Definitive Analysis
| Stable Growth | $108.97 - $364.31 | $177.93 |
| Multi-Stage | $69.92 - $76.45 | $73.13 |
| Blended Fair Value | $125.53 | |
| Current Price | $176.91 | |
| Upside | -29.04% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.30% | 6.41% | 0.70 | 0.64 | 0.58 | 0.53 | 0.48 | 0.47 | 0.57 | 0.44 | 0.42 | 0.40 |
| YoY Growth | - | - | 10.55% | 10.31% | 8.55% | 10.24% | 2.08% | -17.95% | 30.72% | 5.51% | 5.16% | 5.06% |
| Dividend Yield | - | - | 0.49% | 0.72% | 1.19% | 1.47% | 1.50% | 2.18% | 2.64% | 2.39% | 1.74% | 1.82% |
| Net Income To Common (M) | 83.12 |
| (-) Cash Dividends Paid (M) | 15.24 |
| (=) Cash Retained (M) | 67.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.62 | 10.39 | 6.23 |
| Cash Retained (M) | 67.88 | 67.88 | 67.88 |
| (-) Cash Required (M) | -16.62 | -10.39 | -6.23 |
| (=) Excess Retained (M) | 51.26 | 57.49 | 61.65 |
| (/) Shares Outstanding (M) | 20.84 | 20.84 | 20.84 |
| (=) Excess Retained per Share | 2.46 | 2.76 | 2.96 |
| LTM Dividend per Share | 0.73 | 0.73 | 0.73 |
| (+) Excess Retained per Share | 2.46 | 2.76 | 2.96 |
| (=) Adjusted Dividend | 3.19 | 3.49 | 3.69 |
| WACC / Discount Rate | 8.59% | 8.59% | 8.59% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $108.97 | $177.93 | $364.31 |
| Upside / Downside | -38.40% | 0.58% | 105.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 83.12 | 88.52 | 94.28 | 100.41 | 106.93 | 113.88 | 117.30 |
| Payout Ratio | 18.33% | 32.66% | 47.00% | 61.33% | 75.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 15.24 | 28.92 | 44.31 | 61.58 | 80.91 | 102.49 | 108.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.59% | 8.59% | 8.59% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 26.38 | 26.63 | 26.88 |
| Year 2 PV (M) | 36.88 | 37.58 | 38.29 |
| Year 3 PV (M) | 46.75 | 48.09 | 49.46 |
| Year 4 PV (M) | 56.04 | 58.19 | 60.41 |
| Year 5 PV (M) | 64.76 | 67.89 | 71.13 |
| PV of Terminal Value (M) | 1,226.73 | 1,285.98 | 1,347.50 |
| Equity Value (M) | 1,457.53 | 1,524.36 | 1,593.67 |
| Shares Outstanding (M) | 20.84 | 20.84 | 20.84 |
| Fair Value | $69.92 | $73.13 | $76.45 |
| Upside / Downside | -60.48% | -58.66% | -56.78% |
| 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% |