Definitive Analysis
| Stable Growth | $54.86 - $145.54 | $83.89 |
| Multi-Stage | $37.78 - $41.27 | $39.49 |
| Blended Fair Value | $61.69 | |
| Current Price | $51.30 | |
| Upside | 20.26% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.94% | 7.75% | 0.69 | 0.65 | 0.53 | 0.50 | 0.13 | 0.47 | 0.45 | 0.44 | 0.45 | 0.39 |
| YoY Growth | - | - | 6.48% | 21.35% | 6.27% | 298.81% | -73.25% | 4.67% | 1.69% | -1.67% | 16.28% | 18.35% |
| Dividend Yield | - | - | 1.83% | 1.03% | 1.10% | 1.41% | 0.27% | 3.28% | 1.37% | 1.18% | 1.43% | 1.55% |
| Net Income To Common (M) | 156.00 |
| (-) Cash Dividends Paid (M) | 46.00 |
| (=) Cash Retained (M) | 110.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 31.20 | 19.50 | 11.70 |
| Cash Retained (M) | 110.00 | 110.00 | 110.00 |
| (-) Cash Required (M) | -31.20 | -19.50 | -11.70 |
| (=) Excess Retained (M) | 78.80 | 90.50 | 98.30 |
| (/) Shares Outstanding (M) | 66.70 | 66.70 | 66.70 |
| (=) Excess Retained per Share | 1.18 | 1.36 | 1.47 |
| LTM Dividend per Share | 0.69 | 0.69 | 0.69 |
| (+) Excess Retained per Share | 1.18 | 1.36 | 1.47 |
| (=) Adjusted Dividend | 1.87 | 2.05 | 2.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $54.86 | $83.89 | $145.54 |
| Upside / Downside | 6.95% | 63.53% | 183.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 156.00 | 166.14 | 176.94 | 188.44 | 200.69 | 213.73 | 220.15 |
| Payout Ratio | 29.49% | 41.59% | 53.69% | 65.79% | 77.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 46.00 | 69.10 | 95.00 | 123.98 | 156.33 | 192.36 | 203.63 |
| 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) | 62.74 | 63.33 | 63.93 |
| Year 2 PV (M) | 78.33 | 79.82 | 81.32 |
| Year 3 PV (M) | 92.82 | 95.48 | 98.20 |
| Year 4 PV (M) | 106.27 | 110.35 | 114.56 |
| Year 5 PV (M) | 118.73 | 124.46 | 130.41 |
| PV of Terminal Value (M) | 2,061.08 | 2,160.63 | 2,263.99 |
| Equity Value (M) | 2,519.95 | 2,634.08 | 2,752.41 |
| Shares Outstanding (M) | 66.70 | 66.70 | 66.70 |
| Fair Value | $37.78 | $39.49 | $41.27 |
| Upside / Downside | -26.35% | -23.02% | -19.56% |
| 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% |