Definitive Analysis
| Stable Growth | $10.09 - $15.30 | $12.54 |
| Multi-Stage | $21.32 - $23.42 | $22.35 |
| Blended Fair Value | $17.44 | |
| Current Price | $8.50 | |
| Upside | 105.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 18.05% | 9.76% | 0.50 | 0.36 | 0.33 | 0.26 | 0.25 | 0.22 | 0.24 | 0.20 | 0.17 | 0.00 |
| YoY Growth | - | - | 39.24% | 7.27% | 29.77% | 4.98% | 12.67% | -7.45% | 18.99% | 14.24% | 0.00% | -100.00% |
| Dividend Yield | - | - | 7.03% | 5.75% | 6.17% | 5.07% | 4.51% | 4.21% | 3.68% | 3.07% | 2.59% | 0.00% |
| Net Income To Common (M) | 69,564.00 |
| (-) Cash Dividends Paid (M) | 47,918.00 |
| (=) Cash Retained (M) | 21,646.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13,912.80 | 8,695.50 | 5,217.30 |
| Cash Retained (M) | 21,646.00 | 21,646.00 | 21,646.00 |
| (-) Cash Required (M) | -13,912.80 | -8,695.50 | -5,217.30 |
| (=) Excess Retained (M) | 7,733.20 | 12,950.50 | 16,428.70 |
| (/) Shares Outstanding (M) | 59,830.74 | 59,830.74 | 59,830.74 |
| (=) Excess Retained per Share | 0.13 | 0.22 | 0.27 |
| LTM Dividend per Share | 0.80 | 0.80 | 0.80 |
| (+) Excess Retained per Share | 0.13 | 0.22 | 0.27 |
| (=) Adjusted Dividend | 0.93 | 1.02 | 1.08 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $10.09 | $12.54 | $15.30 |
| Upside / Downside | 18.74% | 47.53% | 79.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 69,564.00 | 68,868.36 | 68,179.68 | 67,497.88 | 66,822.90 | 66,154.67 | 68,139.31 |
| Payout Ratio | 68.88% | 73.11% | 77.33% | 81.55% | 85.78% | 90.00% | 92.50% |
| Projected Dividends (M) | 47,918.00 | 50,347.36 | 52,723.34 | 55,046.77 | 57,318.46 | 59,539.20 | 63,028.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 46,564.64 | 47,039.79 | 47,514.93 |
| Year 2 PV (M) | 45,098.48 | 46,023.56 | 46,958.02 |
| Year 3 PV (M) | 43,548.21 | 44,894.97 | 46,269.21 |
| Year 4 PV (M) | 41,938.46 | 43,676.61 | 45,468.24 |
| Year 5 PV (M) | 40,290.30 | 42,388.31 | 44,572.82 |
| PV of Terminal Value (M) | 1,057,977.58 | 1,113,068.93 | 1,170,431.73 |
| Equity Value (M) | 1,275,417.68 | 1,337,092.17 | 1,401,214.97 |
| Shares Outstanding (M) | 59,830.74 | 59,830.74 | 59,830.74 |
| Fair Value | $21.32 | $22.35 | $23.42 |
| Upside / Downside | 150.79% | 162.92% | 175.53% |
| 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% |