Definitive Analysis
| Stable Growth | $35.42 - $50.98 | $43.01 |
| Multi-Stage | $59.81 - $65.55 | $62.63 |
| Blended Fair Value | $52.82 | |
| Current Price | $25.75 | |
| Upside | 105.13% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.99% | 0.00% | 1.44 | 1.42 | 1.38 | 1.23 | 1.09 | 1.03 | 1.05 | 1.06 | 1.09 | 1.09 |
| YoY Growth | - | - | 1.70% | 2.38% | 12.11% | 12.84% | 6.42% | -2.18% | -1.28% | -2.27% | -0.04% | 0.00% |
| Dividend Yield | - | - | 6.15% | 6.49% | 6.66% | 4.64% | 4.37% | 4.61% | 5.32% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 113.07 |
| (-) Cash Dividends Paid (M) | 66.39 |
| (=) Cash Retained (M) | 46.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 22.61 | 14.13 | 8.48 |
| Cash Retained (M) | 46.68 | 46.68 | 46.68 |
| (-) Cash Required (M) | -22.61 | -14.13 | -8.48 |
| (=) Excess Retained (M) | 24.07 | 32.55 | 38.20 |
| (/) Shares Outstanding (M) | 22.55 | 22.55 | 22.55 |
| (=) Excess Retained per Share | 1.07 | 1.44 | 1.69 |
| LTM Dividend per Share | 2.94 | 2.94 | 2.94 |
| (+) Excess Retained per Share | 1.07 | 1.44 | 1.69 |
| (=) Adjusted Dividend | 4.01 | 4.39 | 4.64 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $35.42 | $43.01 | $50.98 |
| Upside / Downside | 37.56% | 67.04% | 97.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 113.07 | 111.94 | 110.82 | 109.71 | 108.62 | 107.53 | 110.76 |
| Payout Ratio | 58.72% | 64.97% | 71.23% | 77.49% | 83.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 66.39 | 72.73 | 78.94 | 85.01 | 90.96 | 96.78 | 102.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 65.99 | 66.67 | 67.34 |
| Year 2 PV (M) | 64.99 | 66.32 | 67.67 |
| Year 3 PV (M) | 63.50 | 65.47 | 67.47 |
| Year 4 PV (M) | 61.65 | 64.21 | 66.84 |
| Year 5 PV (M) | 59.52 | 62.62 | 65.84 |
| PV of Terminal Value (M) | 1,033.22 | 1,087.02 | 1,143.04 |
| Equity Value (M) | 1,348.87 | 1,412.30 | 1,478.20 |
| Shares Outstanding (M) | 22.55 | 22.55 | 22.55 |
| Fair Value | $59.81 | $62.63 | $65.55 |
| Upside / Downside | 132.29% | 143.21% | 154.56% |
| 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% |