Definitive Analysis
| Stable Growth | $43.69 - $138.40 | $129.70 |
| Multi-Stage | $18.80 - $20.55 | $19.66 |
| Blended Fair Value | $74.68 | |
| Current Price | $4.90 | |
| Upside | 1,424.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.47% | 30.82% | 0.39 | 0.20 | 0.38 | 0.14 | 0.03 | 0.18 | 0.07 | 0.13 | 0.16 | 0.01 |
| YoY Growth | - | - | 95.00% | -47.37% | 179.21% | 353.66% | -83.51% | 164.92% | -48.49% | -19.48% | 1,127.96% | -49.25% |
| Dividend Yield | - | - | 6.99% | 2.65% | 5.22% | 1.48% | 0.60% | 8.23% | 1.44% | 2.19% | 1.38% | 0.12% |
| Net Income To Common (M) | 380.17 |
| (-) Cash Dividends Paid (M) | 228.33 |
| (=) Cash Retained (M) | 151.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 76.03 | 47.52 | 28.51 |
| Cash Retained (M) | 151.85 | 151.85 | 151.85 |
| (-) Cash Required (M) | -76.03 | -47.52 | -28.51 |
| (=) Excess Retained (M) | 75.81 | 104.33 | 123.33 |
| (/) Shares Outstanding (M) | 546.29 | 546.29 | 546.29 |
| (=) Excess Retained per Share | 0.14 | 0.19 | 0.23 |
| LTM Dividend per Share | 0.42 | 0.42 | 0.42 |
| (+) Excess Retained per Share | 0.14 | 0.19 | 0.23 |
| (=) Adjusted Dividend | 0.56 | 0.61 | 0.64 |
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $43.69 | $129.70 | $138.40 |
| Upside / Downside | 791.55% | 2,546.98% | 2,724.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 380.17 | 404.88 | 431.20 | 459.23 | 489.08 | 520.87 | 536.50 |
| Payout Ratio | 60.06% | 66.05% | 72.03% | 78.02% | 84.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 228.33 | 267.41 | 310.62 | 358.31 | 410.88 | 468.78 | 496.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 247.93 | 250.28 | 252.63 |
| Year 2 PV (M) | 267.01 | 272.09 | 277.23 |
| Year 3 PV (M) | 285.57 | 293.76 | 302.12 |
| Year 4 PV (M) | 303.61 | 315.29 | 327.30 |
| Year 5 PV (M) | 321.16 | 336.68 | 352.78 |
| PV of Terminal Value (M) | 8,843.49 | 9,270.63 | 9,714.12 |
| Equity Value (M) | 10,268.77 | 10,738.74 | 11,226.18 |
| Shares Outstanding (M) | 546.29 | 546.29 | 546.29 |
| Fair Value | $18.80 | $19.66 | $20.55 |
| Upside / Downside | 283.62% | 301.18% | 319.39% |
| 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% |