Definitive Analysis
| Stable Growth | $609.95 - $2,340.27 | $1,745.64 |
| Multi-Stage | $333.07 - $364.42 | $348.45 |
| Blended Fair Value | $1,047.05 | |
| Current Price | $130.00 | |
| Upside | 705.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.54% | 0.00% | 5.93 | 4.61 | 14.35 | 2.07 | 0.00 | 4.99 | 4.78 | 3.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 28.74% | -67.89% | 594.12% | 0.00% | -100.00% | 4.24% | 59.46% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.05% | 3.63% | 13.74% | 1.34% | 0.00% | 7.56% | 4.31% | 2.58% | 0.00% | 0.00% |
| Net Income To Common (M) | 87.50 |
| (-) Cash Dividends Paid (M) | 49.10 |
| (=) Cash Retained (M) | 38.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 17.50 | 10.94 | 6.56 |
| Cash Retained (M) | 38.40 | 38.40 | 38.40 |
| (-) Cash Required (M) | -17.50 | -10.94 | -6.56 |
| (=) Excess Retained (M) | 20.90 | 27.46 | 31.84 |
| (/) Shares Outstanding (M) | 7.40 | 7.40 | 7.40 |
| (=) Excess Retained per Share | 2.82 | 3.71 | 4.30 |
| LTM Dividend per Share | 6.64 | 6.64 | 6.64 |
| (+) Excess Retained per Share | 2.82 | 3.71 | 4.30 |
| (=) Adjusted Dividend | 9.46 | 10.35 | 10.94 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.97% | 5.97% | 6.97% |
| Fair Value | $609.95 | $1,745.64 | $2,340.27 |
| Upside / Downside | 369.19% | 1,242.80% | 1,700.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 87.50 | 92.72 | 98.26 | 104.12 | 110.34 | 116.92 | 120.43 |
| Payout Ratio | 56.11% | 62.89% | 69.67% | 76.45% | 83.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 49.10 | 58.31 | 68.45 | 79.60 | 91.83 | 105.23 | 111.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.97% | 5.97% | 6.97% |
| Year 1 PV (M) | 54.19 | 54.71 | 55.22 |
| Year 2 PV (M) | 59.11 | 60.24 | 61.39 |
| Year 3 PV (M) | 63.87 | 65.71 | 67.59 |
| Year 4 PV (M) | 68.47 | 71.12 | 73.84 |
| Year 5 PV (M) | 72.92 | 76.46 | 80.13 |
| PV of Terminal Value (M) | 2,145.80 | 2,249.97 | 2,358.16 |
| Equity Value (M) | 2,464.36 | 2,578.21 | 2,696.33 |
| Shares Outstanding (M) | 7.40 | 7.40 | 7.40 |
| Fair Value | $333.07 | $348.45 | $364.42 |
| Upside / Downside | 156.20% | 168.04% | 180.32% |
| 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% |