Definitive Analysis
| Stable Growth | $76.85 - $239.95 | $224.87 |
| Multi-Stage | $33.69 - $36.78 | $35.21 |
| Blended Fair Value | $130.04 | |
| Current Price | $11.90 | |
| Upside | 992.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.46% | 14.23% | 0.70 | 0.65 | 0.61 | 0.65 | 0.50 | 0.62 | 0.55 | 0.54 | 0.20 | 0.20 |
| YoY Growth | - | - | 7.69% | 6.56% | -6.15% | 30.00% | -19.35% | 12.73% | 1.85% | 170.00% | 0.00% | 8.11% |
| Dividend Yield | - | - | 6.09% | 8.12% | 9.31% | 9.70% | 7.52% | 15.50% | 9.32% | 7.83% | 2.90% | 4.27% |
| Net Income To Common (M) | 342.53 |
| (-) Cash Dividends Paid (M) | 340.67 |
| (=) Cash Retained (M) | 1.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 68.51 | 42.82 | 25.69 |
| Cash Retained (M) | 1.86 | 1.86 | 1.86 |
| (-) Cash Required (M) | -68.51 | -42.82 | -25.69 |
| (=) Excess Retained (M) | -66.64 | -40.95 | -23.83 |
| (/) Shares Outstanding (M) | 283.89 | 283.89 | 283.89 |
| (=) Excess Retained per Share | -0.23 | -0.14 | -0.08 |
| LTM Dividend per Share | 1.20 | 1.20 | 1.20 |
| (+) Excess Retained per Share | -0.23 | -0.14 | -0.08 |
| (=) Adjusted Dividend | 0.97 | 1.06 | 1.12 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $76.85 | $224.87 | $239.95 |
| Upside / Downside | 545.81% | 1,789.68% | 1,916.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 342.53 | 364.79 | 388.50 | 413.76 | 440.65 | 469.29 | 483.37 |
| Payout Ratio | 99.46% | 97.57% | 95.67% | 93.78% | 91.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 340.67 | 355.91 | 371.70 | 388.03 | 404.92 | 422.36 | 447.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 330.04 | 333.17 | 336.30 |
| Year 2 PV (M) | 319.63 | 325.72 | 331.86 |
| Year 3 PV (M) | 309.43 | 318.31 | 327.36 |
| Year 4 PV (M) | 299.43 | 310.94 | 322.78 |
| Year 5 PV (M) | 289.62 | 303.61 | 318.14 |
| PV of Terminal Value (M) | 8,015.54 | 8,402.70 | 8,804.67 |
| Equity Value (M) | 9,563.70 | 9,994.45 | 10,441.12 |
| Shares Outstanding (M) | 283.89 | 283.89 | 283.89 |
| Fair Value | $33.69 | $35.21 | $36.78 |
| Upside / Downside | 183.09% | 195.84% | 209.07% |
| 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% |