Definitive Analysis
| Stable Growth | $17.50 - $48.37 | $45.33 |
| Multi-Stage | $6.90 - $7.54 | $7.21 |
| Blended Fair Value | $26.27 | |
| Current Price | $2.43 | |
| Upside | 981.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.89% | 0.00% | 0.12 | 0.09 | 0.07 | 0.05 | 0.05 | 0.05 | 0.01 | 0.06 | 0.10 | 0.13 |
| YoY Growth | - | - | 31.33% | 36.83% | 47.20% | -6.35% | 0.00% | 238.60% | -75.39% | -40.00% | -23.33% | 0.00% |
| Dividend Yield | - | - | 5.42% | 3.79% | 3.45% | 1.17% | 1.40% | 3.82% | 1.05% | 5.89% | 4.61% | 4.93% |
| Net Income To Common (M) | 62.02 |
| (-) Cash Dividends Paid (M) | 38.53 |
| (=) Cash Retained (M) | 23.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12.40 | 7.75 | 4.65 |
| Cash Retained (M) | 23.49 | 23.49 | 23.49 |
| (-) Cash Required (M) | -12.40 | -7.75 | -4.65 |
| (=) Excess Retained (M) | 11.09 | 15.74 | 18.84 |
| (/) Shares Outstanding (M) | 254.99 | 254.99 | 254.99 |
| (=) Excess Retained per Share | 0.04 | 0.06 | 0.07 |
| LTM Dividend per Share | 0.15 | 0.15 | 0.15 |
| (+) Excess Retained per Share | 0.04 | 0.06 | 0.07 |
| (=) Adjusted Dividend | 0.19 | 0.21 | 0.22 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $17.50 | $45.33 | $48.37 |
| Upside / Downside | 620.02% | 1,765.58% | 1,890.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 62.02 | 66.05 | 70.35 | 74.92 | 79.79 | 84.98 | 87.53 |
| Payout Ratio | 62.13% | 67.70% | 73.28% | 78.85% | 84.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 38.53 | 44.72 | 51.55 | 59.07 | 67.36 | 76.48 | 80.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 41.53 | 41.92 | 42.31 |
| Year 2 PV (M) | 44.45 | 45.30 | 46.15 |
| Year 3 PV (M) | 47.31 | 48.67 | 50.05 |
| Year 4 PV (M) | 50.10 | 52.02 | 54.00 |
| Year 5 PV (M) | 52.82 | 55.37 | 58.02 |
| PV of Terminal Value (M) | 1,522.14 | 1,595.66 | 1,671.99 |
| Equity Value (M) | 1,758.34 | 1,838.94 | 1,922.53 |
| Shares Outstanding (M) | 254.99 | 254.99 | 254.99 |
| Fair Value | $6.90 | $7.21 | $7.54 |
| Upside / Downside | 183.78% | 196.78% | 210.28% |
| 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% |