Definitive Analysis
| Stable Growth | $53.22 - $141.19 | $81.38 |
| Multi-Stage | $38.18 - $41.61 | $39.86 |
| Blended Fair Value | $60.62 | |
| Current Price | $31.93 | |
| Upside | 89.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.60% | 13.27% | 1.09 | 1.03 | 1.02 | 1.08 | 1.07 | 0.83 | 0.67 | 0.56 | 0.47 | 0.41 |
| YoY Growth | - | - | 6.23% | 1.19% | -5.97% | 1.44% | 28.06% | 24.25% | 19.42% | 18.67% | 14.54% | 31.31% |
| Dividend Yield | - | - | 3.53% | 3.52% | 3.31% | 3.14% | 2.95% | 3.51% | 1.64% | 1.32% | 1.24% | 1.39% |
| Net Income To Common (M) | 181.63 |
| (-) Cash Dividends Paid (M) | 118.77 |
| (=) Cash Retained (M) | 62.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 36.33 | 22.70 | 13.62 |
| Cash Retained (M) | 62.86 | 62.86 | 62.86 |
| (-) Cash Required (M) | -36.33 | -22.70 | -13.62 |
| (=) Excess Retained (M) | 26.53 | 40.16 | 49.24 |
| (/) Shares Outstanding (M) | 80.05 | 80.05 | 80.05 |
| (=) Excess Retained per Share | 0.33 | 0.50 | 0.62 |
| LTM Dividend per Share | 1.48 | 1.48 | 1.48 |
| (+) Excess Retained per Share | 0.33 | 0.50 | 0.62 |
| (=) Adjusted Dividend | 1.82 | 1.99 | 2.10 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $53.22 | $81.38 | $141.19 |
| Upside / Downside | 66.69% | 154.88% | 342.17% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 181.63 | 193.43 | 206.00 | 219.39 | 233.65 | 248.84 | 256.31 |
| Payout Ratio | 65.39% | 70.31% | 75.23% | 80.16% | 85.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 118.77 | 136.01 | 154.99 | 175.86 | 198.79 | 223.96 | 237.08 |
| 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) | 123.49 | 124.66 | 125.83 |
| Year 2 PV (M) | 127.78 | 130.21 | 132.67 |
| Year 3 PV (M) | 131.65 | 135.43 | 139.28 |
| Year 4 PV (M) | 135.13 | 140.32 | 145.67 |
| Year 5 PV (M) | 138.23 | 144.90 | 151.84 |
| PV of Terminal Value (M) | 2,399.64 | 2,515.54 | 2,635.88 |
| Equity Value (M) | 3,055.91 | 3,191.07 | 3,331.17 |
| Shares Outstanding (M) | 80.05 | 80.05 | 80.05 |
| Fair Value | $38.18 | $39.86 | $41.61 |
| Upside / Downside | 19.56% | 24.85% | 30.33% |
| 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% |