Definitive Analysis
| Stable Growth | $151.26 - $228.89 | $187.81 |
| Multi-Stage | $222.50 - $243.60 | $232.85 |
| Blended Fair Value | $210.33 | |
| Current Price | $140.01 | |
| Upside | 50.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -11.40% | 2.24% | 6.04 | 6.46 | 11.22 | 26.67 | 13.88 | 11.07 | 10.27 | 8.87 | 7.48 | 6.22 |
| YoY Growth | - | - | -6.48% | -42.42% | -57.93% | 92.12% | 25.44% | 7.76% | 15.72% | 18.63% | 20.16% | 28.55% |
| Dividend Yield | - | - | 4.23% | 4.29% | 6.82% | 14.24% | 8.90% | 12.26% | 7.21% | 4.30% | 3.84% | 3.51% |
| Net Income To Common (M) | 46.87 |
| (-) Cash Dividends Paid (M) | 24.59 |
| (=) Cash Retained (M) | 22.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9.37 | 5.86 | 3.52 |
| Cash Retained (M) | 22.29 | 22.29 | 22.29 |
| (-) Cash Required (M) | -9.37 | -5.86 | -3.52 |
| (=) Excess Retained (M) | 12.91 | 16.43 | 18.77 |
| (/) Shares Outstanding (M) | 2.74 | 2.74 | 2.74 |
| (=) Excess Retained per Share | 4.72 | 6.00 | 6.86 |
| LTM Dividend per Share | 8.99 | 8.99 | 8.99 |
| (+) Excess Retained per Share | 4.72 | 6.00 | 6.86 |
| (=) Adjusted Dividend | 13.71 | 14.99 | 15.85 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.03% | 1.03% | 2.03% |
| Fair Value | $151.26 | $187.81 | $228.89 |
| Upside / Downside | 8.03% | 34.14% | 63.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 46.87 | 47.36 | 47.85 | 48.34 | 48.84 | 49.35 | 50.83 |
| Payout Ratio | 52.46% | 59.97% | 67.47% | 74.98% | 82.49% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.59 | 28.40 | 32.29 | 36.25 | 40.29 | 44.41 | 47.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.03% | 1.03% | 2.03% |
| Year 1 PV (M) | 25.77 | 26.03 | 26.29 |
| Year 2 PV (M) | 26.59 | 27.13 | 27.67 |
| Year 3 PV (M) | 27.10 | 27.92 | 28.75 |
| Year 4 PV (M) | 27.33 | 28.44 | 29.58 |
| Year 5 PV (M) | 27.34 | 28.74 | 30.19 |
| PV of Terminal Value (M) | 474.66 | 498.86 | 524.05 |
| Equity Value (M) | 608.79 | 637.12 | 666.52 |
| Shares Outstanding (M) | 2.74 | 2.74 | 2.74 |
| Fair Value | $222.50 | $232.85 | $243.60 |
| Upside / Downside | 58.92% | 66.31% | 73.99% |
| 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% |