Definitive Analysis
| Stable Growth | $92.38 - $245.06 | $141.26 |
| Multi-Stage | $62.37 - $68.19 | $65.23 |
| Blended Fair Value | $103.24 | |
| Current Price | $32.36 | |
| Upside | 219.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.66% | 10.06% | 0.49 | 0.00 | 0.00 | 0.00 | 0.33 | 0.23 | 0.15 | 0.19 | 0.18 | 0.16 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | -100.00% | 46.00% | 51.16% | -21.59% | 7.30% | 8.77% | -12.80% |
| Dividend Yield | - | - | 1.84% | 0.00% | 0.00% | 0.00% | 0.76% | 1.00% | 0.28% | 0.41% | 0.60% | 0.65% |
| Net Income To Common (M) | 163.87 |
| (-) Cash Dividends Paid (M) | 20.60 |
| (=) Cash Retained (M) | 143.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32.77 | 20.48 | 12.29 |
| Cash Retained (M) | 143.27 | 143.27 | 143.27 |
| (-) Cash Required (M) | -32.77 | -20.48 | -12.29 |
| (=) Excess Retained (M) | 110.50 | 122.79 | 130.98 |
| (/) Shares Outstanding (M) | 41.61 | 41.61 | 41.61 |
| (=) Excess Retained per Share | 2.66 | 2.95 | 3.15 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 2.66 | 2.95 | 3.15 |
| (=) Adjusted Dividend | 3.15 | 3.45 | 3.64 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $92.38 | $141.26 | $245.06 |
| Upside / Downside | 185.48% | 336.52% | 657.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 163.87 | 174.52 | 185.86 | 197.95 | 210.81 | 224.51 | 231.25 |
| Payout Ratio | 12.57% | 28.05% | 43.54% | 59.03% | 74.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 20.60 | 48.96 | 80.93 | 116.84 | 157.08 | 202.06 | 213.91 |
| 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) | 44.46 | 44.88 | 45.30 |
| Year 2 PV (M) | 66.72 | 67.99 | 69.27 |
| Year 3 PV (M) | 87.47 | 89.98 | 92.54 |
| Year 4 PV (M) | 106.78 | 110.88 | 115.11 |
| Year 5 PV (M) | 124.71 | 130.74 | 136.99 |
| PV of Terminal Value (M) | 2,165.04 | 2,269.62 | 2,378.19 |
| Equity Value (M) | 2,595.18 | 2,714.09 | 2,837.40 |
| Shares Outstanding (M) | 41.61 | 41.61 | 41.61 |
| Fair Value | $62.37 | $65.23 | $68.19 |
| Upside / Downside | 92.74% | 101.57% | 110.72% |
| 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% |