Definitive Analysis
| Stable Growth | $29.18 - $77.40 | $44.62 |
| Multi-Stage | $21.05 - $22.94 | $21.98 |
| Blended Fair Value | $33.30 | |
| Current Price | $29.76 | |
| Upside | 11.89% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 25.59% | 0.00% | 1.03 | 0.87 | 0.73 | 0.58 | 0.45 | 0.33 | 0.07 | 0.52 | 0.05 | 0.00 |
| YoY Growth | - | - | 18.68% | 18.73% | 26.13% | 29.90% | 35.32% | 354.24% | -86.10% | 907.25% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.17% | 3.32% | 2.95% | 2.30% | 1.96% | 2.53% | 0.37% | 3.84% | 0.38% | 0.00% |
| Net Income To Common (M) | 240.32 |
| (-) Cash Dividends Paid (M) | 169.61 |
| (=) Cash Retained (M) | 70.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 48.06 | 30.04 | 18.02 |
| Cash Retained (M) | 70.70 | 70.70 | 70.70 |
| (-) Cash Required (M) | -48.06 | -30.04 | -18.02 |
| (=) Excess Retained (M) | 22.64 | 40.66 | 52.68 |
| (/) Shares Outstanding (M) | 193.20 | 193.20 | 193.20 |
| (=) Excess Retained per Share | 0.12 | 0.21 | 0.27 |
| LTM Dividend per Share | 0.88 | 0.88 | 0.88 |
| (+) Excess Retained per Share | 0.12 | 0.21 | 0.27 |
| (=) Adjusted Dividend | 1.00 | 1.09 | 1.15 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $29.18 | $44.62 | $77.40 |
| Upside / Downside | -1.95% | 49.92% | 160.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 240.32 | 255.94 | 272.57 | 290.29 | 309.16 | 329.25 | 339.13 |
| Payout Ratio | 70.58% | 74.46% | 78.35% | 82.23% | 86.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 169.61 | 190.58 | 213.55 | 238.71 | 266.23 | 296.33 | 313.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 173.04 | 174.68 | 176.33 |
| Year 2 PV (M) | 176.07 | 179.42 | 182.81 |
| Year 3 PV (M) | 178.70 | 183.83 | 189.06 |
| Year 4 PV (M) | 180.97 | 187.93 | 195.09 |
| Year 5 PV (M) | 182.89 | 191.73 | 200.90 |
| PV of Terminal Value (M) | 3,175.05 | 3,328.41 | 3,487.63 |
| Equity Value (M) | 4,066.73 | 4,246.00 | 4,431.81 |
| Shares Outstanding (M) | 193.20 | 193.20 | 193.20 |
| Fair Value | $21.05 | $21.98 | $22.94 |
| Upside / Downside | -29.27% | -26.15% | -22.92% |
| 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% |