Definitive Analysis
| Stable Growth | $866.40 - $2,298.31 | $1,324.81 |
| Multi-Stage | $578.64 - $632.99 | $605.32 |
| Blended Fair Value | $965.07 | |
| Current Price | $25.78 | |
| Upside | 3,643.47% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 104.68% | 44.58% | 26.31 | 17.25 | 0.00 | 0.00 | 0.89 | 0.73 | 0.71 | 0.60 | 0.62 | 0.64 |
| YoY Growth | - | - | 52.52% | 0.00% | 0.00% | -100.00% | 21.32% | 3.71% | 17.87% | -3.71% | -2.21% | -3.46% |
| Dividend Yield | - | - | 100.71% | 66.85% | 0.00% | 0.00% | 3.46% | 4.47% | 2.64% | 2.34% | 2.43% | 2.41% |
| Net Income To Common (M) | 580.80 |
| (-) Cash Dividends Paid (M) | 20.07 |
| (=) Cash Retained (M) | 560.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 116.16 | 72.60 | 43.56 |
| Cash Retained (M) | 560.73 | 560.73 | 560.73 |
| (-) Cash Required (M) | -116.16 | -72.60 | -43.56 |
| (=) Excess Retained (M) | 444.57 | 488.13 | 517.17 |
| (/) Shares Outstanding (M) | 15.73 | 15.73 | 15.73 |
| (=) Excess Retained per Share | 28.27 | 31.04 | 32.89 |
| LTM Dividend per Share | 1.28 | 1.28 | 1.28 |
| (+) Excess Retained per Share | 28.27 | 31.04 | 32.89 |
| (=) Adjusted Dividend | 29.55 | 32.32 | 34.16 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $866.40 | $1,324.81 | $2,298.31 |
| Upside / Downside | 3,260.74% | 5,038.92% | 8,815.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 580.80 | 618.55 | 658.76 | 701.58 | 747.18 | 795.75 | 819.62 |
| Payout Ratio | 3.46% | 20.76% | 38.07% | 55.38% | 72.69% | 90.00% | 92.50% |
| Projected Dividends (M) | 20.07 | 128.44 | 250.81 | 388.55 | 543.13 | 716.17 | 758.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 116.62 | 117.73 | 118.84 |
| Year 2 PV (M) | 206.79 | 210.72 | 214.70 |
| Year 3 PV (M) | 290.87 | 299.22 | 307.73 |
| Year 4 PV (M) | 369.19 | 383.39 | 397.99 |
| Year 5 PV (M) | 442.03 | 463.38 | 485.54 |
| PV of Terminal Value (M) | 7,673.55 | 8,044.19 | 8,429.01 |
| Equity Value (M) | 9,099.05 | 9,518.63 | 9,953.81 |
| Shares Outstanding (M) | 15.73 | 15.73 | 15.73 |
| Fair Value | $578.64 | $605.32 | $632.99 |
| Upside / Downside | 2,144.52% | 2,248.02% | 2,355.36% |
| 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% |