Definitive Analysis
| Stable Growth | $50.45 - $135.30 | $77.41 |
| Multi-Stage | $61.93 - $67.84 | $64.83 |
| Blended Fair Value | $71.12 | |
| Current Price | $11.98 | |
| Upside | 493.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -19.02% | 7.30% | 0.40 | 0.35 | 0.30 | 0.30 | 0.30 | 1.15 | 0.25 | 0.20 | 0.39 | 0.20 |
| YoY Growth | - | - | 14.29% | 16.67% | 0.05% | 0.03% | -73.90% | 360.71% | 25.43% | -48.55% | 95.12% | 0.08% |
| Dividend Yield | - | - | 3.59% | 3.55% | 3.13% | 2.64% | 2.80% | 8.98% | 2.07% | 1.74% | 4.25% | 2.39% |
| Net Income To Common (M) | 484.85 |
| (-) Cash Dividends Paid (M) | 398.46 |
| (=) Cash Retained (M) | 86.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 96.97 | 60.61 | 36.36 |
| Cash Retained (M) | 86.38 | 86.38 | 86.38 |
| (-) Cash Required (M) | -96.97 | -60.61 | -36.36 |
| (=) Excess Retained (M) | -10.59 | 25.78 | 50.02 |
| (/) Shares Outstanding (M) | 221.35 | 221.35 | 221.35 |
| (=) Excess Retained per Share | -0.05 | 0.12 | 0.23 |
| LTM Dividend per Share | 1.80 | 1.80 | 1.80 |
| (+) Excess Retained per Share | -0.05 | 0.12 | 0.23 |
| (=) Adjusted Dividend | 1.75 | 1.92 | 2.03 |
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 2.73% | 3.73% | 4.73% |
| Fair Value | $50.45 | $77.41 | $135.30 |
| Upside / Downside | 321.10% | 546.14% | 1,029.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 484.85 | 502.93 | 521.69 | 541.15 | 561.33 | 582.27 | 599.74 |
| Payout Ratio | 82.18% | 83.75% | 85.31% | 86.87% | 88.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 398.46 | 421.19 | 445.05 | 470.11 | 496.42 | 524.04 | 554.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 2.73% | 3.73% | 4.73% |
| Year 1 PV (M) | 392.41 | 396.23 | 400.05 |
| Year 2 PV (M) | 386.32 | 393.88 | 401.51 |
| Year 3 PV (M) | 380.19 | 391.40 | 402.83 |
| Year 4 PV (M) | 374.04 | 388.82 | 404.03 |
| Year 5 PV (M) | 367.87 | 386.13 | 405.11 |
| PV of Terminal Value (M) | 11,807.30 | 12,393.28 | 13,002.29 |
| Equity Value (M) | 13,708.14 | 14,349.74 | 15,015.81 |
| Shares Outstanding (M) | 221.35 | 221.35 | 221.35 |
| Fair Value | $61.93 | $64.83 | $67.84 |
| Upside / Downside | 416.94% | 441.14% | 466.25% |
| 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% |