Definitive Analysis
| Stable Growth | $2,123.25 - $4,910.34 | $3,106.49 |
| Multi-Stage | $2,809.43 - $3,076.90 | $2,940.66 |
| Blended Fair Value | $3,023.57 | |
| Current Price | $890.00 | |
| Upside | 239.73% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -19.59% | 15.15% | 41.00 | 38.00 | 33.00 | 29.50 | 30.00 | 121.98 | 30.00 | 25.00 | 20.00 | 15.00 |
| YoY Growth | - | - | 7.89% | 15.15% | 11.86% | -1.67% | -75.41% | 306.60% | 20.00% | 25.00% | 33.33% | 50.00% |
| Dividend Yield | - | - | 6.72% | 8.09% | 6.96% | 6.33% | 8.20% | 26.52% | 6.64% | 4.42% | 5.21% | 6.30% |
| Net Income To Common (M) | 10.34 |
| (-) Cash Dividends Paid (M) | 9.00 |
| (=) Cash Retained (M) | 1.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2.07 | 1.29 | 0.78 |
| Cash Retained (M) | 1.34 | 1.34 | 1.34 |
| (-) Cash Required (M) | -2.07 | -1.29 | -0.78 |
| (=) Excess Retained (M) | -0.72 | 0.05 | 0.57 |
| (/) Shares Outstanding (M) | 0.10 | 0.10 | 0.10 |
| (=) Excess Retained per Share | -7.40 | 0.53 | 5.82 |
| LTM Dividend per Share | 92.00 | 92.00 | 92.00 |
| (+) Excess Retained per Share | -7.40 | 0.53 | 5.82 |
| (=) Adjusted Dividend | 84.60 | 92.53 | 97.82 |
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 2.39% | 3.39% | 4.39% |
| Fair Value | $2,123.25 | $3,106.49 | $4,910.34 |
| Upside / Downside | 138.57% | 249.04% | 451.72% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10.34 | 10.69 | 11.05 | 11.43 | 11.82 | 12.22 | 12.58 |
| Payout Ratio | 87.00% | 87.60% | 88.20% | 88.80% | 89.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 9.00 | 9.37 | 9.75 | 10.15 | 10.56 | 10.99 | 11.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 2.39% | 3.39% | 4.39% |
| Year 1 PV (M) | 8.71 | 8.80 | 8.88 |
| Year 2 PV (M) | 8.44 | 8.60 | 8.77 |
| Year 3 PV (M) | 8.17 | 8.41 | 8.66 |
| Year 4 PV (M) | 7.91 | 8.22 | 8.54 |
| Year 5 PV (M) | 7.66 | 8.04 | 8.43 |
| PV of Terminal Value (M) | 233.88 | 245.53 | 257.64 |
| Equity Value (M) | 274.76 | 287.60 | 300.92 |
| Shares Outstanding (M) | 0.10 | 0.10 | 0.10 |
| Fair Value | $2,809.43 | $2,940.66 | $3,076.90 |
| Upside / Downside | 215.67% | 230.41% | 245.72% |
| 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% |