Definitive Analysis
| Stable Growth | $42.86 - $95.56 | $61.93 |
| Multi-Stage | $34.45 - $37.63 | $36.01 |
| Blended Fair Value | $48.97 | |
| Current Price | $32.73 | |
| Upside | 49.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.86% | 9.19% | 0.84 | 0.78 | 0.72 | 0.66 | 0.40 | 0.60 | 0.56 | 0.53 | 0.50 | 0.43 |
| YoY Growth | - | - | 7.01% | 9.36% | 7.76% | 67.56% | -34.07% | 6.73% | 6.81% | 6.56% | 13.86% | 25.00% |
| Dividend Yield | - | - | 2.18% | 1.80% | 2.28% | 2.38% | 1.20% | 2.19% | 1.78% | 1.71% | 1.50% | 1.44% |
| Net Income To Common (M) | 90.42 |
| (-) Cash Dividends Paid (M) | 36.35 |
| (=) Cash Retained (M) | 54.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.08 | 11.30 | 6.78 |
| Cash Retained (M) | 54.07 | 54.07 | 54.07 |
| (-) Cash Required (M) | -18.08 | -11.30 | -6.78 |
| (=) Excess Retained (M) | 35.98 | 42.77 | 47.29 |
| (/) Shares Outstanding (M) | 41.71 | 41.71 | 41.71 |
| (=) Excess Retained per Share | 0.86 | 1.03 | 1.13 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | 0.86 | 1.03 | 1.13 |
| (=) Adjusted Dividend | 1.73 | 1.90 | 2.01 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Fair Value | $42.86 | $61.93 | $95.56 |
| Upside / Downside | 30.96% | 89.20% | 191.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 90.42 | 95.72 | 101.32 | 107.26 | 113.54 | 120.18 | 123.79 |
| Payout Ratio | 40.20% | 50.16% | 60.12% | 70.08% | 80.04% | 90.00% | 92.50% |
| Projected Dividends (M) | 36.35 | 48.01 | 60.92 | 75.17 | 90.88 | 108.17 | 114.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.86% | 5.86% | 6.86% |
| Year 1 PV (M) | 43.59 | 44.01 | 44.43 |
| Year 2 PV (M) | 50.22 | 51.18 | 52.15 |
| Year 3 PV (M) | 56.26 | 57.89 | 59.54 |
| Year 4 PV (M) | 61.76 | 64.15 | 66.61 |
| Year 5 PV (M) | 66.74 | 69.99 | 73.35 |
| PV of Terminal Value (M) | 1,158.63 | 1,214.94 | 1,273.42 |
| Equity Value (M) | 1,437.20 | 1,502.15 | 1,569.50 |
| Shares Outstanding (M) | 41.71 | 41.71 | 41.71 |
| Fair Value | $34.45 | $36.01 | $37.63 |
| Upside / Downside | 5.27% | 10.02% | 14.96% |
| 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% |