Definitive Analysis
| Stable Growth | $16.47 - $73.81 | $38.34 |
| Multi-Stage | $8.77 - $9.57 | $9.16 |
| Blended Fair Value | $23.75 | |
| Current Price | $3.71 | |
| Upside | 540.20% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.25% | 10.03% | 0.13 | 0.12 | 0.12 | 0.12 | 0.13 | 0.06 | 0.08 | 0.08 | 0.06 | 0.05 |
| YoY Growth | - | - | 15.19% | -2.77% | 1.26% | -9.71% | 107.30% | -20.35% | 3.35% | 32.70% | 17.64% | -4.69% |
| Dividend Yield | - | - | 3.60% | 2.95% | 3.17% | 2.76% | 3.62% | 2.87% | 2.90% | 3.55% | 2.56% | 2.46% |
| Net Income To Common (M) | 139.00 |
| (-) Cash Dividends Paid (M) | 93.39 |
| (=) Cash Retained (M) | 45.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 27.80 | 17.37 | 10.42 |
| Cash Retained (M) | 45.61 | 45.61 | 45.61 |
| (-) Cash Required (M) | -27.80 | -17.37 | -10.42 |
| (=) Excess Retained (M) | 17.81 | 28.24 | 35.19 |
| (/) Shares Outstanding (M) | 374.52 | 374.52 | 374.52 |
| (=) Excess Retained per Share | 0.05 | 0.08 | 0.09 |
| LTM Dividend per Share | 0.25 | 0.25 | 0.25 |
| (+) Excess Retained per Share | 0.05 | 0.08 | 0.09 |
| (=) Adjusted Dividend | 0.30 | 0.32 | 0.34 |
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $16.47 | $38.34 | $73.81 |
| Upside / Downside | 343.89% | 933.43% | 1,889.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 139.00 | 148.03 | 157.66 | 167.90 | 178.82 | 190.44 | 196.15 |
| Payout Ratio | 67.19% | 71.75% | 76.31% | 80.87% | 85.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 93.39 | 106.21 | 120.31 | 135.79 | 152.78 | 171.40 | 181.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 97.96 | 98.89 | 99.82 |
| Year 2 PV (M) | 102.35 | 104.30 | 106.27 |
| Year 3 PV (M) | 106.55 | 109.61 | 112.72 |
| Year 4 PV (M) | 110.56 | 114.82 | 119.19 |
| Year 5 PV (M) | 114.41 | 119.93 | 125.67 |
| PV of Terminal Value (M) | 2,751.27 | 2,884.16 | 3,022.13 |
| Equity Value (M) | 3,283.10 | 3,431.70 | 3,585.80 |
| Shares Outstanding (M) | 374.52 | 374.52 | 374.52 |
| Fair Value | $8.77 | $9.16 | $9.57 |
| Upside / Downside | 136.28% | 146.98% | 158.07% |
| 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% |