Definitive Analysis
| Stable Growth | $110.10 - $291.51 | $168.26 |
| Multi-Stage | $75.91 - $82.91 | $79.35 |
| Blended Fair Value | $123.80 | |
| Current Price | $178.58 | |
| Upside | -30.67% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.03% | 12.92% | 1.21 | 0.98 | 0.84 | 0.75 | 0.69 | 0.63 | 0.55 | 0.48 | 0.42 | 0.38 |
| YoY Growth | - | - | 23.39% | 16.76% | 12.30% | 8.92% | 9.38% | 14.33% | 14.42% | 14.08% | 10.66% | 5.91% |
| Dividend Yield | - | - | 0.64% | 0.62% | 0.69% | 0.75% | 0.74% | 1.18% | 0.99% | 1.02% | 1.15% | 1.15% |
| Net Income To Common (M) | 138.78 |
| (-) Cash Dividends Paid (M) | 41.78 |
| (=) Cash Retained (M) | 97.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 27.76 | 17.35 | 10.41 |
| Cash Retained (M) | 97.00 | 97.00 | 97.00 |
| (-) Cash Required (M) | -27.76 | -17.35 | -10.41 |
| (=) Excess Retained (M) | 69.24 | 79.65 | 86.59 |
| (/) Shares Outstanding (M) | 29.52 | 29.52 | 29.52 |
| (=) Excess Retained per Share | 2.35 | 2.70 | 2.93 |
| LTM Dividend per Share | 1.42 | 1.42 | 1.42 |
| (+) Excess Retained per Share | 2.35 | 2.70 | 2.93 |
| (=) Adjusted Dividend | 3.76 | 4.11 | 4.35 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $110.10 | $168.26 | $291.51 |
| Upside / Downside | -38.35% | -5.78% | 63.24% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 138.78 | 147.80 | 157.40 | 167.63 | 178.53 | 190.14 | 195.84 |
| Payout Ratio | 30.10% | 42.08% | 54.06% | 66.04% | 78.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 41.78 | 62.20 | 85.10 | 110.71 | 139.29 | 171.12 | 181.15 |
| 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) | 56.47 | 57.01 | 57.54 |
| Year 2 PV (M) | 70.15 | 71.49 | 72.84 |
| Year 3 PV (M) | 82.87 | 85.24 | 87.67 |
| Year 4 PV (M) | 94.66 | 98.30 | 102.05 |
| Year 5 PV (M) | 105.59 | 110.69 | 115.99 |
| PV of Terminal Value (M) | 1,831.44 | 1,919.89 | 2,011.74 |
| Equity Value (M) | 2,241.18 | 2,342.63 | 2,447.82 |
| Shares Outstanding (M) | 29.52 | 29.52 | 29.52 |
| Fair Value | $75.91 | $79.35 | $82.91 |
| Upside / Downside | -57.49% | -55.57% | -53.57% |
| 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% |