Definitive Analysis
| Stable Growth | $94.29 - $230.02 | $140.41 |
| Multi-Stage | $71.77 - $78.26 | $74.96 |
| Blended Fair Value | $107.68 | |
| Current Price | $80.94 | |
| Upside | 33.04% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.23% | 13.09% | 2.54 | 2.45 | 2.28 | 2.11 | 1.94 | 1.79 | 1.64 | 1.49 | 1.24 | 1.07 |
| YoY Growth | - | - | 3.72% | 7.57% | 8.10% | 8.34% | 8.49% | 9.14% | 9.83% | 20.14% | 16.53% | 43.78% |
| Dividend Yield | - | - | 3.36% | 3.85% | 2.87% | 2.39% | 2.53% | 2.14% | 1.86% | 2.26% | 1.84% | 1.75% |
| Net Income To Common (M) | 254.94 |
| (-) Cash Dividends Paid (M) | 157.90 |
| (=) Cash Retained (M) | 97.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 50.99 | 31.87 | 19.12 |
| Cash Retained (M) | 97.04 | 97.04 | 97.04 |
| (-) Cash Required (M) | -50.99 | -31.87 | -19.12 |
| (=) Excess Retained (M) | 46.06 | 65.18 | 77.92 |
| (/) Shares Outstanding (M) | 58.84 | 58.84 | 58.84 |
| (=) Excess Retained per Share | 0.78 | 1.11 | 1.32 |
| LTM Dividend per Share | 2.68 | 2.68 | 2.68 |
| (+) Excess Retained per Share | 0.78 | 1.11 | 1.32 |
| (=) Adjusted Dividend | 3.47 | 3.79 | 4.01 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.23% | 6.23% | 7.23% |
| Fair Value | $94.29 | $140.41 | $230.02 |
| Upside / Downside | 16.49% | 73.47% | 184.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 254.94 | 270.82 | 287.69 | 305.62 | 324.65 | 344.88 | 355.22 |
| Payout Ratio | 61.93% | 67.55% | 73.16% | 78.77% | 84.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 157.90 | 182.93 | 210.48 | 240.75 | 273.97 | 310.39 | 328.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.23% | 6.23% | 7.23% |
| Year 1 PV (M) | 166.10 | 167.68 | 169.26 |
| Year 2 PV (M) | 173.52 | 176.84 | 180.18 |
| Year 3 PV (M) | 180.21 | 185.40 | 190.68 |
| Year 4 PV (M) | 186.21 | 193.39 | 200.77 |
| Year 5 PV (M) | 191.55 | 200.83 | 210.46 |
| PV of Terminal Value (M) | 3,325.34 | 3,486.37 | 3,653.59 |
| Equity Value (M) | 4,222.93 | 4,410.50 | 4,604.95 |
| Shares Outstanding (M) | 58.84 | 58.84 | 58.84 |
| Fair Value | $71.77 | $74.96 | $78.26 |
| Upside / Downside | -11.33% | -7.39% | -3.31% |
| 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% |