Definitive Analysis
| Stable Growth | $63.47 - $129.56 | $88.87 |
| Multi-Stage | $56.88 - $62.08 | $59.43 |
| Blended Fair Value | $74.15 | |
| Current Price | $73.32 | |
| Upside | 1.13% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.72% | 36.89% | 1.90 | 1.78 | 1.58 | 1.29 | 1.07 | 1.00 | 1.00 | 0.99 | 0.98 | 0.64 |
| YoY Growth | - | - | 6.72% | 13.10% | 21.93% | 21.21% | 6.64% | 0.29% | 0.45% | 1.06% | 54.58% | 671.64% |
| Dividend Yield | - | - | 2.66% | 2.78% | 3.90% | 2.13% | 2.05% | 3.75% | 2.27% | 2.26% | 2.22% | 1.75% |
| Net Income To Common (M) | 102.00 |
| (-) Cash Dividends Paid (M) | 55.65 |
| (=) Cash Retained (M) | 46.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 20.40 | 12.75 | 7.65 |
| Cash Retained (M) | 46.35 | 46.35 | 46.35 |
| (-) Cash Required (M) | -20.40 | -12.75 | -7.65 |
| (=) Excess Retained (M) | 25.95 | 33.60 | 38.70 |
| (/) Shares Outstanding (M) | 28.36 | 28.36 | 28.36 |
| (=) Excess Retained per Share | 0.92 | 1.18 | 1.36 |
| LTM Dividend per Share | 1.96 | 1.96 | 1.96 |
| (+) Excess Retained per Share | 0.92 | 1.18 | 1.36 |
| (=) Adjusted Dividend | 2.88 | 3.15 | 3.33 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.37% | 5.37% | 6.37% |
| Fair Value | $63.47 | $88.87 | $129.56 |
| Upside / Downside | -13.44% | 21.21% | 76.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 102.00 | 107.47 | 113.24 | 119.32 | 125.72 | 132.47 | 136.44 |
| Payout Ratio | 54.56% | 61.65% | 68.73% | 75.82% | 82.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 55.65 | 66.25 | 77.84 | 90.47 | 104.24 | 119.22 | 126.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.37% | 5.37% | 6.37% |
| Year 1 PV (M) | 60.15 | 60.73 | 61.30 |
| Year 2 PV (M) | 64.16 | 65.39 | 66.64 |
| Year 3 PV (M) | 67.71 | 69.67 | 71.67 |
| Year 4 PV (M) | 70.83 | 73.58 | 76.41 |
| Year 5 PV (M) | 73.55 | 77.14 | 80.87 |
| PV of Terminal Value (M) | 1,276.79 | 1,339.14 | 1,403.90 |
| Equity Value (M) | 1,613.18 | 1,685.65 | 1,760.80 |
| Shares Outstanding (M) | 28.36 | 28.36 | 28.36 |
| Fair Value | $56.88 | $59.43 | $62.08 |
| Upside / Downside | -22.42% | -18.94% | -15.32% |
| 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% |