Definitive Analysis
| Stable Growth | $24.95 - $35.17 | $30.02 |
| Multi-Stage | $71.84 - $79.17 | $75.43 |
| Blended Fair Value | $52.72 | |
| Current Price | $52.90 | |
| Upside | -0.33% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.14% | -3.78% | 3.38 | 3.28 | 3.28 | 4.67 | 3.48 | 4.18 | 5.27 | 5.77 | 5.47 | 5.37 |
| YoY Growth | - | - | 3.03% | 0.00% | -29.79% | 34.29% | -16.67% | -20.75% | -8.62% | 5.45% | 1.85% | 8.00% |
| Dividend Yield | - | - | 6.29% | 4.50% | 4.65% | 6.36% | 3.48% | 6.84% | 5.82% | 4.12% | 3.16% | 3.18% |
| Net Income To Common (M) | 307.18 |
| (-) Cash Dividends Paid (M) | 254.66 |
| (=) Cash Retained (M) | 52.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 61.44 | 38.40 | 23.04 |
| Cash Retained (M) | 52.52 | 52.52 | 52.52 |
| (-) Cash Required (M) | -61.44 | -38.40 | -23.04 |
| (=) Excess Retained (M) | -8.92 | 14.12 | 29.48 |
| (/) Shares Outstanding (M) | 75.31 | 75.31 | 75.31 |
| (=) Excess Retained per Share | -0.12 | 0.19 | 0.39 |
| LTM Dividend per Share | 3.38 | 3.38 | 3.38 |
| (+) Excess Retained per Share | -0.12 | 0.19 | 0.39 |
| (=) Adjusted Dividend | 3.26 | 3.57 | 3.77 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -5.78% | -4.78% | -3.78% |
| Fair Value | $24.95 | $30.02 | $35.17 |
| Upside / Downside | -52.83% | -43.26% | -33.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 307.18 | 292.48 | 278.49 | 265.17 | 252.49 | 240.41 | 247.62 |
| Payout Ratio | 82.90% | 84.32% | 85.74% | 87.16% | 88.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 254.66 | 246.63 | 238.79 | 231.13 | 223.66 | 216.37 | 229.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -5.78% | -4.78% | -3.78% |
| Year 1 PV (M) | 229.06 | 231.49 | 233.93 |
| Year 2 PV (M) | 205.98 | 210.38 | 214.82 |
| Year 3 PV (M) | 185.17 | 191.13 | 197.22 |
| Year 4 PV (M) | 166.42 | 173.60 | 181.01 |
| Year 5 PV (M) | 149.53 | 157.64 | 166.09 |
| PV of Terminal Value (M) | 4,473.71 | 4,716.22 | 4,969.13 |
| Equity Value (M) | 5,409.88 | 5,680.46 | 5,962.20 |
| Shares Outstanding (M) | 75.31 | 75.31 | 75.31 |
| Fair Value | $71.84 | $75.43 | $79.17 |
| Upside / Downside | 35.80% | 42.59% | 49.67% |
| 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% |