Definitive Analysis
| Stable Growth | $89.19 - $210.37 | $131.34 |
| Multi-Stage | $66.07 - $72.25 | $69.11 |
| Blended Fair Value | $100.22 | |
| Current Price | $26.30 | |
| Upside | 281.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.09% | 1.49% | 0.77 | 0.81 | 0.82 | 0.84 | 0.85 | 0.90 | 0.88 | 0.83 | 0.84 | 0.77 |
| YoY Growth | - | - | -4.14% | -2.08% | -1.72% | -1.45% | -5.97% | 2.34% | 6.28% | -0.79% | 8.55% | 15.84% |
| Dividend Yield | - | - | 3.26% | 4.05% | 4.52% | 6.21% | 5.93% | 5.05% | 2.76% | 2.61% | 3.42% | 4.34% |
| Net Income To Common (M) | 122.38 |
| (-) Cash Dividends Paid (M) | 17.50 |
| (=) Cash Retained (M) | 104.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 24.48 | 15.30 | 9.18 |
| Cash Retained (M) | 104.88 | 104.88 | 104.88 |
| (-) Cash Required (M) | -24.48 | -15.30 | -9.18 |
| (=) Excess Retained (M) | 80.40 | 89.58 | 95.70 |
| (/) Shares Outstanding (M) | 28.87 | 28.87 | 28.87 |
| (=) Excess Retained per Share | 2.78 | 3.10 | 3.31 |
| LTM Dividend per Share | 0.61 | 0.61 | 0.61 |
| (+) Excess Retained per Share | 2.78 | 3.10 | 3.31 |
| (=) Adjusted Dividend | 3.39 | 3.71 | 3.92 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.10% | 6.10% | 7.10% |
| Fair Value | $89.19 | $131.34 | $210.37 |
| Upside / Downside | 239.11% | 399.40% | 699.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 122.38 | 129.85 | 137.77 | 146.18 | 155.10 | 164.56 | 169.50 |
| Payout Ratio | 14.30% | 29.44% | 44.58% | 59.72% | 74.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 17.50 | 38.23 | 61.42 | 87.30 | 116.11 | 148.10 | 156.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.10% | 6.10% | 7.10% |
| Year 1 PV (M) | 34.71 | 35.04 | 35.37 |
| Year 2 PV (M) | 50.63 | 51.60 | 52.58 |
| Year 3 PV (M) | 65.35 | 67.23 | 69.15 |
| Year 4 PV (M) | 78.91 | 81.96 | 85.09 |
| Year 5 PV (M) | 91.39 | 95.83 | 100.43 |
| PV of Terminal Value (M) | 1,586.60 | 1,663.53 | 1,743.42 |
| Equity Value (M) | 1,907.60 | 1,995.19 | 2,086.03 |
| Shares Outstanding (M) | 28.87 | 28.87 | 28.87 |
| Fair Value | $66.07 | $69.11 | $72.25 |
| Upside / Downside | 151.23% | 162.76% | 174.73% |
| 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% |