Definitive Analysis
| Stable Growth | $28.56 - $75.76 | $43.67 |
| Multi-Stage | $19.49 - $21.30 | $20.38 |
| Blended Fair Value | $32.03 | |
| Current Price | $25.52 | |
| Upside | 25.49% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.83% | 13.32% | 0.27 | 0.25 | 0.24 | 0.23 | 0.22 | 0.21 | 0.20 | 0.19 | 0.15 | 0.10 |
| YoY Growth | - | - | 5.01% | 4.72% | 4.38% | 4.89% | 5.14% | 3.44% | 6.31% | 25.42% | 49.07% | 34.17% |
| Dividend Yield | - | - | 1.04% | 1.13% | 1.68% | 2.15% | 1.53% | 1.70% | 1.70% | 2.10% | 1.22% | 0.77% |
| Net Income To Common (M) | 191.70 |
| (-) Cash Dividends Paid (M) | 41.90 |
| (=) Cash Retained (M) | 149.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38.34 | 23.96 | 14.38 |
| Cash Retained (M) | 149.80 | 149.80 | 149.80 |
| (-) Cash Required (M) | -38.34 | -23.96 | -14.38 |
| (=) Excess Retained (M) | 111.46 | 125.84 | 135.42 |
| (/) Shares Outstanding (M) | 157.45 | 157.45 | 157.45 |
| (=) Excess Retained per Share | 0.71 | 0.80 | 0.86 |
| LTM Dividend per Share | 0.27 | 0.27 | 0.27 |
| (+) Excess Retained per Share | 0.71 | 0.80 | 0.86 |
| (=) Adjusted Dividend | 0.97 | 1.07 | 1.13 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $28.56 | $43.67 | $75.76 |
| Upside / Downside | 11.91% | 71.13% | 196.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 191.70 | 204.16 | 217.43 | 231.56 | 246.62 | 262.65 | 270.52 |
| Payout Ratio | 21.86% | 35.49% | 49.11% | 62.74% | 76.37% | 90.00% | 92.50% |
| Projected Dividends (M) | 41.90 | 72.45 | 106.79 | 145.29 | 188.34 | 236.38 | 250.24 |
| 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) | 65.78 | 66.41 | 67.03 |
| Year 2 PV (M) | 88.04 | 89.72 | 91.41 |
| Year 3 PV (M) | 108.77 | 111.89 | 115.07 |
| Year 4 PV (M) | 128.03 | 132.95 | 138.01 |
| Year 5 PV (M) | 145.90 | 152.94 | 160.26 |
| PV of Terminal Value (M) | 2,532.75 | 2,655.08 | 2,782.10 |
| Equity Value (M) | 3,069.26 | 3,208.99 | 3,353.88 |
| Shares Outstanding (M) | 157.45 | 157.45 | 157.45 |
| Fair Value | $19.49 | $20.38 | $21.30 |
| Upside / Downside | -23.61% | -20.14% | -16.53% |
| 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% |