Definitive Analysis
| Stable Growth | $35.12 - $68.65 | $48.39 |
| Multi-Stage | $31.94 - $34.94 | $33.41 |
| Blended Fair Value | $40.90 | |
| Current Price | $20.33 | |
| Upside | 101.19% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.06% | -7.70% | 0.50 | 0.51 | 0.52 | 0.48 | 0.47 | 0.37 | 0.37 | 0.55 | 0.75 | 1.03 |
| YoY Growth | - | - | -2.60% | -1.44% | 8.02% | 2.62% | 26.13% | 0.55% | -33.14% | -25.87% | -27.38% | -7.62% |
| Dividend Yield | - | - | 2.75% | 3.50% | 3.08% | 2.16% | 2.50% | 3.44% | 2.63% | 4.87% | 4.56% | 6.86% |
| Net Income To Common (M) | 345.26 |
| (-) Cash Dividends Paid (M) | 80.32 |
| (=) Cash Retained (M) | 264.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 69.05 | 43.16 | 25.89 |
| Cash Retained (M) | 264.95 | 264.95 | 264.95 |
| (-) Cash Required (M) | -69.05 | -43.16 | -25.89 |
| (=) Excess Retained (M) | 195.89 | 221.79 | 239.05 |
| (/) Shares Outstanding (M) | 162.49 | 162.49 | 162.49 |
| (=) Excess Retained per Share | 1.21 | 1.36 | 1.47 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 1.21 | 1.36 | 1.47 |
| (=) Adjusted Dividend | 1.70 | 1.86 | 1.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.06% | 5.06% | 6.06% |
| Fair Value | $35.12 | $48.39 | $68.65 |
| Upside / Downside | 72.75% | 138.02% | 237.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 345.26 | 362.74 | 381.09 | 400.38 | 420.65 | 441.94 | 455.20 |
| Payout Ratio | 23.26% | 36.61% | 49.96% | 63.30% | 76.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 80.32 | 132.80 | 190.38 | 253.46 | 322.44 | 397.75 | 421.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.06% | 5.06% | 6.06% |
| Year 1 PV (M) | 120.56 | 121.72 | 122.88 |
| Year 2 PV (M) | 156.92 | 159.96 | 163.01 |
| Year 3 PV (M) | 189.67 | 195.19 | 200.82 |
| Year 4 PV (M) | 219.06 | 227.60 | 236.39 |
| Year 5 PV (M) | 245.33 | 257.35 | 269.83 |
| PV of Terminal Value (M) | 4,258.96 | 4,467.56 | 4,684.27 |
| Equity Value (M) | 5,190.51 | 5,429.38 | 5,677.21 |
| Shares Outstanding (M) | 162.49 | 162.49 | 162.49 |
| Fair Value | $31.94 | $33.41 | $34.94 |
| Upside / Downside | 57.12% | 64.35% | 71.86% |
| 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% |