Definitive Analysis
| Stable Growth | $25.73 - $39.09 | $32.00 |
| Multi-Stage | $52.57 - $57.76 | $55.12 |
| Blended Fair Value | $43.56 | |
| Current Price | $36.20 | |
| Upside | 20.33% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.10% | 0.17% | 1.08 | 1.01 | 1.07 | 0.81 | 0.82 | 1.33 | 1.25 | 1.19 | 1.23 | 1.11 |
| YoY Growth | - | - | 6.79% | -5.61% | 32.10% | -1.22% | -38.35% | 6.40% | 5.04% | -3.25% | 10.81% | 4.72% |
| Dividend Yield | - | - | 2.98% | 3.41% | 3.81% | 2.86% | 2.73% | 5.80% | 3.99% | 3.60% | 3.91% | 3.50% |
| Net Income To Common (M) | 77.58 |
| (-) Cash Dividends Paid (M) | 47.35 |
| (=) Cash Retained (M) | 30.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15.52 | 9.70 | 5.82 |
| Cash Retained (M) | 30.23 | 30.23 | 30.23 |
| (-) Cash Required (M) | -15.52 | -9.70 | -5.82 |
| (=) Excess Retained (M) | 14.71 | 20.53 | 24.41 |
| (/) Shares Outstanding (M) | 26.45 | 26.45 | 26.45 |
| (=) Excess Retained per Share | 0.56 | 0.78 | 0.92 |
| LTM Dividend per Share | 1.79 | 1.79 | 1.79 |
| (+) Excess Retained per Share | 0.56 | 0.78 | 0.92 |
| (=) Adjusted Dividend | 2.35 | 2.57 | 2.71 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.83% | -0.83% | 0.17% |
| Fair Value | $25.73 | $32.00 | $39.09 |
| Upside / Downside | -28.93% | -11.60% | 7.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 77.58 | 76.94 | 76.30 | 75.67 | 75.05 | 74.43 | 76.66 |
| Payout Ratio | 61.04% | 66.83% | 72.62% | 78.41% | 84.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 47.35 | 51.42 | 55.41 | 59.34 | 63.19 | 66.98 | 70.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.83% | -0.83% | 0.17% |
| Year 1 PV (M) | 47.51 | 48.00 | 48.48 |
| Year 2 PV (M) | 47.31 | 48.28 | 49.26 |
| Year 3 PV (M) | 46.82 | 48.26 | 49.74 |
| Year 4 PV (M) | 46.08 | 47.98 | 49.95 |
| Year 5 PV (M) | 45.13 | 47.48 | 49.92 |
| PV of Terminal Value (M) | 1,157.63 | 1,217.80 | 1,280.45 |
| Equity Value (M) | 1,390.48 | 1,457.80 | 1,527.80 |
| Shares Outstanding (M) | 26.45 | 26.45 | 26.45 |
| Fair Value | $52.57 | $55.12 | $57.76 |
| Upside / Downside | 45.22% | 52.26% | 59.57% |
| 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% |