Definitive Analysis
| Stable Growth | $616.40 - $981.15 | $919.48 |
| Multi-Stage | $161.41 - $176.65 | $168.89 |
| Blended Fair Value | $544.19 | |
| Current Price | $29.70 | |
| Upside | 1,732.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.43% | 15.96% | 2.22 | 1.99 | 2.04 | 1.07 | 1.49 | 0.77 | 1.29 | 1.20 | 0.74 | 0.84 |
| YoY Growth | - | - | 11.45% | -2.45% | 90.36% | -27.91% | 92.01% | -39.71% | 7.25% | 61.05% | -11.46% | 66.41% |
| Dividend Yield | - | - | 8.17% | 7.84% | 8.67% | 3.41% | 6.42% | 4.20% | 7.85% | 6.91% | 6.26% | 14.32% |
| Net Income To Common (M) | 101.99 |
| (-) Cash Dividends Paid (M) | 52.64 |
| (=) Cash Retained (M) | 49.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.40 | 12.75 | 7.65 |
| Cash Retained (M) | 49.35 | 49.35 | 49.35 |
| (-) Cash Required (M) | -20.40 | -12.75 | -7.65 |
| (=) Excess Retained (M) | 28.95 | 36.60 | 41.70 |
| (/) Shares Outstanding (M) | 20.67 | 20.67 | 20.67 |
| (=) Excess Retained per Share | 1.40 | 1.77 | 2.02 |
| LTM Dividend per Share | 2.55 | 2.55 | 2.55 |
| (+) Excess Retained per Share | 1.40 | 1.77 | 2.02 |
| (=) Adjusted Dividend | 3.95 | 4.32 | 4.56 |
| WACC / Discount Rate | 6.18% | 6.18% | 6.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $616.40 | $919.48 | $981.15 |
| Upside / Downside | 1,975.41% | 2,995.90% | 3,203.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 101.99 | 108.62 | 115.68 | 123.20 | 131.21 | 139.73 | 143.93 |
| Payout Ratio | 51.61% | 59.29% | 66.97% | 74.64% | 82.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 52.64 | 64.40 | 77.47 | 91.96 | 108.01 | 125.76 | 133.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.18% | 6.18% | 6.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 60.08 | 60.65 | 61.22 |
| Year 2 PV (M) | 67.43 | 68.72 | 70.01 |
| Year 3 PV (M) | 74.69 | 76.83 | 79.01 |
| Year 4 PV (M) | 81.84 | 84.99 | 88.23 |
| Year 5 PV (M) | 88.91 | 93.20 | 97.66 |
| PV of Terminal Value (M) | 2,963.86 | 3,107.01 | 3,255.65 |
| Equity Value (M) | 3,336.81 | 3,491.41 | 3,651.79 |
| Shares Outstanding (M) | 20.67 | 20.67 | 20.67 |
| Fair Value | $161.41 | $168.89 | $176.65 |
| Upside / Downside | 443.47% | 468.65% | 494.77% |
| 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% |