Definitive Analysis
| Stable Growth | $30.32 - $42.26 | $36.28 |
| Multi-Stage | $54.94 - $60.36 | $57.60 |
| Blended Fair Value | $46.94 | |
| Current Price | $21.35 | |
| Upside | 119.87% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.12% | -1.96% | 1.26 | 1.27 | 2.12 | 1.14 | 1.08 | 1.03 | 1.02 | 1.02 | 1.18 | 1.24 |
| YoY Growth | - | - | -1.13% | -39.82% | 86.31% | 5.01% | 5.09% | 0.46% | 0.02% | -13.58% | -4.21% | -19.37% |
| Dividend Yield | - | - | 6.26% | 6.74% | 12.35% | 5.13% | 6.21% | 5.96% | 7.27% | 6.24% | 8.64% | 8.75% |
| Net Income To Common (M) | 220.66 |
| (-) Cash Dividends Paid (M) | 97.51 |
| (=) Cash Retained (M) | 123.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 44.13 | 27.58 | 16.55 |
| Cash Retained (M) | 123.15 | 123.15 | 123.15 |
| (-) Cash Required (M) | -44.13 | -27.58 | -16.55 |
| (=) Excess Retained (M) | 79.02 | 95.57 | 106.60 |
| (/) Shares Outstanding (M) | 42.83 | 42.83 | 42.83 |
| (=) Excess Retained per Share | 1.84 | 2.23 | 2.49 |
| LTM Dividend per Share | 2.28 | 2.28 | 2.28 |
| (+) Excess Retained per Share | 1.84 | 2.23 | 2.49 |
| (=) Adjusted Dividend | 4.12 | 4.51 | 4.77 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.96% | -2.96% | -1.96% |
| Fair Value | $30.32 | $36.28 | $42.26 |
| Upside / Downside | 42.00% | 69.95% | 97.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 220.66 | 214.13 | 207.80 | 201.65 | 195.69 | 189.90 | 195.60 |
| Payout Ratio | 44.19% | 53.35% | 62.51% | 71.68% | 80.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 97.51 | 114.24 | 129.90 | 144.54 | 158.19 | 170.91 | 180.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -3.96% | -2.96% | -1.96% |
| Year 1 PV (M) | 103.64 | 104.72 | 105.80 |
| Year 2 PV (M) | 106.90 | 109.14 | 111.40 |
| Year 3 PV (M) | 107.90 | 111.31 | 114.78 |
| Year 4 PV (M) | 107.13 | 111.66 | 116.34 |
| Year 5 PV (M) | 105.00 | 110.58 | 116.40 |
| PV of Terminal Value (M) | 1,822.81 | 1,919.70 | 2,020.67 |
| Equity Value (M) | 2,353.38 | 2,467.11 | 2,585.39 |
| Shares Outstanding (M) | 42.83 | 42.83 | 42.83 |
| Fair Value | $54.94 | $57.60 | $60.36 |
| Upside / Downside | 157.35% | 169.78% | 182.72% |
| 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% |