DDM Analysis: ERF

Valuation Snapshot

Stable Growth	$30.83 - $61.57	$42.82
Multi-Stage	$26.61 - $29.12	$27.84
Blended Fair Value	$35.33
Current Price	$19.62
Upside	80.08%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
DPS	10.67%	-11.80%	0.23	0.19	0.15	0.09	0.10	0.14	0.11	0.12	0.45	0.93
YoY Growth	-	-	16.84%	28.85%	62.26%	-6.73%	-27.15%	26.90%	-12.48%	-72.27%	-52.28%	16.77%
Dividend Yield	-	-	1.16%	1.35%	1.19%	1.48%	4.81%	1.19%	0.74%	1.15%	8.72%	7.26%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	384.73
(-) Cash Dividends Paid (M)	49.89
(=) Cash Retained (M)	334.84

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	76.95	48.09	28.85
Cash Retained (M)	334.84	334.84	334.84
(-) Cash Required (M)	-76.95	-48.09	-28.85
(=) Excess Retained (M)	257.89	286.75	305.99
(/) Shares Outstanding (M)	213.40	213.40	213.40
(=) Excess Retained per Share	1.21	1.34	1.43
LTM Dividend per Share	0.23	0.23	0.23
(+) Excess Retained per Share	1.21	1.34	1.43
(=) Adjusted Dividend	1.44	1.58	1.67
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	4.31%	5.31%	6.31%
Fair Value	$30.83	$42.82	$61.57
Upside / Downside	57.14%	118.25%	213.79%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	384.73	405.17	426.70	449.38	473.26	498.41	513.36
Payout Ratio	12.97%	28.37%	43.78%	59.19%	74.59%	90.00%	92.50%
Projected Dividends (M)	49.89	114.96	186.81	265.97	353.02	448.57	474.86

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	9.19%	9.19%	9.19%
Growth Rate	4.31%	5.31%	6.31%
Year 1 PV (M)	104.28	105.28	106.28
Year 2 PV (M)	153.72	156.68	159.67
Year 3 PV (M)	198.52	204.29	210.16
Year 4 PV (M)	239.02	248.32	257.88
Year 5 PV (M)	275.50	288.96	302.94
PV of Terminal Value (M)	4,708.57	4,938.63	5,177.60
Equity Value (M)	5,679.61	5,942.15	6,214.53
Shares Outstanding (M)	213.40	213.40	213.40
Fair Value	$26.61	$27.84	$29.12
Upside / Downside	35.65%	41.92%	48.42%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 25 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
MDC	M.D.C. Holdings, Inc.	0.86%	$0.54	55.94%
AXP	American Express Company	0.85%	$3.17	20.85%
FOXA	Fox Corporation	0.85%	$0.62	13.96%
LMST	Limestone Bancorp, Inc.	0.85%	$0.20	8.06%
RCL	Royal Caribbean Cruises Ltd.	0.85%	$2.41	16.19%
AZZ	AZZ Inc.	0.84%	$0.92	8.89%
HIBB	Hibbett, Inc.	0.84%	$0.74	9.00%
MAR	Marriott International, Inc.	0.84%	$2.62	27.38%
MORN	Morningstar, Inc.	0.84%	$1.77	20.03%
SGH	SMART Global Holdings, Inc.	0.84%	$0.14	30.96%
URI	United Rentals, Inc.	0.84%	$7.13	18.10%
0HYJ.L	Cintas Corporation	0.83%	$1.54	34.15%
EFX	Equifax Inc.	0.83%	$1.78	33.46%
GM	General Motors Company	0.82%	$0.66	21.22%
KVSA	Khosla Ventures Acquisition Co.	0.81%	$0.09	9.61%
WMT	Walmart Inc.	0.81%	$0.91	31.92%
BMI	Badger Meter, Inc.	0.80%	$1.41	30.10%
FRD	Friedman Industries, Incorporated	0.80%	$0.16	9.82%
ITT	ITT Inc.	0.80%	$1.40	22.66%
MLI	Mueller Industries, Inc.	0.80%	$0.94	13.89%
SSSSL	SuRo Capital Corp. 6.00% Notes due 2026	0.80%	$0.20	8.46%
RGLD	Royal Gold, Inc.	0.79%	$1.75	24.00%
VRSK	Verisk Analytics, Inc.	0.79%	$1.74	26.41%
COF	Capital One Financial Corporation	0.78%	$1.94	87.57%
EE	Excelerate Energy, Inc.	0.78%	$0.22	9.21%
0K36.L	Moody's Corporation	0.77%	$3.82	30.70%
HCI	HCI Group, Inc.	0.77%	$1.42	9.00%
PH	Parker-Hannifin Corporation	0.77%	$6.85	24.15%
SEI	Solaris Energy Infrastructure, Inc.	0.77%	$0.39	44.96%
0HQN.L	Cboe Global Markets, Inc.	0.76%	$1.90	20.31%
ASIC	Ategrity Specialty Holdings LLC	0.76%	$0.15	12.77%
GL	Globe Life Inc.	0.75%	$1.03	7.35%
0KYY.L	S&P Global Inc.	0.74%	$3.81	28.09%
PHM	PulteGroup, Inc.	0.74%	$0.89	6.67%
ROP	Roper Technologies, Inc.	0.74%	$3.20	22.09%
ZWS	Zurn Elkay Water Solutions Corporation	0.74%	$0.35	30.63%
JOE	The St. Joe Company	0.73%	$0.43	24.05%
TOL	Toll Brothers, Inc.	0.73%	$0.99	7.16%
TTEK	Tetra Tech, Inc.	0.73%	$0.25	26.25%
0HCB.L	Alcoa Corporation	0.72%	$0.40	9.08%
A	Agilent Technologies, Inc.	0.72%	$0.99	21.64%
FCFS	FirstCash Holdings, Inc	0.72%	$1.13	16.40%
TRAK	ReposiTrak, Inc.	0.72%	$0.09	22.94%
BKNG	Booking Holdings Inc.	0.71%	$37.78	24.39%
PGC	Peapack-Gladstone Financial Corporation	0.71%	$0.20	10.22%
ASO	Academy Sports and Outdoors, Inc.	0.70%	$0.37	6.63%
BRO	Brown & Brown, Inc.	0.70%	$0.54	18.02%
INTU	Intuit Inc.	0.70%	$4.39	29.97%
MSFT	Microsoft Corporation	0.70%	$3.31	23.52%
NCR	NCR Corporation	0.70%	$0.11	1.70%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Enerplus Corporation (ERF)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener