Definitive Analysis
| Stable Growth | $0.45 - $0.67 | $0.55 |
| Multi-Stage | $1.24 - $1.37 | $1.31 |
| Blended Fair Value | $0.93 | |
| Current Price | $1.06 | |
| Upside | -12.26% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.67% | -5.00% | 0.06 | 0.06 | 0.03 | 0.00 | 0.00 | 0.05 | 0.05 | 0.10 | 0.10 | 0.10 |
| YoY Growth | - | - | -0.19% | 99.98% | 0.00% | 0.00% | -100.00% | 0.00% | -50.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.44% | 5.08% | 1.98% | 0.00% | 0.00% | 10.32% | 4.20% | 6.88% | 4.81% | 4.90% |
| Net Income To Common (M) | 162.68 |
| (-) Cash Dividends Paid (M) | 158.20 |
| (=) Cash Retained (M) | 4.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32.54 | 20.33 | 12.20 |
| Cash Retained (M) | 4.47 | 4.47 | 4.47 |
| (-) Cash Required (M) | -32.54 | -20.33 | -12.20 |
| (=) Excess Retained (M) | -28.06 | -15.86 | -7.73 |
| (/) Shares Outstanding (M) | 2,736.55 | 2,736.55 | 2,736.55 |
| (=) Excess Retained per Share | -0.01 | -0.01 | 0.00 |
| LTM Dividend per Share | 0.06 | 0.06 | 0.06 |
| (+) Excess Retained per Share | -0.01 | -0.01 | 0.00 |
| (=) Adjusted Dividend | 0.05 | 0.05 | 0.05 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -3.80% | -2.80% | -1.80% |
| Fair Value | $0.45 | $0.55 | $0.67 |
| Upside / Downside | -57.33% | -47.67% | -37.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 162.68 | 158.12 | 153.69 | 149.38 | 145.19 | 141.12 | 145.36 |
| Payout Ratio | 97.25% | 95.80% | 94.35% | 92.90% | 91.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 158.20 | 151.48 | 145.00 | 138.77 | 132.78 | 127.01 | 134.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -3.80% | -2.80% | -1.80% |
| Year 1 PV (M) | 141.02 | 142.48 | 143.95 |
| Year 2 PV (M) | 125.67 | 128.30 | 130.95 |
| Year 3 PV (M) | 111.96 | 115.49 | 119.09 |
| Year 4 PV (M) | 99.73 | 103.94 | 108.29 |
| Year 5 PV (M) | 88.81 | 93.52 | 98.43 |
| PV of Terminal Value (M) | 2,838.18 | 2,988.80 | 3,145.75 |
| Equity Value (M) | 3,405.38 | 3,572.54 | 3,746.46 |
| Shares Outstanding (M) | 2,736.55 | 2,736.55 | 2,736.55 |
| Fair Value | $1.24 | $1.31 | $1.37 |
| Upside / Downside | 17.40% | 23.16% | 29.16% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | 0.55% | $0.71 | 28.86% |
| UHS | Universal Health Services, Inc. | 0.55% | $1.21 | 5.70% |
| 0I0T.L | Coca-Cola Consolidated, Inc. | 0.54% | $0.81 | 11.41% |
| HSTM | HealthStream, Inc. | 0.54% | $0.12 | 17.69% |
| LLY | Eli Lilly and Company | 0.54% | $5.79 | 28.28% |
| TECH | Bio-Techne Corporation | 0.54% | $0.32 | 64.31% |
| TRU | TransUnion | 0.54% | $0.45 | 21.24% |
| VST | Vistra Corp. | 0.54% | $0.89 | 26.39% |
| 0R2Z.L | Mastercard Incorporated | 0.52% | $2.96 | 18.79% |
| DHR | Danaher Corporation | 0.52% | $1.19 | 24.18% |
| MKSI | MKS Inc. | 0.52% | $0.87 | 21.15% |
| 0JT5.L | Lam Research Corporation | 0.51% | $0.93 | 20.32% |
| 0JZ0.L | Martin Marietta Materials, Inc. | 0.51% | $3.22 | 16.93% |
| EVTC | EVERTEC, Inc. | 0.51% | $0.15 | 6.55% |
| GPI | Group 1 Automotive, Inc. | 0.51% | $2.01 | 6.83% |
| MUSA | Murphy USA Inc. | 0.51% | $2.05 | 8.36% |
| PCG | Pacific Gas & Electric Co. | 0.51% | $0.08 | 6.94% |
| CHE | Chemed Corporation | 0.50% | $2.11 | 11.01% |
| FBIO | Fortress Biotech, Inc. | 0.50% | $0.02 | 16.65% |
| HWKN | Hawkins, Inc. | 0.50% | $0.73 | 18.33% |
| NMRK | Newmark Group, Inc. | 0.50% | $0.08 | 20.64% |
| PRLH | Pearl Holdings Acquisition Corp | 0.50% | $0.06 | 54.69% |
| EXP | Eagle Materials Inc. | 0.48% | $1.02 | 7.46% |
| FCAX | Fortress Capital Acquisition Corp. | 0.48% | $0.05 | 6.11% |
| FSS | Federal Signal Corporation | 0.48% | $0.54 | 13.95% |
| AAON | AAON, Inc. | 0.47% | $0.37 | 30.87% |
| CR | Crane Company | 0.47% | $0.88 | 14.07% |
| HGTY | Hagerty, Inc. | 0.47% | $0.06 | 12.93% |
| IDCC | InterDigital, Inc. | 0.47% | $1.55 | 10.87% |
| PCG-PI | Pacific Gas and Electric Company PFD 1ST 4.36% | 0.47% | $0.08 | 6.94% |
| SEB | Seaboard Corporation | 0.47% | $20.86 | 5.03% |
| AMEH | Apollo Medical Holdings, Inc. | 0.46% | $0.18 | 93.62% |
| IDT | IDT Corporation | 0.46% | $0.23 | 7.15% |
| KAI | Kadant Inc. | 0.46% | $1.32 | 15.23% |
| PRGS | Progress Software Corporation | 0.46% | $0.19 | 17.10% |
| UI | Ubiquiti Inc. | 0.46% | $2.60 | 19.86% |
| WWE | World Wrestling Entertainment, Inc. | 0.46% | $0.46 | 21.62% |
| APH | Amphenol Corporation | 0.45% | $0.62 | 20.92% |
| DIS | The Walt Disney Company | 0.45% | $0.50 | 7.30% |
| ENTG | Entegris, Inc. | 0.45% | $0.40 | 21.08% |
| PCG-PC | Pacific Gas and Electric Company PFD 1ST 5% | 0.45% | $0.08 | 6.94% |
| WMS | Advanced Drainage Systems, Inc. | 0.45% | $0.68 | 11.54% |
| REVG | REV Group, Inc. | 0.44% | $0.27 | 14.08% |
| RYAN | Ryan Specialty Holdings, Inc. | 0.44% | $0.22 | 87.54% |
| TRS | TriMas Corporation | 0.44% | $0.16 | 14.97% |
| WAB | Westinghouse Air Brake Technologies Corporation | 0.44% | $0.96 | 13.90% |
| WING | Wingstop Inc. | 0.44% | $1.14 | 18.31% |
| TW | Tradeweb Markets Inc. | 0.43% | $0.46 | 15.57% |
| IBKR | Interactive Brokers Group, Inc. | 0.42% | $0.28 | 13.63% |
| MTRN | Materion Corporation | 0.42% | $0.55 | 58.77% |