Definitive Analysis
| Stable Growth | $149.50 - $396.58 | $228.60 |
| Multi-Stage | $103.71 - $113.24 | $108.39 |
| Blended Fair Value | $168.49 | |
| Current Price | $69.17 | |
| Upside | 143.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.55% | 15.67% | 2.23 | 2.27 | 2.17 | 1.45 | 1.41 | 1.23 | 0.93 | 0.79 | 0.69 | 0.61 |
| YoY Growth | - | - | -1.84% | 4.56% | 49.41% | 3.12% | 14.20% | 32.63% | 17.98% | 14.59% | 13.52% | 16.62% |
| Dividend Yield | - | - | 3.55% | 4.47% | 3.31% | 1.78% | 1.67% | 1.92% | 1.11% | 1.10% | 1.06% | 1.32% |
| Net Income To Common (M) | 275.35 |
| (-) Cash Dividends Paid (M) | 98.73 |
| (=) Cash Retained (M) | 176.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 55.07 | 34.42 | 20.65 |
| Cash Retained (M) | 176.62 | 176.62 | 176.62 |
| (-) Cash Required (M) | -55.07 | -34.42 | -20.65 |
| (=) Excess Retained (M) | 121.55 | 142.20 | 155.97 |
| (/) Shares Outstanding (M) | 43.20 | 43.20 | 43.20 |
| (=) Excess Retained per Share | 2.81 | 3.29 | 3.61 |
| LTM Dividend per Share | 2.29 | 2.29 | 2.29 |
| (+) Excess Retained per Share | 2.81 | 3.29 | 3.61 |
| (=) Adjusted Dividend | 5.10 | 5.58 | 5.90 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $149.50 | $228.60 | $396.58 |
| Upside / Downside | 116.14% | 230.49% | 473.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 275.35 | 293.24 | 312.30 | 332.60 | 354.22 | 377.25 | 388.57 |
| Payout Ratio | 35.86% | 46.69% | 57.51% | 68.34% | 79.17% | 90.00% | 92.50% |
| Projected Dividends (M) | 98.73 | 136.90 | 179.62 | 227.31 | 280.44 | 339.52 | 359.42 |
| 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) | 124.31 | 125.49 | 126.66 |
| Year 2 PV (M) | 148.09 | 150.91 | 153.76 |
| Year 3 PV (M) | 170.17 | 175.05 | 180.03 |
| Year 4 PV (M) | 190.63 | 197.96 | 205.50 |
| Year 5 PV (M) | 209.56 | 219.68 | 230.19 |
| PV of Terminal Value (M) | 3,637.88 | 3,813.59 | 3,996.03 |
| Equity Value (M) | 4,480.63 | 4,682.68 | 4,892.17 |
| Shares Outstanding (M) | 43.20 | 43.20 | 43.20 |
| Fair Value | $103.71 | $108.39 | $113.24 |
| Upside / Downside | 49.94% | 56.70% | 63.71% |
| 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% |