Definitive Analysis
| Stable Growth | $11.94 - $18.44 | $14.96 |
| Multi-Stage | $27.98 - $30.73 | $29.33 |
| Blended Fair Value | $22.15 | |
| Current Price | $9.11 | |
| Upside | 143.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.83% | 0.00% | 0.67 | 0.66 | 0.66 | 0.64 | 0.40 | 0.73 | 0.49 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 1.52% | 0.01% | 3.12% | 60.39% | -45.70% | 49.96% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.82% | 6.73% | 7.13% | 6.56% | 4.49% | 7.47% | 5.85% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 210.51 |
| (-) Cash Dividends Paid (M) | 196.27 |
| (=) Cash Retained (M) | 14.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 42.10 | 26.31 | 15.79 |
| Cash Retained (M) | 14.24 | 14.24 | 14.24 |
| (-) Cash Required (M) | -42.10 | -26.31 | -15.79 |
| (=) Excess Retained (M) | -27.87 | -12.08 | -1.55 |
| (/) Shares Outstanding (M) | 162.88 | 162.88 | 162.88 |
| (=) Excess Retained per Share | -0.17 | -0.07 | -0.01 |
| LTM Dividend per Share | 1.21 | 1.21 | 1.21 |
| (+) Excess Retained per Share | -0.17 | -0.07 | -0.01 |
| (=) Adjusted Dividend | 1.03 | 1.13 | 1.20 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $11.94 | $14.96 | $18.44 |
| Upside / Downside | 31.11% | 64.23% | 102.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 210.51 | 208.40 | 206.32 | 204.25 | 202.21 | 200.19 | 206.20 |
| Payout Ratio | 93.24% | 92.59% | 91.94% | 91.30% | 90.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 196.27 | 192.96 | 189.69 | 186.47 | 183.30 | 180.17 | 190.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 179.38 | 181.21 | 183.04 |
| Year 2 PV (M) | 163.94 | 167.30 | 170.70 |
| Year 3 PV (M) | 149.81 | 154.45 | 159.17 |
| Year 4 PV (M) | 136.90 | 142.58 | 148.42 |
| Year 5 PV (M) | 125.10 | 131.61 | 138.39 |
| PV of Terminal Value (M) | 3,802.19 | 4,000.18 | 4,206.33 |
| Equity Value (M) | 4,557.32 | 4,777.32 | 5,006.06 |
| Shares Outstanding (M) | 162.88 | 162.88 | 162.88 |
| Fair Value | $27.98 | $29.33 | $30.73 |
| Upside / Downside | 207.13% | 221.96% | 237.37% |
| 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% |