Definitive Analysis
| Stable Growth | $67.72 - $179.64 | $103.55 |
| Multi-Stage | $48.09 - $52.44 | $50.23 |
| Blended Fair Value | $76.89 | |
| Current Price | $29.99 | |
| Upside | 156.38% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.57% | 23.49% | 1.58 | 1.47 | 1.20 | 0.88 | 0.77 | 0.73 | 0.59 | 0.42 | 0.32 | 0.28 |
| YoY Growth | - | - | 7.68% | 22.36% | 36.68% | 14.60% | 4.28% | 24.04% | 42.22% | 31.62% | 11.01% | 48.74% |
| Dividend Yield | - | - | 5.33% | 5.11% | 4.66% | 2.80% | 2.31% | 3.32% | 1.88% | 1.17% | 1.00% | 1.46% |
| Net Income To Common (M) | 101.95 |
| (-) Cash Dividends Paid (M) | 57.51 |
| (=) Cash Retained (M) | 44.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.39 | 12.74 | 7.65 |
| Cash Retained (M) | 44.45 | 44.45 | 44.45 |
| (-) Cash Required (M) | -20.39 | -12.74 | -7.65 |
| (=) Excess Retained (M) | 24.06 | 31.70 | 36.80 |
| (/) Shares Outstanding (M) | 35.32 | 35.32 | 35.32 |
| (=) Excess Retained per Share | 0.68 | 0.90 | 1.04 |
| LTM Dividend per Share | 1.63 | 1.63 | 1.63 |
| (+) Excess Retained per Share | 0.68 | 0.90 | 1.04 |
| (=) Adjusted Dividend | 2.31 | 2.53 | 2.67 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $67.72 | $103.55 | $179.64 |
| Upside / Downside | 125.80% | 245.27% | 498.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 101.95 | 108.58 | 115.64 | 123.16 | 131.16 | 139.69 | 143.88 |
| Payout Ratio | 56.40% | 63.12% | 69.84% | 76.56% | 83.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 57.51 | 68.54 | 80.76 | 94.29 | 109.23 | 125.72 | 133.09 |
| 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) | 62.23 | 62.82 | 63.41 |
| Year 2 PV (M) | 66.59 | 67.86 | 69.14 |
| Year 3 PV (M) | 70.59 | 72.61 | 74.68 |
| Year 4 PV (M) | 74.25 | 77.10 | 80.04 |
| Year 5 PV (M) | 77.59 | 81.34 | 85.23 |
| PV of Terminal Value (M) | 1,347.02 | 1,412.08 | 1,479.63 |
| Equity Value (M) | 1,698.27 | 1,773.82 | 1,852.14 |
| Shares Outstanding (M) | 35.32 | 35.32 | 35.32 |
| Fair Value | $48.09 | $50.23 | $52.44 |
| Upside / Downside | 60.34% | 67.48% | 74.87% |
| 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% |