | 31.11% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.40% | 0.00% | 3.49 | 4.48 | 2.72 | 1.57 | 2.52 | 3.94 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -22.22% | 65.00% | 72.50% | -37.50% | -36.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.40% | 7.24% | 4.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 194.16 |
| (-) Cash Dividends Paid (M) | 165.77 |
| (=) Cash Retained (M) | 28.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38.83 | 24.27 | 14.56 |
| Cash Retained (M) | 28.40 | 28.40 | 28.40 |
| (-) Cash Required (M) | -38.83 | -24.27 | -14.56 |
| (=) Excess Retained (M) | -10.44 | 4.13 | 13.83 |
| (/) Shares Outstanding (M) | 32.01 | 32.01 | 32.01 |
| (=) Excess Retained per Share | -0.33 | 0.13 | 0.43 |
| LTM Dividend per Share | 5.18 | 5.18 | 5.18 |
| (+) Excess Retained per Share | -0.33 | 0.13 | 0.43 |
| (=) Adjusted Dividend | 4.85 | 5.31 | 5.61 |
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $52.79 | $65.61 | $80.06 |
| Upside / Downside | -25.02% | -6.80% | 13.72% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 194.16 | 192.22 | 190.30 | 188.40 | 186.51 | 184.65 | 190.19 |
| Payout Ratio | 85.38% | 86.30% | 87.23% | 88.15% | 89.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 165.77 | 165.89 | 165.99 | 166.07 | 166.13 | 166.18 | 175.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.01% | 7.01% | 7.01% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 153.46 | 155.02 | 156.59 |
| Year 2 PV (M) | 142.05 | 144.96 | 147.90 |
| Year 3 PV (M) | 131.47 | 135.53 | 139.68 |
| Year 4 PV (M) | 121.66 | 126.71 | 131.90 |
| Year 5 PV (M) | 112.58 | 118.44 | 124.55 |
| PV of Terminal Value (M) | 2,973.77 | 3,128.62 | 3,289.85 |
| Equity Value (M) | 3,634.98 | 3,809.29 | 3,990.48 |
| Shares Outstanding (M) | 32.01 | 32.01 | 32.01 |
| Fair Value | $113.55 | $118.99 | $124.65 |
| Upside / Downside | 61.29% | 69.02% | 77.06% |
| 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% |