Definitive Analysis
| Stable Growth | $18.87 - $27.15 | $22.91 |
| Multi-Stage | $30.39 - $33.39 | $31.86 |
| Blended Fair Value | $27.39 | |
| Current Price | $53.90 | |
| Upside | -49.19% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -17.05% | 0.00% | 0.63 | 0.41 | 0.00 | 1.74 | 1.73 | 1.61 | 1.44 | 1.35 | 1.33 | 1.32 |
| YoY Growth | - | - | 54.43% | 0.00% | -100.00% | 0.20% | 7.73% | 11.62% | 6.51% | 1.55% | 0.78% | 0.00% |
| Dividend Yield | - | - | 1.23% | 0.67% | 0.00% | 4.62% | 5.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 154.70 |
| (-) Cash Dividends Paid (M) | 38.40 |
| (=) Cash Retained (M) | 116.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 30.94 | 19.34 | 11.60 |
| Cash Retained (M) | 116.30 | 116.30 | 116.30 |
| (-) Cash Required (M) | -30.94 | -19.34 | -11.60 |
| (=) Excess Retained (M) | 85.36 | 96.96 | 104.70 |
| (/) Shares Outstanding (M) | 57.93 | 57.93 | 57.93 |
| (=) Excess Retained per Share | 1.47 | 1.67 | 1.81 |
| LTM Dividend per Share | 0.66 | 0.66 | 0.66 |
| (+) Excess Retained per Share | 1.47 | 1.67 | 1.81 |
| (=) Adjusted Dividend | 2.14 | 2.34 | 2.47 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $18.87 | $22.91 | $27.15 |
| Upside / Downside | -65.00% | -57.49% | -49.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 154.70 | 153.15 | 151.62 | 150.11 | 148.60 | 147.12 | 151.53 |
| Payout Ratio | 24.82% | 37.86% | 50.89% | 63.93% | 76.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 38.40 | 57.98 | 77.17 | 95.96 | 114.37 | 132.41 | 140.17 |
| 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) | 52.61 | 53.15 | 53.68 |
| Year 2 PV (M) | 63.53 | 64.83 | 66.15 |
| Year 3 PV (M) | 71.68 | 73.90 | 76.16 |
| Year 4 PV (M) | 77.52 | 80.73 | 84.05 |
| Year 5 PV (M) | 81.43 | 85.67 | 90.08 |
| PV of Terminal Value (M) | 1,413.61 | 1,487.22 | 1,563.86 |
| Equity Value (M) | 1,760.38 | 1,845.49 | 1,933.98 |
| Shares Outstanding (M) | 57.93 | 57.93 | 57.93 |
| Fair Value | $30.39 | $31.86 | $33.39 |
| Upside / Downside | -43.62% | -40.89% | -38.06% |
| 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% |