Definitive Analysis
| Stable Growth | $132.14 - $320.85 | $300.68 |
| Multi-Stage | $48.55 - $53.04 | $50.75 |
| Blended Fair Value | $175.72 | |
| Current Price | $27.00 | |
| Upside | 550.81% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 1.41 | 1.06 | 0.70 | 0.37 | 1.37 | 0.00 | 0.00 | 0.14 | 0.00 | 0.00 |
| YoY Growth | - | - | 33.33% | 50.78% | 91.50% | -73.26% | 0.00% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.87% | 2.67% | 1.71% | 1.50% | 5.60% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 351.56 |
| (-) Cash Dividends Paid (M) | 319.00 |
| (=) Cash Retained (M) | 32.56 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 70.31 | 43.94 | 26.37 |
| Cash Retained (M) | 32.56 | 32.56 | 32.56 |
| (-) Cash Required (M) | -70.31 | -43.94 | -26.37 |
| (=) Excess Retained (M) | -37.75 | -11.39 | 6.19 |
| (/) Shares Outstanding (M) | 217.91 | 217.91 | 217.91 |
| (=) Excess Retained per Share | -0.17 | -0.05 | 0.03 |
| LTM Dividend per Share | 1.46 | 1.46 | 1.46 |
| (+) Excess Retained per Share | -0.17 | -0.05 | 0.03 |
| (=) Adjusted Dividend | 1.29 | 1.41 | 1.49 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $132.14 | $300.68 | $320.85 |
| Upside / Downside | 389.41% | 1,013.65% | 1,088.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 351.56 | 374.41 | 398.75 | 424.67 | 452.27 | 481.67 | 496.12 |
| Payout Ratio | 90.74% | 90.59% | 90.44% | 90.30% | 90.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 319.00 | 339.18 | 360.64 | 383.45 | 407.71 | 433.50 | 458.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 315.40 | 318.39 | 321.38 |
| Year 2 PV (M) | 311.84 | 317.78 | 323.78 |
| Year 3 PV (M) | 308.32 | 317.17 | 326.19 |
| Year 4 PV (M) | 304.84 | 316.56 | 328.62 |
| Year 5 PV (M) | 301.39 | 315.95 | 331.07 |
| PV of Terminal Value (M) | 9,037.35 | 9,473.86 | 9,927.07 |
| Equity Value (M) | 10,579.14 | 11,059.71 | 11,558.10 |
| Shares Outstanding (M) | 217.91 | 217.91 | 217.91 |
| Fair Value | $48.55 | $50.75 | $53.04 |
| Upside / Downside | 79.81% | 87.98% | 96.45% |
| 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% |