Definitive Analysis
| Stable Growth | $56.94 - $151.05 | $87.07 |
| Multi-Stage | $41.33 - $45.02 | $43.14 |
| Blended Fair Value | $65.11 | |
| Current Price | $35.29 | |
| Upside | 84.49% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.60% | 17.13% | 1.37 | 1.14 | 0.96 | 0.93 | 0.87 | 0.87 | 0.64 | 0.39 | 0.37 | 0.32 |
| YoY Growth | - | - | 19.94% | 18.86% | 3.07% | 6.91% | 0.66% | 35.08% | 63.88% | 5.11% | 15.78% | 14.07% |
| Dividend Yield | - | - | 4.40% | 3.28% | 2.74% | 2.54% | 2.27% | 3.96% | 1.93% | 1.07% | 1.06% | 1.31% |
| Net Income To Common (M) | 219.53 |
| (-) Cash Dividends Paid (M) | 166.94 |
| (=) Cash Retained (M) | 52.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 43.91 | 27.44 | 16.47 |
| Cash Retained (M) | 52.59 | 52.59 | 52.59 |
| (-) Cash Required (M) | -43.91 | -27.44 | -16.47 |
| (=) Excess Retained (M) | 8.69 | 25.15 | 36.13 |
| (/) Shares Outstanding (M) | 90.44 | 90.44 | 90.44 |
| (=) Excess Retained per Share | 0.10 | 0.28 | 0.40 |
| LTM Dividend per Share | 1.85 | 1.85 | 1.85 |
| (+) Excess Retained per Share | 0.10 | 0.28 | 0.40 |
| (=) Adjusted Dividend | 1.94 | 2.12 | 2.25 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $56.94 | $87.07 | $151.05 |
| Upside / Downside | 61.35% | 146.73% | 328.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 219.53 | 233.80 | 249.00 | 265.19 | 282.42 | 300.78 | 309.80 |
| Payout Ratio | 76.04% | 78.83% | 81.63% | 84.42% | 87.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 166.94 | 184.32 | 203.25 | 223.86 | 246.30 | 270.70 | 286.57 |
| 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) | 167.36 | 168.95 | 170.53 |
| Year 2 PV (M) | 167.57 | 170.76 | 173.99 |
| Year 3 PV (M) | 167.59 | 172.40 | 177.30 |
| Year 4 PV (M) | 167.42 | 173.86 | 180.48 |
| Year 5 PV (M) | 167.08 | 175.15 | 183.53 |
| PV of Terminal Value (M) | 2,900.49 | 3,040.59 | 3,186.04 |
| Equity Value (M) | 3,737.51 | 3,901.70 | 4,071.87 |
| Shares Outstanding (M) | 90.44 | 90.44 | 90.44 |
| Fair Value | $41.33 | $43.14 | $45.02 |
| Upside / Downside | 17.11% | 22.25% | 27.58% |
| 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% |