Definitive Analysis
| Stable Growth | $82.11 - $179.26 | $167.99 |
| Multi-Stage | $28.06 - $30.66 | $29.34 |
| Blended Fair Value | $98.66 | |
| Current Price | $8.07 | |
| Upside | 1,122.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.58% | 50.54% | 0.47 | 0.31 | 0.51 | 0.32 | 0.30 | 0.22 | 0.15 | 0.14 | 0.13 | 0.08 |
| YoY Growth | - | - | 47.96% | -37.88% | 60.52% | 5.57% | 38.23% | 40.33% | 9.19% | 6.95% | 69.89% | 897.36% |
| Dividend Yield | - | - | 5.53% | 2.63% | 4.97% | 2.12% | 2.86% | 3.13% | 5.46% | 4.75% | 5.83% | 4.76% |
| Net Income To Common (M) | 162.63 |
| (-) Cash Dividends Paid (M) | 157.31 |
| (=) Cash Retained (M) | 5.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32.53 | 20.33 | 12.20 |
| Cash Retained (M) | 5.32 | 5.32 | 5.32 |
| (-) Cash Required (M) | -32.53 | -20.33 | -12.20 |
| (=) Excess Retained (M) | -27.20 | -15.01 | -6.88 |
| (/) Shares Outstanding (M) | 180.43 | 180.43 | 180.43 |
| (=) Excess Retained per Share | -0.15 | -0.08 | -0.04 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | -0.15 | -0.08 | -0.04 |
| (=) Adjusted Dividend | 0.72 | 0.79 | 0.83 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $82.11 | $167.99 | $179.26 |
| Upside / Downside | 917.51% | 1,981.71% | 2,121.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 162.63 | 173.21 | 184.46 | 196.45 | 209.22 | 222.82 | 229.51 |
| Payout Ratio | 96.73% | 95.38% | 94.04% | 92.69% | 91.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 157.31 | 165.21 | 173.46 | 182.09 | 191.12 | 200.54 | 212.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 153.77 | 155.23 | 156.69 |
| Year 2 PV (M) | 150.28 | 153.15 | 156.04 |
| Year 3 PV (M) | 146.84 | 151.06 | 155.36 |
| Year 4 PV (M) | 143.45 | 148.97 | 154.64 |
| Year 5 PV (M) | 140.11 | 146.88 | 153.90 |
| PV of Terminal Value (M) | 4,328.69 | 4,537.77 | 4,754.85 |
| Equity Value (M) | 5,063.16 | 5,293.05 | 5,531.48 |
| Shares Outstanding (M) | 180.43 | 180.43 | 180.43 |
| Fair Value | $28.06 | $29.34 | $30.66 |
| Upside / Downside | 247.73% | 263.52% | 279.89% |
| 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% |