Definitive Analysis
| Stable Growth | $8.58 - $11.88 | $10.24 |
| Multi-Stage | $22.67 - $24.98 | $23.80 |
| Blended Fair Value | $17.02 | |
| Current Price | $22.16 | |
| Upside | -23.20% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -5.79% | -5.32% | 0.60 | 0.56 | 0.83 | 0.82 | 0.82 | 0.82 | 0.82 | 0.94 | 1.04 | 1.05 |
| YoY Growth | - | - | 7.62% | -32.29% | 1.84% | 0.00% | 0.00% | 0.00% | -13.13% | -10.21% | -0.15% | 0.15% |
| Dividend Yield | - | - | 2.73% | 2.66% | 3.95% | 3.45% | 3.10% | 3.29% | 3.47% | 4.38% | 4.51% | 4.33% |
| Net Income To Common (M) | 101.10 |
| (-) Cash Dividends Paid (M) | 75.59 |
| (=) Cash Retained (M) | 25.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.22 | 12.64 | 7.58 |
| Cash Retained (M) | 25.52 | 25.52 | 25.52 |
| (-) Cash Required (M) | -20.22 | -12.64 | -7.58 |
| (=) Excess Retained (M) | 5.30 | 12.88 | 17.93 |
| (/) Shares Outstanding (M) | 64.77 | 64.77 | 64.77 |
| (=) Excess Retained per Share | 0.08 | 0.20 | 0.28 |
| LTM Dividend per Share | 1.17 | 1.17 | 1.17 |
| (+) Excess Retained per Share | 0.08 | 0.20 | 0.28 |
| (=) Adjusted Dividend | 1.25 | 1.37 | 1.44 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -6.48% | -5.48% | -4.48% |
| Fair Value | $8.58 | $10.24 | $11.88 |
| Upside / Downside | -61.26% | -53.78% | -46.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 101.10 | 95.56 | 90.33 | 85.38 | 80.70 | 76.28 | 78.57 |
| Payout Ratio | 74.76% | 77.81% | 80.86% | 83.90% | 86.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 75.59 | 74.36 | 73.04 | 71.64 | 70.17 | 68.65 | 72.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -6.48% | -5.48% | -4.48% |
| Year 1 PV (M) | 68.68 | 69.41 | 70.14 |
| Year 2 PV (M) | 62.30 | 63.64 | 65.00 |
| Year 3 PV (M) | 56.44 | 58.27 | 60.14 |
| Year 4 PV (M) | 51.06 | 53.28 | 55.57 |
| Year 5 PV (M) | 46.14 | 48.66 | 51.29 |
| PV of Terminal Value (M) | 1,183.54 | 1,248.19 | 1,315.62 |
| Equity Value (M) | 1,468.16 | 1,541.45 | 1,617.77 |
| Shares Outstanding (M) | 64.77 | 64.77 | 64.77 |
| Fair Value | $22.67 | $23.80 | $24.98 |
| Upside / Downside | 2.29% | 7.39% | 12.71% |
| 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% |