Definitive Analysis
| Stable Growth | $16.97 - $24.58 | $20.66 |
| Multi-Stage | $29.18 - $32.01 | $30.57 |
| Blended Fair Value | $25.62 | |
| Current Price | $147.86 | |
| Upside | -82.68% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.34% | 0.00% | 1.26 | 1.17 | 1.05 | 0.95 | 0.92 | 0.80 | 0.75 | 0.67 | 0.45 | 0.05 |
| YoY Growth | - | - | 7.18% | 11.18% | 10.76% | 3.90% | 13.99% | 7.77% | 10.94% | 50.98% | 826.29% | 0.00% |
| Dividend Yield | - | - | 0.85% | 0.88% | 0.98% | 0.96% | 0.80% | 0.89% | 1.01% | 1.41% | 0.82% | 0.10% |
| Net Income To Common (M) | 284.44 |
| (-) Cash Dividends Paid (M) | 153.03 |
| (=) Cash Retained (M) | 131.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 56.89 | 35.55 | 21.33 |
| Cash Retained (M) | 131.41 | 131.41 | 131.41 |
| (-) Cash Required (M) | -56.89 | -35.55 | -21.33 |
| (=) Excess Retained (M) | 74.52 | 95.86 | 110.08 |
| (/) Shares Outstanding (M) | 121.81 | 121.81 | 121.81 |
| (=) Excess Retained per Share | 0.61 | 0.79 | 0.90 |
| LTM Dividend per Share | 1.26 | 1.26 | 1.26 |
| (+) Excess Retained per Share | 0.61 | 0.79 | 0.90 |
| (=) Adjusted Dividend | 1.87 | 2.04 | 2.16 |
| WACC / Discount Rate | 8.79% | 8.79% | 8.79% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $16.97 | $20.66 | $24.58 |
| Upside / Downside | -88.52% | -86.02% | -83.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 284.44 | 281.59 | 278.78 | 275.99 | 273.23 | 270.50 | 278.61 |
| Payout Ratio | 53.80% | 61.04% | 68.28% | 75.52% | 82.76% | 90.00% | 92.50% |
| Projected Dividends (M) | 153.03 | 171.88 | 190.35 | 208.43 | 226.12 | 243.45 | 257.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.79% | 8.79% | 8.79% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 156.40 | 158.00 | 159.59 |
| Year 2 PV (M) | 157.60 | 160.84 | 164.10 |
| Year 3 PV (M) | 157.03 | 161.88 | 166.84 |
| Year 4 PV (M) | 155.02 | 161.44 | 168.06 |
| Year 5 PV (M) | 151.86 | 159.77 | 168.00 |
| PV of Terminal Value (M) | 2,777.17 | 2,921.78 | 3,072.36 |
| Equity Value (M) | 3,555.08 | 3,723.71 | 3,898.96 |
| Shares Outstanding (M) | 121.81 | 121.81 | 121.81 |
| Fair Value | $29.18 | $30.57 | $32.01 |
| Upside / Downside | -80.26% | -79.33% | -78.35% |
| 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% |