Definitive Analysis
| Stable Growth | $9.96 - $19.48 | $13.73 |
| Multi-Stage | $15.83 - $17.38 | $16.59 |
| Blended Fair Value | $15.16 | |
| Current Price | $1.31 | |
| Upside | 1,057.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.90% | 3.30% | 0.16 | 0.16 | 0.09 | 0.05 | 0.03 | 0.06 | 0.06 | 0.06 | 0.06 | 0.08 |
| YoY Growth | - | - | 0.00% | 72.22% | 80.01% | 66.67% | -50.00% | 0.00% | 0.00% | 0.00% | -25.00% | -28.59% |
| Dividend Yield | - | - | 8.61% | 10.33% | 5.63% | 3.45% | 2.07% | 3.13% | 3.09% | 3.16% | 3.13% | 3.31% |
| Net Income To Common (M) | 189.19 |
| (-) Cash Dividends Paid (M) | 94.74 |
| (=) Cash Retained (M) | 94.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 37.84 | 23.65 | 14.19 |
| Cash Retained (M) | 94.45 | 94.45 | 94.45 |
| (-) Cash Required (M) | -37.84 | -23.65 | -14.19 |
| (=) Excess Retained (M) | 56.61 | 70.80 | 80.26 |
| (/) Shares Outstanding (M) | 305.60 | 305.60 | 305.60 |
| (=) Excess Retained per Share | 0.19 | 0.23 | 0.26 |
| LTM Dividend per Share | 0.31 | 0.31 | 0.31 |
| (+) Excess Retained per Share | 0.19 | 0.23 | 0.26 |
| (=) Adjusted Dividend | 0.50 | 0.54 | 0.57 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 1.30% | 2.30% | 3.30% |
| Fair Value | $9.96 | $13.73 | $19.48 |
| Upside / Downside | 660.41% | 947.98% | 1,387.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 189.19 | 193.54 | 197.99 | 202.55 | 207.21 | 211.97 | 218.33 |
| Payout Ratio | 50.08% | 58.06% | 66.05% | 74.03% | 82.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 94.74 | 112.37 | 130.77 | 149.95 | 169.94 | 190.78 | 201.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 1.30% | 2.30% | 3.30% |
| Year 1 PV (M) | 104.64 | 105.68 | 106.71 |
| Year 2 PV (M) | 113.40 | 115.65 | 117.92 |
| Year 3 PV (M) | 121.09 | 124.71 | 128.40 |
| Year 4 PV (M) | 127.79 | 132.91 | 138.19 |
| Year 5 PV (M) | 133.59 | 140.32 | 147.31 |
| PV of Terminal Value (M) | 4,238.39 | 4,451.76 | 4,673.64 |
| Equity Value (M) | 4,838.90 | 5,071.02 | 5,312.17 |
| Shares Outstanding (M) | 305.60 | 305.60 | 305.60 |
| Fair Value | $15.83 | $16.59 | $17.38 |
| Upside / Downside | 1,108.72% | 1,166.70% | 1,226.94% |
| 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% |