Definitive Analysis
| Stable Growth | $15.42 - $66.02 | $37.89 |
| Multi-Stage | $9.62 - $10.51 | $10.06 |
| Blended Fair Value | $23.97 | |
| Current Price | $6.01 | |
| Upside | 298.87% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.69% | 22.73% | 0.32 | 0.27 | 0.24 | 0.24 | 0.24 | 0.22 | 0.20 | 0.16 | 0.14 | 0.12 |
| YoY Growth | - | - | 17.16% | 13.19% | 1.85% | 1.10% | 6.06% | 8.39% | 31.84% | 7.31% | 16.04% | 200.98% |
| Dividend Yield | - | - | 5.54% | 5.36% | 4.35% | 4.17% | 4.88% | 4.88% | 4.37% | 3.42% | 3.00% | 2.64% |
| Net Income To Common (M) | 90.03 |
| (-) Cash Dividends Paid (M) | 89.67 |
| (=) Cash Retained (M) | 0.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.01 | 11.25 | 6.75 |
| Cash Retained (M) | 0.36 | 0.36 | 0.36 |
| (-) Cash Required (M) | -18.01 | -11.25 | -6.75 |
| (=) Excess Retained (M) | -17.65 | -10.90 | -6.40 |
| (/) Shares Outstanding (M) | 269.40 | 269.40 | 269.40 |
| (=) Excess Retained per Share | -0.07 | -0.04 | -0.02 |
| LTM Dividend per Share | 0.33 | 0.33 | 0.33 |
| (+) Excess Retained per Share | -0.07 | -0.04 | -0.02 |
| (=) Adjusted Dividend | 0.27 | 0.29 | 0.31 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.78% | 5.78% | 6.78% |
| Fair Value | $15.42 | $37.89 | $66.02 |
| Upside / Downside | 156.61% | 530.43% | 998.44% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 90.03 | 95.23 | 100.74 | 106.56 | 112.72 | 119.23 | 122.81 |
| Payout Ratio | 99.60% | 97.68% | 95.76% | 93.84% | 91.92% | 90.00% | 92.50% |
| Projected Dividends (M) | 89.67 | 93.03 | 96.47 | 100.00 | 103.61 | 107.31 | 113.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.78% | 5.78% | 6.78% |
| Year 1 PV (M) | 86.45 | 87.27 | 88.10 |
| Year 2 PV (M) | 83.30 | 84.90 | 86.51 |
| Year 3 PV (M) | 80.24 | 82.56 | 84.92 |
| Year 4 PV (M) | 77.26 | 80.25 | 83.33 |
| Year 5 PV (M) | 74.36 | 77.97 | 81.73 |
| PV of Terminal Value (M) | 2,189.46 | 2,295.95 | 2,406.55 |
| Equity Value (M) | 2,591.06 | 2,708.90 | 2,831.14 |
| Shares Outstanding (M) | 269.40 | 269.40 | 269.40 |
| Fair Value | $9.62 | $10.06 | $10.51 |
| Upside / Downside | 60.03% | 67.31% | 74.86% |
| 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% |