Definitive Analysis
| Stable Growth | $201.73 - $428.02 | $286.42 |
| Multi-Stage | $171.20 - $186.95 | $178.93 |
| Blended Fair Value | $232.68 | |
| Current Price | $162.53 | |
| Upside | 43.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.32% | 2.96% | 4.77 | 4.25 | 4.72 | 4.58 | 4.33 | 4.26 | 3.88 | 3.54 | 3.55 | 3.56 |
| YoY Growth | - | - | 12.39% | -9.99% | 3.09% | 5.62% | 1.79% | 9.68% | 9.60% | -0.28% | -0.21% | -0.17% |
| Dividend Yield | - | - | 3.15% | 3.24% | 3.98% | 3.48% | 3.35% | 5.48% | 4.10% | 3.41% | 3.38% | 3.95% |
| Net Income To Common (M) | 176.06 |
| (-) Cash Dividends Paid (M) | 77.82 |
| (=) Cash Retained (M) | 98.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35.21 | 22.01 | 13.20 |
| Cash Retained (M) | 98.24 | 98.24 | 98.24 |
| (-) Cash Required (M) | -35.21 | -22.01 | -13.20 |
| (=) Excess Retained (M) | 63.03 | 76.23 | 85.04 |
| (/) Shares Outstanding (M) | 16.24 | 16.24 | 16.24 |
| (=) Excess Retained per Share | 3.88 | 4.69 | 5.24 |
| LTM Dividend per Share | 4.79 | 4.79 | 4.79 |
| (+) Excess Retained per Share | 3.88 | 4.69 | 5.24 |
| (=) Adjusted Dividend | 8.67 | 9.49 | 10.03 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Fair Value | $201.73 | $286.42 | $428.02 |
| Upside / Downside | 24.12% | 76.23% | 163.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 176.06 | 185.92 | 196.34 | 207.33 | 218.94 | 231.20 | 238.14 |
| Payout Ratio | 44.20% | 53.36% | 62.52% | 71.68% | 80.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 77.82 | 99.21 | 122.75 | 148.62 | 176.99 | 208.08 | 220.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Year 1 PV (M) | 90.08 | 90.94 | 91.80 |
| Year 2 PV (M) | 101.19 | 103.13 | 105.09 |
| Year 3 PV (M) | 111.23 | 114.45 | 117.73 |
| Year 4 PV (M) | 120.27 | 124.94 | 129.74 |
| Year 5 PV (M) | 128.38 | 134.63 | 141.13 |
| PV of Terminal Value (M) | 2,228.62 | 2,337.20 | 2,449.98 |
| Equity Value (M) | 2,779.76 | 2,905.29 | 3,035.47 |
| Shares Outstanding (M) | 16.24 | 16.24 | 16.24 |
| Fair Value | $171.20 | $178.93 | $186.95 |
| Upside / Downside | 5.33% | 10.09% | 15.02% |
| 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% |