Definitive Analysis
| Stable Growth | $54.17 - $143.71 | $82.84 |
| Multi-Stage | $37.51 - $40.96 | $39.20 |
| Blended Fair Value | $61.02 | |
| Current Price | $28.30 | |
| Upside | 115.62% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.87% | 20.54% | 0.76 | 0.74 | 0.65 | 0.46 | 0.44 | 0.43 | 0.40 | 0.30 | 0.24 | 0.19 |
| YoY Growth | - | - | 2.81% | 13.61% | 39.38% | 5.09% | 2.39% | 7.21% | 32.29% | 25.53% | 27.98% | 62.19% |
| Dividend Yield | - | - | 2.68% | 3.05% | 2.98% | 2.06% | 1.64% | 3.60% | 2.24% | 1.34% | 0.90% | 0.93% |
| Net Income To Common (M) | 457.78 |
| (-) Cash Dividends Paid (M) | 156.43 |
| (=) Cash Retained (M) | 301.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 91.56 | 57.22 | 34.33 |
| Cash Retained (M) | 301.35 | 301.35 | 301.35 |
| (-) Cash Required (M) | -91.56 | -57.22 | -34.33 |
| (=) Excess Retained (M) | 209.79 | 244.13 | 267.02 |
| (/) Shares Outstanding (M) | 198.22 | 198.22 | 198.22 |
| (=) Excess Retained per Share | 1.06 | 1.23 | 1.35 |
| LTM Dividend per Share | 0.79 | 0.79 | 0.79 |
| (+) Excess Retained per Share | 1.06 | 1.23 | 1.35 |
| (=) Adjusted Dividend | 1.85 | 2.02 | 2.14 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $54.17 | $82.84 | $143.71 |
| Upside / Downside | 91.43% | 192.71% | 407.81% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 457.78 | 487.54 | 519.23 | 552.98 | 588.92 | 627.20 | 646.01 |
| Payout Ratio | 34.17% | 45.34% | 56.50% | 67.67% | 78.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 156.43 | 221.04 | 293.38 | 374.19 | 464.27 | 564.48 | 597.56 |
| 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) | 200.70 | 202.60 | 204.51 |
| Year 2 PV (M) | 241.88 | 246.49 | 251.14 |
| Year 3 PV (M) | 280.12 | 288.17 | 296.36 |
| Year 4 PV (M) | 315.58 | 327.72 | 340.20 |
| Year 5 PV (M) | 348.40 | 365.23 | 382.70 |
| PV of Terminal Value (M) | 6,048.21 | 6,340.34 | 6,643.65 |
| Equity Value (M) | 7,434.90 | 7,770.54 | 8,118.56 |
| Shares Outstanding (M) | 198.22 | 198.22 | 198.22 |
| Fair Value | $37.51 | $39.20 | $40.96 |
| Upside / Downside | 32.54% | 38.52% | 44.73% |
| 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% |