Definitive Analysis
| Stable Growth | $60.27 - $155.78 | $91.42 |
| Multi-Stage | $42.18 - $46.05 | $44.08 |
| Blended Fair Value | $67.75 | |
| Current Price | $31.35 | |
| Upside | 116.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.19% | 51.10% | 0.93 | 0.87 | 0.72 | 0.55 | 0.49 | 0.44 | 0.34 | 0.22 | 0.13 | 0.12 |
| YoY Growth | - | - | 6.88% | 20.95% | 29.84% | 13.58% | 11.06% | 27.41% | 58.85% | 65.37% | 6.93% | 718.90% |
| Dividend Yield | - | - | 3.30% | 3.44% | 2.55% | 1.59% | 1.43% | 2.40% | 1.33% | 0.68% | 0.47% | 0.66% |
| Net Income To Common (M) | 317.50 |
| (-) Cash Dividends Paid (M) | 116.72 |
| (=) Cash Retained (M) | 200.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 63.50 | 39.69 | 23.81 |
| Cash Retained (M) | 200.78 | 200.78 | 200.78 |
| (-) Cash Required (M) | -63.50 | -39.69 | -23.81 |
| (=) Excess Retained (M) | 137.28 | 161.09 | 176.96 |
| (/) Shares Outstanding (M) | 120.96 | 120.96 | 120.96 |
| (=) Excess Retained per Share | 1.13 | 1.33 | 1.46 |
| LTM Dividend per Share | 0.96 | 0.96 | 0.96 |
| (+) Excess Retained per Share | 1.13 | 1.33 | 1.46 |
| (=) Adjusted Dividend | 2.10 | 2.30 | 2.43 |
| WACC / Discount Rate | 9.18% | 9.18% | 9.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $60.27 | $91.42 | $155.78 |
| Upside / Downside | 92.26% | 191.63% | 396.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 317.50 | 338.14 | 360.12 | 383.52 | 408.45 | 435.00 | 448.05 |
| Payout Ratio | 36.76% | 47.41% | 58.06% | 68.71% | 79.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 116.72 | 160.31 | 209.08 | 263.50 | 324.12 | 391.50 | 414.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.18% | 9.18% | 9.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 145.46 | 146.84 | 148.22 |
| Year 2 PV (M) | 172.13 | 175.41 | 178.72 |
| Year 3 PV (M) | 196.84 | 202.49 | 208.25 |
| Year 4 PV (M) | 219.69 | 228.14 | 236.83 |
| Year 5 PV (M) | 240.78 | 252.41 | 264.49 |
| PV of Terminal Value (M) | 4,127.53 | 4,326.89 | 4,533.88 |
| Equity Value (M) | 5,102.44 | 5,332.19 | 5,570.39 |
| Shares Outstanding (M) | 120.96 | 120.96 | 120.96 |
| Fair Value | $42.18 | $44.08 | $46.05 |
| Upside / Downside | 34.56% | 40.61% | 46.90% |
| 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% |