Definitive Analysis
| Stable Growth | $118.94 - $315.52 | $181.87 |
| Multi-Stage | $80.83 - $88.34 | $84.51 |
| Blended Fair Value | $133.19 | |
| Current Price | $86.82 | |
| Upside | 53.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 33.50% | 0.00% | 6.01 | 9.10 | 4.19 | 5.61 | 2.08 | 1.42 | 1.33 | 0.07 | 0.00 | 0.00 |
| YoY Growth | - | - | -33.96% | 117.15% | -25.33% | 169.82% | 46.78% | 6.60% | 1,773.94% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.13% | 5.95% | 6.63% | 8.08% | 3.48% | 5.96% | 4.97% | 0.18% | 0.00% | 0.00% |
| Net Income To Common (M) | 193.00 |
| (-) Cash Dividends Paid (M) | 34.91 |
| (=) Cash Retained (M) | 158.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38.60 | 24.13 | 14.48 |
| Cash Retained (M) | 158.09 | 158.09 | 158.09 |
| (-) Cash Required (M) | -38.60 | -24.13 | -14.48 |
| (=) Excess Retained (M) | 119.49 | 133.97 | 143.62 |
| (/) Shares Outstanding (M) | 38.06 | 38.06 | 38.06 |
| (=) Excess Retained per Share | 3.14 | 3.52 | 3.77 |
| LTM Dividend per Share | 0.92 | 0.92 | 0.92 |
| (+) Excess Retained per Share | 3.14 | 3.52 | 3.77 |
| (=) Adjusted Dividend | 4.06 | 4.44 | 4.69 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $118.94 | $181.87 | $315.52 |
| Upside / Downside | 37.00% | 109.48% | 263.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 193.00 | 205.55 | 218.91 | 233.14 | 248.29 | 264.43 | 272.36 |
| Payout Ratio | 18.09% | 32.47% | 46.85% | 61.24% | 75.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 34.91 | 66.74 | 102.56 | 142.76 | 187.75 | 237.99 | 251.94 |
| 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) | 60.60 | 61.18 | 61.75 |
| Year 2 PV (M) | 84.56 | 86.17 | 87.80 |
| Year 3 PV (M) | 106.87 | 109.94 | 113.07 |
| Year 4 PV (M) | 127.62 | 132.53 | 137.58 |
| Year 5 PV (M) | 146.89 | 153.98 | 161.35 |
| PV of Terminal Value (M) | 2,549.95 | 2,673.11 | 2,800.99 |
| Equity Value (M) | 3,076.50 | 3,216.92 | 3,362.53 |
| Shares Outstanding (M) | 38.06 | 38.06 | 38.06 |
| Fair Value | $80.83 | $84.51 | $88.34 |
| Upside / Downside | -6.90% | -2.66% | 1.75% |
| 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% |