Definitive Analysis
| Stable Growth | $5.99 - $10.13 | $7.80 |
| Multi-Stage | $11.11 - $12.19 | $11.64 |
| Blended Fair Value | $9.72 | |
| Current Price | $3.87 | |
| Upside | 151.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.07% | 11.18% | 0.35 | 0.28 | 0.28 | 0.28 | 0.28 | 0.35 | 0.30 | 0.20 | 0.16 | 0.14 |
| YoY Growth | - | - | 25.83% | -0.09% | -0.01% | -0.10% | -20.65% | 16.69% | 50.00% | 24.96% | 13.72% | 16.45% |
| Dividend Yield | - | - | 7.93% | 7.59% | 6.59% | 7.30% | 8.98% | 11.50% | 5.20% | 4.18% | 3.14% | 2.41% |
| Net Income To Common (M) | 253.15 |
| (-) Cash Dividends Paid (M) | 204.91 |
| (=) Cash Retained (M) | 48.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 50.63 | 31.64 | 18.99 |
| Cash Retained (M) | 48.25 | 48.25 | 48.25 |
| (-) Cash Required (M) | -50.63 | -31.64 | -18.99 |
| (=) Excess Retained (M) | -2.39 | 16.60 | 29.26 |
| (/) Shares Outstanding (M) | 511.91 | 511.91 | 511.91 |
| (=) Excess Retained per Share | 0.00 | 0.03 | 0.06 |
| LTM Dividend per Share | 0.40 | 0.40 | 0.40 |
| (+) Excess Retained per Share | 0.00 | 0.03 | 0.06 |
| (=) Adjusted Dividend | 0.40 | 0.43 | 0.46 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.06% | 1.06% | 2.06% |
| Fair Value | $5.99 | $7.80 | $10.13 |
| Upside / Downside | 54.81% | 101.52% | 161.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 253.15 | 255.82 | 258.52 | 261.25 | 264.01 | 266.80 | 274.80 |
| Payout Ratio | 80.94% | 82.75% | 84.57% | 86.38% | 88.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 204.91 | 211.70 | 218.62 | 225.66 | 232.83 | 240.12 | 254.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.06% | 1.06% | 2.06% |
| Year 1 PV (M) | 196.51 | 198.48 | 200.44 |
| Year 2 PV (M) | 188.38 | 192.16 | 195.98 |
| Year 3 PV (M) | 180.50 | 185.96 | 191.54 |
| Year 4 PV (M) | 172.87 | 179.88 | 187.11 |
| Year 5 PV (M) | 165.49 | 173.93 | 182.70 |
| PV of Terminal Value (M) | 4,783.13 | 5,026.97 | 5,280.67 |
| Equity Value (M) | 5,686.87 | 5,957.38 | 6,238.44 |
| Shares Outstanding (M) | 511.91 | 511.91 | 511.91 |
| Fair Value | $11.11 | $11.64 | $12.19 |
| Upside / Downside | 187.06% | 200.71% | 214.90% |
| 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% |