Definitive Analysis
| Stable Growth | $183.10 - $1,038.70 | $345.92 |
| Multi-Stage | $157.12 - $171.87 | $164.36 |
| Blended Fair Value | $255.14 | |
| Current Price | $66.10 | |
| Upside | 285.98% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.21% | 6.83% | 6.70 | 21.57 | 13.23 | 3.67 | 3.41 | 8.31 | 8.31 | 7.56 | 4.48 | 3.49 |
| YoY Growth | - | - | -68.93% | 63.04% | 260.50% | 7.62% | -58.96% | -0.01% | 9.93% | 68.74% | 28.40% | 0.84% |
| Dividend Yield | - | - | 9.09% | 21.32% | 9.42% | 3.71% | 4.94% | 27.70% | 9.34% | 6.66% | 4.98% | 6.37% |
| Net Income To Common (M) | 105.21 |
| (-) Cash Dividends Paid (M) | 100.29 |
| (=) Cash Retained (M) | 4.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21.04 | 13.15 | 7.89 |
| Cash Retained (M) | 4.92 | 4.92 | 4.92 |
| (-) Cash Required (M) | -21.04 | -13.15 | -7.89 |
| (=) Excess Retained (M) | -16.13 | -8.23 | -2.97 |
| (/) Shares Outstanding (M) | 19.85 | 19.85 | 19.85 |
| (=) Excess Retained per Share | -0.81 | -0.41 | -0.15 |
| LTM Dividend per Share | 5.05 | 5.05 | 5.05 |
| (+) Excess Retained per Share | -0.81 | -0.41 | -0.15 |
| (=) Adjusted Dividend | 4.24 | 4.64 | 4.90 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 3.95% | 4.95% | 5.95% |
| Fair Value | $183.10 | $345.92 | $1,038.70 |
| Upside / Downside | 177.00% | 423.32% | 1,471.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 105.21 | 110.41 | 115.88 | 121.61 | 127.62 | 133.93 | 137.95 |
| Payout Ratio | 95.33% | 94.26% | 93.20% | 92.13% | 91.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 100.29 | 104.08 | 107.99 | 112.04 | 116.22 | 120.54 | 127.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 3.95% | 4.95% | 5.95% |
| Year 1 PV (M) | 96.93 | 97.86 | 98.79 |
| Year 2 PV (M) | 93.66 | 95.48 | 97.30 |
| Year 3 PV (M) | 90.50 | 93.14 | 95.82 |
| Year 4 PV (M) | 87.43 | 90.84 | 94.35 |
| Year 5 PV (M) | 84.45 | 88.59 | 92.89 |
| PV of Terminal Value (M) | 2,666.32 | 2,797.06 | 2,932.89 |
| Equity Value (M) | 3,119.28 | 3,262.97 | 3,412.05 |
| Shares Outstanding (M) | 19.85 | 19.85 | 19.85 |
| Fair Value | $157.12 | $164.36 | $171.87 |
| Upside / Downside | 137.70% | 148.65% | 160.01% |
| 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% |