Definitive Analysis
| Stable Growth | $226.22 - $600.09 | $345.91 |
| Multi-Stage | $152.62 - $166.87 | $159.61 |
| Blended Fair Value | $252.76 | |
| Current Price | $190.90 | |
| Upside | 32.40% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.20% | 14.10% | 1.03 | 0.87 | 0.71 | 0.55 | 0.51 | 0.47 | 0.42 | 0.38 | 0.34 | 0.30 |
| YoY Growth | - | - | 18.66% | 22.65% | 29.00% | 8.21% | 8.85% | 9.80% | 11.05% | 12.15% | 13.40% | 9.01% |
| Dividend Yield | - | - | 0.58% | 0.41% | 0.38% | 0.38% | 0.33% | 0.53% | 0.43% | 0.35% | 0.45% | 0.54% |
| Net Income To Common (M) | 116.37 |
| (-) Cash Dividends Paid (M) | 13.92 |
| (=) Cash Retained (M) | 102.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.27 | 14.55 | 8.73 |
| Cash Retained (M) | 102.45 | 102.45 | 102.45 |
| (-) Cash Required (M) | -23.27 | -14.55 | -8.73 |
| (=) Excess Retained (M) | 79.18 | 87.91 | 93.72 |
| (/) Shares Outstanding (M) | 12.07 | 12.07 | 12.07 |
| (=) Excess Retained per Share | 6.56 | 7.28 | 7.77 |
| LTM Dividend per Share | 1.15 | 1.15 | 1.15 |
| (+) Excess Retained per Share | 6.56 | 7.28 | 7.77 |
| (=) Adjusted Dividend | 7.71 | 8.44 | 8.92 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $226.22 | $345.91 | $600.09 |
| Upside / Downside | 18.50% | 81.20% | 214.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 116.37 | 123.93 | 131.99 | 140.57 | 149.71 | 159.44 | 164.22 |
| Payout Ratio | 11.96% | 27.57% | 43.18% | 58.78% | 74.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 13.92 | 34.17 | 56.99 | 82.63 | 111.37 | 143.49 | 151.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 31.02 | 31.32 | 31.61 |
| Year 2 PV (M) | 46.98 | 47.88 | 48.78 |
| Year 3 PV (M) | 61.86 | 63.64 | 65.44 |
| Year 4 PV (M) | 75.70 | 78.61 | 81.61 |
| Year 5 PV (M) | 88.56 | 92.84 | 97.28 |
| PV of Terminal Value (M) | 1,537.49 | 1,611.75 | 1,688.85 |
| Equity Value (M) | 1,841.62 | 1,926.03 | 2,013.58 |
| Shares Outstanding (M) | 12.07 | 12.07 | 12.07 |
| Fair Value | $152.62 | $159.61 | $166.87 |
| Upside / Downside | -20.05% | -16.39% | -12.59% |
| 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% |