Definitive Analysis
| Stable Growth | $8.34 - $13.56 | $10.68 |
| Multi-Stage | $11.06 - $12.06 | $11.55 |
| Blended Fair Value | $11.11 | |
| Current Price | $57.67 | |
| Upside | -80.73% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.37% | 3.83% | 0.72 | 0.69 | 0.66 | 0.60 | 0.51 | 0.50 | 0.50 | 0.49 | 0.49 | 0.49 |
| YoY Growth | - | - | 3.25% | 5.25% | 10.61% | 17.28% | 1.24% | 0.92% | 0.82% | 1.01% | 0.31% | -1.08% |
| Dividend Yield | - | - | 1.24% | 1.12% | 1.45% | 1.21% | 1.64% | 2.52% | 2.33% | 2.56% | 2.46% | 2.21% |
| Net Income To Common (M) | 84.66 |
| (-) Cash Dividends Paid (M) | 81.43 |
| (=) Cash Retained (M) | 3.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.93 | 10.58 | 6.35 |
| Cash Retained (M) | 3.23 | 3.23 | 3.23 |
| (-) Cash Required (M) | -16.93 | -10.58 | -6.35 |
| (=) Excess Retained (M) | -13.70 | -7.35 | -3.12 |
| (/) Shares Outstanding (M) | 113.71 | 113.71 | 113.71 |
| (=) Excess Retained per Share | -0.12 | -0.06 | -0.03 |
| LTM Dividend per Share | 0.72 | 0.72 | 0.72 |
| (+) Excess Retained per Share | -0.12 | -0.06 | -0.03 |
| (=) Adjusted Dividend | 0.60 | 0.65 | 0.69 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.83% | 2.83% | 3.83% |
| Fair Value | $8.34 | $10.68 | $13.56 |
| Upside / Downside | -85.54% | -81.48% | -76.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 84.66 | 87.05 | 89.51 | 92.04 | 94.64 | 97.32 | 100.24 |
| Payout Ratio | 96.19% | 94.95% | 93.71% | 92.47% | 91.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 81.43 | 82.66 | 83.88 | 85.12 | 86.35 | 87.59 | 92.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.83% | 2.83% | 3.83% |
| Year 1 PV (M) | 75.03 | 75.76 | 76.50 |
| Year 2 PV (M) | 69.11 | 70.48 | 71.85 |
| Year 3 PV (M) | 63.65 | 65.55 | 67.48 |
| Year 4 PV (M) | 58.62 | 60.95 | 63.36 |
| Year 5 PV (M) | 53.97 | 56.67 | 59.48 |
| PV of Terminal Value (M) | 936.87 | 983.78 | 1,032.56 |
| Equity Value (M) | 1,257.25 | 1,313.20 | 1,371.23 |
| Shares Outstanding (M) | 113.71 | 113.71 | 113.71 |
| Fair Value | $11.06 | $11.55 | $12.06 |
| Upside / Downside | -80.83% | -79.97% | -79.09% |
| 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% |