Definitive Analysis
| Stable Growth | $320.05 - $478.94 | $395.45 |
| Multi-Stage | $450.85 - $495.58 | $472.78 |
| Blended Fair Value | $434.12 | |
| Current Price | $3.28 | |
| Upside | 13,135.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.66% | 0.00% | 0.19 | 0.19 | 0.20 | 0.19 | 0.18 | 0.18 | 0.09 | 0.00 | 0.42 | 0.00 |
| YoY Growth | - | - | 0.00% | -1.01% | 4.96% | 4.49% | 0.00% | 100.00% | 0.00% | -100.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.93% | 6.63% | 5.28% | 3.97% | 2.69% | 3.68% | 1.24% | 0.00% | 4.88% | 0.00% |
| Net Income To Common (M) | 479.46 |
| (-) Cash Dividends Paid (M) | 2.50 |
| (=) Cash Retained (M) | 476.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 95.89 | 59.93 | 35.96 |
| Cash Retained (M) | 476.96 | 476.96 | 476.96 |
| (-) Cash Required (M) | -95.89 | -59.93 | -35.96 |
| (=) Excess Retained (M) | 381.07 | 417.03 | 441.00 |
| (/) Shares Outstanding (M) | 12.65 | 12.65 | 12.65 |
| (=) Excess Retained per Share | 30.12 | 32.97 | 34.86 |
| LTM Dividend per Share | 0.20 | 0.20 | 0.20 |
| (+) Excess Retained per Share | 30.12 | 32.97 | 34.86 |
| (=) Adjusted Dividend | 30.32 | 33.16 | 35.06 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.34% | 0.66% | 1.66% |
| Fair Value | $320.05 | $395.45 | $478.94 |
| Upside / Downside | 9,657.61% | 11,956.51% | 14,501.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 479.46 | 482.61 | 485.78 | 488.97 | 492.19 | 495.42 | 510.28 |
| Payout Ratio | 0.52% | 18.42% | 36.31% | 54.21% | 72.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 2.50 | 88.88 | 176.40 | 265.07 | 354.89 | 445.88 | 472.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.34% | 0.66% | 1.66% |
| Year 1 PV (M) | 80.66 | 81.47 | 82.28 |
| Year 2 PV (M) | 145.28 | 148.21 | 151.17 |
| Year 3 PV (M) | 198.10 | 204.13 | 210.27 |
| Year 4 PV (M) | 240.70 | 250.51 | 260.61 |
| Year 5 PV (M) | 274.44 | 288.49 | 303.11 |
| PV of Terminal Value (M) | 4,764.31 | 5,008.19 | 5,261.96 |
| Equity Value (M) | 5,703.50 | 5,981.00 | 6,269.40 |
| Shares Outstanding (M) | 12.65 | 12.65 | 12.65 |
| Fair Value | $450.85 | $472.78 | $495.58 |
| Upside / Downside | 13,645.30% | 14,314.07% | 15,009.11% |
| 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% |