Definitive Analysis
| Stable Growth | $2.90 - $4.49 | $3.64 |
| Multi-Stage | $6.67 - $7.34 | $7.00 |
| Blended Fair Value | $5.32 | |
| Current Price | $2.55 | |
| Upside | 108.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.60% | 0.00% | 0.12 | 0.06 | 0.07 | 0.04 | 0.19 | 0.17 | 0.16 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 86.98% | -12.62% | 63.86% | -76.41% | 12.55% | 0.93% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.97% | 4.85% | 4.45% | 1.74% | 2.78% | 2.32% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 415.46 |
| (-) Cash Dividends Paid (M) | 241.07 |
| (=) Cash Retained (M) | 174.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 83.09 | 51.93 | 31.16 |
| Cash Retained (M) | 174.39 | 174.39 | 174.39 |
| (-) Cash Required (M) | -83.09 | -51.93 | -31.16 |
| (=) Excess Retained (M) | 91.30 | 122.46 | 143.23 |
| (/) Shares Outstanding (M) | 1,333.33 | 1,333.33 | 1,333.33 |
| (=) Excess Retained per Share | 0.07 | 0.09 | 0.11 |
| LTM Dividend per Share | 0.18 | 0.18 | 0.18 |
| (+) Excess Retained per Share | 0.07 | 0.09 | 0.11 |
| (=) Adjusted Dividend | 0.25 | 0.27 | 0.29 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $2.90 | $3.64 | $4.49 |
| Upside / Downside | 13.73% | 42.59% | 75.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 415.46 | 411.30 | 407.19 | 403.12 | 399.08 | 395.09 | 406.95 |
| Payout Ratio | 58.02% | 64.42% | 70.81% | 77.21% | 83.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 241.07 | 264.96 | 288.35 | 311.24 | 333.65 | 355.58 | 376.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 246.45 | 248.97 | 251.48 |
| Year 2 PV (M) | 249.47 | 254.59 | 259.76 |
| Year 3 PV (M) | 250.47 | 258.22 | 266.12 |
| Year 4 PV (M) | 249.75 | 260.10 | 270.77 |
| Year 5 PV (M) | 247.58 | 260.47 | 273.89 |
| PV of Terminal Value (M) | 7,655.58 | 8,054.22 | 8,469.30 |
| Equity Value (M) | 8,899.31 | 9,336.57 | 9,791.33 |
| Shares Outstanding (M) | 1,333.33 | 1,333.33 | 1,333.33 |
| Fair Value | $6.67 | $7.00 | $7.34 |
| Upside / Downside | 161.74% | 174.60% | 187.98% |
| 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% |