Definitive Analysis
| Stable Growth | $34.57 - $64.51 | $46.80 |
| Multi-Stage | $36.19 - $39.44 | $37.78 |
| Blended Fair Value | $42.29 | |
| Current Price | $47.01 | |
| Upside | -10.04% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.38% | 17.11% | 2.07 | 2.04 | 1.90 | 1.80 | 1.71 | 1.52 | 1.26 | 1.04 | 0.86 | 0.49 |
| YoY Growth | - | - | 1.88% | 7.04% | 5.85% | 5.33% | 12.06% | 21.09% | 21.21% | 20.66% | 75.24% | 14.81% |
| Dividend Yield | - | - | 4.35% | 3.91% | 4.03% | 5.16% | 4.23% | 3.96% | 3.33% | 3.01% | 2.35% | 1.40% |
| Net Income To Common (M) | 236.70 |
| (-) Cash Dividends Paid (M) | 215.10 |
| (=) Cash Retained (M) | 21.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 47.34 | 29.59 | 17.75 |
| Cash Retained (M) | 21.60 | 21.60 | 21.60 |
| (-) Cash Required (M) | -47.34 | -29.59 | -17.75 |
| (=) Excess Retained (M) | -25.74 | -7.99 | 3.85 |
| (/) Shares Outstanding (M) | 104.60 | 104.60 | 104.60 |
| (=) Excess Retained per Share | -0.25 | -0.08 | 0.04 |
| LTM Dividend per Share | 2.06 | 2.06 | 2.06 |
| (+) Excess Retained per Share | -0.25 | -0.08 | 0.04 |
| (=) Adjusted Dividend | 1.81 | 1.98 | 2.09 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.67% | 4.67% | 5.67% |
| Fair Value | $34.57 | $46.80 | $64.51 |
| Upside / Downside | -26.46% | -0.45% | 37.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 236.70 | 247.75 | 259.32 | 271.43 | 284.10 | 297.37 | 306.29 |
| Payout Ratio | 90.87% | 90.70% | 90.52% | 90.35% | 90.17% | 90.00% | 92.50% |
| Projected Dividends (M) | 215.10 | 224.71 | 234.75 | 245.24 | 256.19 | 267.63 | 283.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.67% | 4.67% | 5.67% |
| Year 1 PV (M) | 204.00 | 205.97 | 207.94 |
| Year 2 PV (M) | 193.48 | 197.23 | 201.02 |
| Year 3 PV (M) | 183.50 | 188.86 | 194.32 |
| Year 4 PV (M) | 174.03 | 180.84 | 187.85 |
| Year 5 PV (M) | 165.05 | 173.16 | 181.59 |
| PV of Terminal Value (M) | 2,865.22 | 3,006.10 | 3,152.47 |
| Equity Value (M) | 3,785.27 | 3,952.16 | 4,125.20 |
| Shares Outstanding (M) | 104.60 | 104.60 | 104.60 |
| Fair Value | $36.19 | $37.78 | $39.44 |
| Upside / Downside | -23.02% | -19.63% | -16.11% |
| 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% |