Definitive Analysis
| Stable Growth | $134.52 - $266.34 | $186.24 |
| Multi-Stage | $119.42 - $130.67 | $124.94 |
| Blended Fair Value | $155.59 | |
| Current Price | $177.82 | |
| Upside | -12.50% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.42% | 23.98% | 1.32 | 1.26 | 1.19 | 1.12 | 0.98 | 0.84 | 0.44 | 0.23 | 0.16 | 0.15 |
| YoY Growth | - | - | 5.48% | 5.63% | 6.30% | 14.57% | 15.59% | 90.07% | 95.83% | 45.55% | 0.69% | 0.31% |
| Dividend Yield | - | - | 0.74% | 0.63% | 0.69% | 0.58% | 0.51% | 0.44% | 0.22% | 0.15% | 0.10% | 0.11% |
| Net Income To Common (M) | 148.27 |
| (-) Cash Dividends Paid (M) | 24.27 |
| (=) Cash Retained (M) | 124.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 29.65 | 18.53 | 11.12 |
| Cash Retained (M) | 124.01 | 124.01 | 124.01 |
| (-) Cash Required (M) | -29.65 | -18.53 | -11.12 |
| (=) Excess Retained (M) | 94.35 | 105.47 | 112.88 |
| (/) Shares Outstanding (M) | 18.59 | 18.59 | 18.59 |
| (=) Excess Retained per Share | 5.08 | 5.67 | 6.07 |
| LTM Dividend per Share | 1.31 | 1.31 | 1.31 |
| (+) Excess Retained per Share | 5.08 | 5.67 | 6.07 |
| (=) Adjusted Dividend | 6.38 | 6.98 | 7.38 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.16% | 5.16% | 6.16% |
| Fair Value | $134.52 | $186.24 | $266.34 |
| Upside / Downside | -24.35% | 4.73% | 49.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 148.27 | 155.92 | 163.96 | 172.42 | 181.31 | 190.66 | 196.38 |
| Payout Ratio | 16.37% | 31.09% | 45.82% | 60.55% | 75.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 24.27 | 48.48 | 75.13 | 104.39 | 136.48 | 171.59 | 181.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.16% | 5.16% | 6.16% |
| Year 1 PV (M) | 44.01 | 44.44 | 44.86 |
| Year 2 PV (M) | 61.92 | 63.12 | 64.32 |
| Year 3 PV (M) | 78.12 | 80.39 | 82.71 |
| Year 4 PV (M) | 92.72 | 96.34 | 100.05 |
| Year 5 PV (M) | 105.84 | 111.02 | 116.40 |
| PV of Terminal Value (M) | 1,837.45 | 1,927.36 | 2,020.76 |
| Equity Value (M) | 2,220.07 | 2,322.67 | 2,429.11 |
| Shares Outstanding (M) | 18.59 | 18.59 | 18.59 |
| Fair Value | $119.42 | $124.94 | $130.67 |
| Upside / Downside | -32.84% | -29.74% | -26.52% |
| 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% |