Definitive Analysis
| Stable Growth | $106.77 - $283.22 | $163.26 |
| Multi-Stage | $73.54 - $80.33 | $76.88 |
| Blended Fair Value | $120.07 | |
| Current Price | $37.59 | |
| Upside | 219.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.41% | 9.70% | 1.32 | 1.29 | 1.22 | 1.15 | 1.14 | 0.97 | 0.89 | 0.74 | 0.69 | 0.63 |
| YoY Growth | - | - | 2.55% | 5.87% | 5.93% | 0.86% | 17.64% | 8.17% | 20.90% | 6.66% | 9.38% | 21.20% |
| Dividend Yield | - | - | 3.56% | 4.04% | 3.87% | 3.88% | 3.40% | 3.54% | 2.23% | 1.85% | 2.01% | 2.46% |
| Net Income To Common (M) | 175.71 |
| (-) Cash Dividends Paid (M) | 52.27 |
| (=) Cash Retained (M) | 123.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35.14 | 21.96 | 13.18 |
| Cash Retained (M) | 123.45 | 123.45 | 123.45 |
| (-) Cash Required (M) | -35.14 | -21.96 | -13.18 |
| (=) Excess Retained (M) | 88.30 | 101.48 | 110.27 |
| (/) Shares Outstanding (M) | 38.60 | 38.60 | 38.60 |
| (=) Excess Retained per Share | 2.29 | 2.63 | 2.86 |
| LTM Dividend per Share | 1.35 | 1.35 | 1.35 |
| (+) Excess Retained per Share | 2.29 | 2.63 | 2.86 |
| (=) Adjusted Dividend | 3.64 | 3.98 | 4.21 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $106.77 | $163.26 | $283.22 |
| Upside / Downside | 184.03% | 334.31% | 653.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 175.71 | 187.13 | 199.29 | 212.25 | 226.05 | 240.74 | 247.96 |
| Payout Ratio | 29.75% | 41.80% | 53.85% | 65.90% | 77.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 52.27 | 78.21 | 107.31 | 139.87 | 176.20 | 216.66 | 229.36 |
| 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) | 71.02 | 71.69 | 72.36 |
| Year 2 PV (M) | 88.48 | 90.16 | 91.86 |
| Year 3 PV (M) | 104.71 | 107.71 | 110.78 |
| Year 4 PV (M) | 119.77 | 124.38 | 129.11 |
| Year 5 PV (M) | 133.73 | 140.19 | 146.89 |
| PV of Terminal Value (M) | 2,321.49 | 2,433.62 | 2,550.04 |
| Equity Value (M) | 2,839.19 | 2,967.74 | 3,101.05 |
| Shares Outstanding (M) | 38.60 | 38.60 | 38.60 |
| Fair Value | $73.54 | $76.88 | $80.33 |
| Upside / Downside | 95.65% | 104.51% | 113.70% |
| 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% |