Definitive Analysis
| Stable Growth | $91.06 - $167.62 | $122.61 |
| Multi-Stage | $90.38 - $98.85 | $94.54 |
| Blended Fair Value | $108.57 | |
| Current Price | $76.05 | |
| Upside | 42.77% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.71% | 5.54% | 1.77 | 1.72 | 1.63 | 1.55 | 1.48 | 1.48 | 1.48 | 1.48 | 1.42 | 1.20 |
| YoY Growth | - | - | 3.23% | 5.68% | 4.76% | 5.00% | 0.00% | 0.00% | 0.00% | 3.90% | 18.46% | 16.07% |
| Dividend Yield | - | - | 2.33% | 1.88% | 1.95% | 2.32% | 2.63% | 3.29% | 3.11% | 3.44% | 2.31% | 2.38% |
| Net Income To Common (M) | 331.00 |
| (-) Cash Dividends Paid (M) | 96.00 |
| (=) Cash Retained (M) | 235.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 66.20 | 41.38 | 24.83 |
| Cash Retained (M) | 235.00 | 235.00 | 235.00 |
| (-) Cash Required (M) | -66.20 | -41.38 | -24.83 |
| (=) Excess Retained (M) | 168.80 | 193.63 | 210.18 |
| (/) Shares Outstanding (M) | 54.15 | 54.15 | 54.15 |
| (=) Excess Retained per Share | 3.12 | 3.58 | 3.88 |
| LTM Dividend per Share | 1.77 | 1.77 | 1.77 |
| (+) Excess Retained per Share | 3.12 | 3.58 | 3.88 |
| (=) Adjusted Dividend | 4.89 | 5.35 | 5.65 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.54% | 4.54% | 5.54% |
| Fair Value | $91.06 | $122.61 | $167.62 |
| Upside / Downside | 19.74% | 61.23% | 120.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 331.00 | 346.02 | 361.72 | 378.14 | 395.30 | 413.23 | 425.63 |
| Payout Ratio | 29.00% | 41.20% | 53.40% | 65.60% | 77.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 96.00 | 142.57 | 193.17 | 248.06 | 307.54 | 371.91 | 393.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.54% | 4.54% | 5.54% |
| Year 1 PV (M) | 129.43 | 130.68 | 131.93 |
| Year 2 PV (M) | 159.20 | 162.29 | 165.41 |
| Year 3 PV (M) | 185.60 | 191.03 | 196.57 |
| Year 4 PV (M) | 208.90 | 217.09 | 225.52 |
| Year 5 PV (M) | 229.34 | 240.63 | 252.36 |
| PV of Terminal Value (M) | 3,981.36 | 4,177.38 | 4,381.04 |
| Equity Value (M) | 4,893.84 | 5,119.11 | 5,352.83 |
| Shares Outstanding (M) | 54.15 | 54.15 | 54.15 |
| Fair Value | $90.38 | $94.54 | $98.85 |
| Upside / Downside | 18.84% | 24.31% | 29.98% |
| 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% |