Definitive Analysis
| Stable Growth | $9.44 - $20.53 | $13.52 |
| Multi-Stage | $11.41 - $12.53 | $11.96 |
| Blended Fair Value | $12.74 | |
| Current Price | $0.78 | |
| Upside | 1,542.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -16.62% | 12.35% | 0.03 | 0.03 | 0.07 | 0.06 | 0.03 | 0.08 | 0.00 | 0.00 | 0.22 | 0.07 |
| YoY Growth | - | - | 16.26% | -56.67% | 2.82% | 114.01% | -63.64% | 0.00% | 0.00% | -100.00% | 226.46% | 557.96% |
| Dividend Yield | - | - | 3.69% | 4.00% | 8.41% | 4.69% | 1.56% | 7.12% | 0.00% | 0.00% | 10.47% | 0.00% |
| Net Income To Common (M) | 485.60 |
| (-) Cash Dividends Paid (M) | 59.80 |
| (=) Cash Retained (M) | 425.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 97.12 | 60.70 | 36.42 |
| Cash Retained (M) | 425.80 | 425.80 | 425.80 |
| (-) Cash Required (M) | -97.12 | -60.70 | -36.42 |
| (=) Excess Retained (M) | 328.68 | 365.10 | 389.38 |
| (/) Shares Outstanding (M) | 966.21 | 966.21 | 966.21 |
| (=) Excess Retained per Share | 0.34 | 0.38 | 0.40 |
| LTM Dividend per Share | 0.06 | 0.06 | 0.06 |
| (+) Excess Retained per Share | 0.34 | 0.38 | 0.40 |
| (=) Adjusted Dividend | 0.40 | 0.44 | 0.46 |
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 2.47% | 3.47% | 4.47% |
| Fair Value | $9.44 | $13.52 | $20.53 |
| Upside / Downside | 1,116.98% | 1,643.35% | 2,547.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 485.60 | 502.45 | 519.88 | 537.92 | 556.59 | 575.91 | 593.18 |
| Payout Ratio | 12.31% | 27.85% | 43.39% | 58.93% | 74.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 59.80 | 139.94 | 225.57 | 316.98 | 414.45 | 518.31 | 548.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 2.47% | 3.47% | 4.47% |
| Year 1 PV (M) | 129.72 | 130.99 | 132.25 |
| Year 2 PV (M) | 193.83 | 197.63 | 201.47 |
| Year 3 PV (M) | 252.47 | 259.94 | 267.55 |
| Year 4 PV (M) | 306.01 | 318.13 | 330.60 |
| Year 5 PV (M) | 354.74 | 372.39 | 390.74 |
| PV of Terminal Value (M) | 9,788.86 | 10,275.92 | 10,782.17 |
| Equity Value (M) | 11,025.62 | 11,554.98 | 12,104.78 |
| Shares Outstanding (M) | 966.21 | 966.21 | 966.21 |
| Fair Value | $11.41 | $11.96 | $12.53 |
| Upside / Downside | 1,371.71% | 1,442.37% | 1,515.75% |
| 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% |