Definitive Analysis
| Stable Growth | $68.43 - $123.60 | $91.45 |
| Multi-Stage | $71.70 - $78.33 | $74.96 |
| Blended Fair Value | $83.21 | |
| Current Price | $16.05 | |
| Upside | 418.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.34% | 0.00% | 1.23 | 1.16 | 1.17 | 1.11 | 1.02 | 0.95 | 0.94 | 0.95 | 0.95 | 0.95 |
| YoY Growth | - | - | 5.65% | -0.59% | 5.48% | 8.16% | 8.27% | 0.06% | -0.94% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.08% | 9.05% | 8.49% | 5.83% | 8.00% | 7.26% | 8.04% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 763.92 |
| (-) Cash Dividends Paid (M) | 390.35 |
| (=) Cash Retained (M) | 373.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 152.78 | 95.49 | 57.29 |
| Cash Retained (M) | 373.57 | 373.57 | 373.57 |
| (-) Cash Required (M) | -152.78 | -95.49 | -57.29 |
| (=) Excess Retained (M) | 220.79 | 278.08 | 316.28 |
| (/) Shares Outstanding (M) | 160.36 | 160.36 | 160.36 |
| (=) Excess Retained per Share | 1.38 | 1.73 | 1.97 |
| LTM Dividend per Share | 2.43 | 2.43 | 2.43 |
| (+) Excess Retained per Share | 1.38 | 1.73 | 1.97 |
| (=) Adjusted Dividend | 3.81 | 4.17 | 4.41 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.34% | 4.34% | 5.34% |
| Fair Value | $68.43 | $91.45 | $123.60 |
| Upside / Downside | 326.33% | 469.81% | 670.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 763.92 | 797.09 | 831.71 | 867.82 | 905.50 | 944.82 | 973.17 |
| Payout Ratio | 51.10% | 58.88% | 66.66% | 74.44% | 82.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 390.35 | 469.32 | 554.41 | 646.00 | 744.50 | 850.34 | 900.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.34% | 4.34% | 5.34% |
| Year 1 PV (M) | 426.06 | 430.18 | 434.30 |
| Year 2 PV (M) | 456.91 | 465.79 | 474.77 |
| Year 3 PV (M) | 483.32 | 497.49 | 511.93 |
| Year 4 PV (M) | 505.67 | 525.53 | 545.97 |
| Year 5 PV (M) | 524.32 | 550.19 | 577.06 |
| PV of Terminal Value (M) | 9,102.22 | 9,551.22 | 10,017.76 |
| Equity Value (M) | 11,498.50 | 12,020.40 | 12,561.79 |
| Shares Outstanding (M) | 160.36 | 160.36 | 160.36 |
| Fair Value | $71.70 | $74.96 | $78.33 |
| Upside / Downside | 346.75% | 367.03% | 388.06% |
| 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% |