Definitive Analysis
| Stable Growth | $67.06 - $241.95 | $213.45 |
| Multi-Stage | $31.00 - $33.90 | $32.42 |
| Blended Fair Value | $122.93 | |
| Current Price | $8.14 | |
| Upside | 1,410.26% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -9.38% | 0.00% | 0.18 | 0.18 | 0.57 | 0.34 | 0.23 | 0.29 | 0.24 | 0.19 | 0.19 | 0.00 |
| YoY Growth | - | - | 1.75% | -69.07% | 68.98% | 47.20% | -21.95% | 22.28% | 25.47% | 3.12% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.29% | 2.05% | 9.06% | 6.58% | 4.62% | 5.83% | 4.90% | 4.63% | 5.15% | 0.00% |
| Net Income To Common (M) | 393.95 |
| (-) Cash Dividends Paid (M) | 188.20 |
| (=) Cash Retained (M) | 205.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 78.79 | 49.24 | 29.55 |
| Cash Retained (M) | 205.75 | 205.75 | 205.75 |
| (-) Cash Required (M) | -78.79 | -49.24 | -29.55 |
| (=) Excess Retained (M) | 126.96 | 156.51 | 176.20 |
| (/) Shares Outstanding (M) | 323.81 | 323.81 | 323.81 |
| (=) Excess Retained per Share | 0.39 | 0.48 | 0.54 |
| LTM Dividend per Share | 0.58 | 0.58 | 0.58 |
| (+) Excess Retained per Share | 0.39 | 0.48 | 0.54 |
| (=) Adjusted Dividend | 0.97 | 1.06 | 1.13 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $67.06 | $213.45 | $241.95 |
| Upside / Downside | 723.85% | 2,522.18% | 2,872.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 393.95 | 419.56 | 446.83 | 475.87 | 506.80 | 539.75 | 555.94 |
| Payout Ratio | 47.77% | 56.22% | 64.66% | 73.11% | 81.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 188.20 | 235.87 | 288.93 | 347.90 | 413.32 | 485.77 | 514.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 218.30 | 220.37 | 222.44 |
| Year 2 PV (M) | 247.51 | 252.22 | 256.98 |
| Year 3 PV (M) | 275.83 | 283.75 | 291.81 |
| Year 4 PV (M) | 303.29 | 314.95 | 326.95 |
| Year 5 PV (M) | 329.91 | 345.84 | 362.39 |
| PV of Terminal Value (M) | 8,663.67 | 9,082.13 | 9,516.60 |
| Equity Value (M) | 10,038.50 | 10,499.26 | 10,977.17 |
| Shares Outstanding (M) | 323.81 | 323.81 | 323.81 |
| Fair Value | $31.00 | $32.42 | $33.90 |
| Upside / Downside | 280.85% | 298.33% | 316.46% |
| 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% |