Definitive Analysis
| Stable Growth | $109.18 - $510.43 | $192.58 |
| Multi-Stage | $81.22 - $88.97 | $85.03 |
| Blended Fair Value | $138.80 | |
| Current Price | $10.82 | |
| Upside | 1,182.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.68% | 6.45% | 0.41 | 0.41 | 0.34 | 0.39 | 0.28 | 0.34 | 0.18 | 0.03 | 0.28 | 0.27 |
| YoY Growth | - | - | 1.21% | 18.20% | -10.86% | 40.15% | -19.85% | 93.07% | 509.80% | -89.48% | 2.61% | 22.72% |
| Dividend Yield | - | - | 3.81% | 3.78% | 4.65% | 5.58% | 4.74% | 6.27% | 3.94% | 0.45% | 4.17% | 6.27% |
| Net Income To Common (M) | 168.24 |
| (-) Cash Dividends Paid (M) | 39.43 |
| (=) Cash Retained (M) | 128.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 33.65 | 21.03 | 12.62 |
| Cash Retained (M) | 128.81 | 128.81 | 128.81 |
| (-) Cash Required (M) | -33.65 | -21.03 | -12.62 |
| (=) Excess Retained (M) | 95.16 | 107.78 | 116.19 |
| (/) Shares Outstanding (M) | 48.16 | 48.16 | 48.16 |
| (=) Excess Retained per Share | 1.98 | 2.24 | 2.41 |
| LTM Dividend per Share | 0.82 | 0.82 | 0.82 |
| (+) Excess Retained per Share | 1.98 | 2.24 | 2.41 |
| (=) Adjusted Dividend | 2.79 | 3.06 | 3.23 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 4.45% | 5.45% | 6.45% |
| Fair Value | $109.18 | $192.58 | $510.43 |
| Upside / Downside | 909.05% | 1,679.82% | 4,617.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 168.24 | 177.42 | 187.09 | 197.30 | 208.06 | 219.40 | 225.99 |
| Payout Ratio | 23.44% | 36.75% | 50.06% | 63.38% | 76.69% | 90.00% | 92.50% |
| Projected Dividends (M) | 39.43 | 65.20 | 93.66 | 125.04 | 159.55 | 197.46 | 209.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 4.45% | 5.45% | 6.45% |
| Year 1 PV (M) | 60.29 | 60.86 | 61.44 |
| Year 2 PV (M) | 80.07 | 81.62 | 83.17 |
| Year 3 PV (M) | 98.84 | 101.70 | 104.62 |
| Year 4 PV (M) | 116.61 | 121.14 | 125.80 |
| Year 5 PV (M) | 133.44 | 139.95 | 146.71 |
| PV of Terminal Value (M) | 3,422.19 | 3,589.17 | 3,762.60 |
| Equity Value (M) | 3,911.44 | 4,094.44 | 4,284.36 |
| Shares Outstanding (M) | 48.16 | 48.16 | 48.16 |
| Fair Value | $81.22 | $85.03 | $88.97 |
| Upside / Downside | 650.69% | 685.81% | 722.26% |
| 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% |