Definitive Analysis
| Stable Growth | $66.30 - $175.89 | $101.39 |
| Multi-Stage | $48.72 - $53.05 | $50.85 |
| Blended Fair Value | $76.12 | |
| Current Price | $38.51 | |
| Upside | 97.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.47% | 23.90% | 2.02 | 1.09 | 0.78 | 0.42 | 0.27 | 0.73 | 0.69 | 4.09 | 2.63 | 2.90 |
| YoY Growth | - | - | 84.55% | 40.11% | 84.21% | 56.33% | -63.00% | 6.48% | -83.19% | 55.46% | -9.50% | 1,128.62% |
| Dividend Yield | - | - | 4.77% | 3.04% | 2.69% | 1.41% | 1.21% | 7.20% | 3.23% | 21.31% | 10.27% | 11.35% |
| Net Income To Common (M) | 330.00 |
| (-) Cash Dividends Paid (M) | 288.40 |
| (=) Cash Retained (M) | 41.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 66.00 | 41.25 | 24.75 |
| Cash Retained (M) | 41.60 | 41.60 | 41.60 |
| (-) Cash Required (M) | -66.00 | -41.25 | -24.75 |
| (=) Excess Retained (M) | -24.40 | 0.35 | 16.85 |
| (/) Shares Outstanding (M) | 116.75 | 116.75 | 116.75 |
| (=) Excess Retained per Share | -0.21 | 0.00 | 0.14 |
| LTM Dividend per Share | 2.47 | 2.47 | 2.47 |
| (+) Excess Retained per Share | -0.21 | 0.00 | 0.14 |
| (=) Adjusted Dividend | 2.26 | 2.47 | 2.61 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $66.30 | $101.39 | $175.89 |
| Upside / Downside | 72.17% | 163.27% | 356.73% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 330.00 | 351.45 | 374.29 | 398.62 | 424.53 | 452.13 | 465.69 |
| Payout Ratio | 87.39% | 87.92% | 88.44% | 88.96% | 89.48% | 90.00% | 92.50% |
| Projected Dividends (M) | 288.40 | 308.98 | 331.01 | 354.61 | 379.87 | 406.92 | 430.77 |
| 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) | 280.55 | 283.21 | 285.87 |
| Year 2 PV (M) | 272.91 | 278.11 | 283.35 |
| Year 3 PV (M) | 265.46 | 273.08 | 280.85 |
| Year 4 PV (M) | 258.21 | 268.14 | 278.36 |
| Year 5 PV (M) | 251.15 | 263.28 | 275.88 |
| PV of Terminal Value (M) | 4,359.97 | 4,570.56 | 4,789.21 |
| Equity Value (M) | 5,688.26 | 5,936.39 | 6,193.51 |
| Shares Outstanding (M) | 116.75 | 116.75 | 116.75 |
| Fair Value | $48.72 | $50.85 | $53.05 |
| Upside / Downside | 26.52% | 32.04% | 37.75% |
| 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% |