Definitive Analysis
| Stable Growth | $48.87 - $187.36 | $140.04 |
| Multi-Stage | $23.52 - $25.71 | $24.59 |
| Blended Fair Value | $82.31 | |
| Current Price | $11.20 | |
| Upside | 634.95% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 27.06% | 0.00% | 0.50 | 0.00 | 0.00 | 0.20 | 0.16 | 0.15 | 0.00 | 0.00 | 0.00 | 0.07 |
| YoY Growth | - | - | 766,562.50% | -72.41% | -99.88% | 25.20% | 6.52% | 0.00% | 0.00% | 0.00% | -100.00% | 0.00% |
| Dividend Yield | - | - | 4.42% | 0.00% | 0.00% | 3.01% | 4.02% | 4.94% | 0.00% | 0.00% | 0.00% | 3.55% |
| Net Income To Common (M) | 116.65 |
| (-) Cash Dividends Paid (M) | 61.42 |
| (=) Cash Retained (M) | 55.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.33 | 14.58 | 8.75 |
| Cash Retained (M) | 55.23 | 55.23 | 55.23 |
| (-) Cash Required (M) | -23.33 | -14.58 | -8.75 |
| (=) Excess Retained (M) | 31.90 | 40.65 | 46.48 |
| (/) Shares Outstanding (M) | 123.82 | 123.82 | 123.82 |
| (=) Excess Retained per Share | 0.26 | 0.33 | 0.38 |
| LTM Dividend per Share | 0.50 | 0.50 | 0.50 |
| (+) Excess Retained per Share | 0.26 | 0.33 | 0.38 |
| (=) Adjusted Dividend | 0.75 | 0.82 | 0.87 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $48.87 | $140.04 | $187.36 |
| Upside / Downside | 336.38% | 1,150.33% | 1,572.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 116.65 | 124.23 | 132.31 | 140.91 | 150.07 | 159.82 | 164.62 |
| Payout Ratio | 52.65% | 60.12% | 67.59% | 75.06% | 82.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 61.42 | 74.69 | 89.43 | 105.77 | 123.85 | 143.84 | 152.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 69.07 | 69.72 | 70.38 |
| Year 2 PV (M) | 76.47 | 77.93 | 79.40 |
| Year 3 PV (M) | 83.63 | 86.03 | 88.48 |
| Year 4 PV (M) | 90.56 | 94.04 | 97.62 |
| Year 5 PV (M) | 97.25 | 101.95 | 106.83 |
| PV of Terminal Value (M) | 2,494.65 | 2,615.14 | 2,740.24 |
| Equity Value (M) | 2,911.63 | 3,044.81 | 3,182.94 |
| Shares Outstanding (M) | 123.82 | 123.82 | 123.82 |
| Fair Value | $23.52 | $24.59 | $25.71 |
| Upside / Downside | 109.96% | 119.56% | 129.52% |
| 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% |