Definitive Analysis
| Stable Growth | $55.42 - $109.04 | $76.55 |
| Multi-Stage | $50.80 - $55.51 | $53.11 |
| Blended Fair Value | $64.83 | |
| Current Price | $24.89 | |
| Upside | 160.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.39% | 18.84% | 1.21 | 1.21 | 1.20 | 1.18 | 1.16 | 1.19 | 1.15 | 0.97 | 0.96 | 0.87 |
| YoY Growth | - | - | -0.34% | 1.27% | 1.65% | 1.19% | -1.76% | 2.89% | 18.57% | 1.30% | 10.21% | 304.52% |
| Dividend Yield | - | - | 4.86% | 3.48% | 3.78% | 3.51% | 2.90% | 2.81% | 2.29% | 2.15% | 2.00% | 1.95% |
| Net Income To Common (M) | 239.00 |
| (-) Cash Dividends Paid (M) | 87.10 |
| (=) Cash Retained (M) | 151.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 47.80 | 29.88 | 17.93 |
| Cash Retained (M) | 151.90 | 151.90 | 151.90 |
| (-) Cash Required (M) | -47.80 | -29.88 | -17.93 |
| (=) Excess Retained (M) | 104.10 | 122.03 | 133.98 |
| (/) Shares Outstanding (M) | 72.03 | 72.03 | 72.03 |
| (=) Excess Retained per Share | 1.45 | 1.69 | 1.86 |
| LTM Dividend per Share | 1.21 | 1.21 | 1.21 |
| (+) Excess Retained per Share | 1.45 | 1.69 | 1.86 |
| (=) Adjusted Dividend | 2.65 | 2.90 | 3.07 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.11% | 5.11% | 6.11% |
| Fair Value | $55.42 | $76.55 | $109.04 |
| Upside / Downside | 122.66% | 207.54% | 338.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 239.00 | 251.22 | 264.06 | 277.55 | 291.74 | 306.65 | 315.85 |
| Payout Ratio | 36.44% | 47.15% | 57.87% | 68.58% | 79.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 87.10 | 118.46 | 152.80 | 190.34 | 231.31 | 275.98 | 292.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.11% | 5.11% | 6.11% |
| Year 1 PV (M) | 107.55 | 108.58 | 109.61 |
| Year 2 PV (M) | 125.95 | 128.38 | 130.83 |
| Year 3 PV (M) | 142.44 | 146.58 | 150.80 |
| Year 4 PV (M) | 157.16 | 163.28 | 169.58 |
| Year 5 PV (M) | 170.23 | 178.57 | 187.22 |
| PV of Terminal Value (M) | 2,955.22 | 3,099.90 | 3,250.19 |
| Equity Value (M) | 3,658.53 | 3,825.28 | 3,998.24 |
| Shares Outstanding (M) | 72.03 | 72.03 | 72.03 |
| Fair Value | $50.80 | $53.11 | $55.51 |
| Upside / Downside | 104.08% | 113.38% | 123.03% |
| 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% |