Definitive Analysis
| Stable Growth | $25.67 - $41.00 | $32.63 |
| Multi-Stage | $52.68 - $57.86 | $55.22 |
| Blended Fair Value | $43.92 | |
| Current Price | $22.30 | |
| Upside | 96.97% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.15% | 1.00% | 1.76 | 1.67 | 1.48 | 2.75 | 0.14 | 1.30 | 1.36 | 1.26 | 0.08 | 4.98 |
| YoY Growth | - | - | 5.24% | 12.90% | -46.24% | 1,935.29% | -89.63% | -4.09% | 8.23% | 1,480.00% | -98.40% | 213.00% |
| Dividend Yield | - | - | 8.81% | 5.89% | 4.83% | 6.48% | 0.31% | 7.37% | 5.55% | 4.12% | 0.30% | 22.62% |
| Net Income To Common (M) | 312.00 |
| (-) Cash Dividends Paid (M) | 218.00 |
| (=) Cash Retained (M) | 94.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 62.40 | 39.00 | 23.40 |
| Cash Retained (M) | 94.00 | 94.00 | 94.00 |
| (-) Cash Required (M) | -62.40 | -39.00 | -23.40 |
| (=) Excess Retained (M) | 31.60 | 55.00 | 70.60 |
| (/) Shares Outstanding (M) | 125.80 | 125.80 | 125.80 |
| (=) Excess Retained per Share | 0.25 | 0.44 | 0.56 |
| LTM Dividend per Share | 1.73 | 1.73 | 1.73 |
| (+) Excess Retained per Share | 0.25 | 0.44 | 0.56 |
| (=) Adjusted Dividend | 1.98 | 2.17 | 2.29 |
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | -1.00% | 0.00% | 1.00% |
| Fair Value | $25.67 | $32.63 | $41.00 |
| Upside / Downside | 15.13% | 46.32% | 83.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 312.00 | 312.01 | 312.02 | 312.03 | 312.04 | 312.05 | 321.42 |
| Payout Ratio | 69.87% | 73.90% | 77.92% | 81.95% | 85.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 218.00 | 230.57 | 243.14 | 255.71 | 268.28 | 280.85 | 297.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | -1.00% | 0.00% | 1.00% |
| Year 1 PV (M) | 214.02 | 216.18 | 218.34 |
| Year 2 PV (M) | 209.49 | 213.74 | 218.04 |
| Year 3 PV (M) | 204.51 | 210.77 | 217.15 |
| Year 4 PV (M) | 199.16 | 207.33 | 215.75 |
| Year 5 PV (M) | 193.53 | 203.51 | 213.89 |
| PV of Terminal Value (M) | 5,606.09 | 5,895.00 | 6,195.69 |
| Equity Value (M) | 6,626.80 | 6,946.53 | 7,278.86 |
| Shares Outstanding (M) | 125.80 | 125.80 | 125.80 |
| Fair Value | $52.68 | $55.22 | $57.86 |
| Upside / Downside | 136.22% | 147.62% | 159.46% |
| 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% |