Definitive Analysis
| Stable Growth | $1.04 - $1.54 | $1.28 |
| Multi-Stage | $2.83 - $3.12 | $2.97 |
| Blended Fair Value | $2.13 | |
| Current Price | $1.50 | |
| Upside | 41.78% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.87% | 7.18% | 0.15 | 0.15 | 0.10 | 0.09 | 0.06 | 0.08 | 0.08 | 0.10 | 0.13 | 0.08 |
| YoY Growth | - | - | 0.00% | 50.00% | 10.42% | 64.66% | -26.67% | 0.00% | -25.00% | -20.00% | 66.67% | 0.00% |
| Dividend Yield | - | - | 10.17% | 9.02% | 5.94% | 3.54% | 2.91% | 6.55% | 3.02% | 3.04% | 2.05% | 1.27% |
| Net Income To Common (M) | 166.33 |
| (-) Cash Dividends Paid (M) | 161.62 |
| (=) Cash Retained (M) | 4.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 33.27 | 20.79 | 12.47 |
| Cash Retained (M) | 4.70 | 4.70 | 4.70 |
| (-) Cash Required (M) | -33.27 | -20.79 | -12.47 |
| (=) Excess Retained (M) | -28.56 | -16.09 | -7.77 |
| (/) Shares Outstanding (M) | 1,238.61 | 1,238.61 | 1,238.61 |
| (=) Excess Retained per Share | -0.02 | -0.01 | -0.01 |
| LTM Dividend per Share | 0.13 | 0.13 | 0.13 |
| (+) Excess Retained per Share | -0.02 | -0.01 | -0.01 |
| (=) Adjusted Dividend | 0.11 | 0.12 | 0.12 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -3.62% | -2.62% | -1.62% |
| Fair Value | $1.04 | $1.28 | $1.54 |
| Upside / Downside | -30.50% | -14.59% | 2.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 166.33 | 161.98 | 157.74 | 153.61 | 149.60 | 145.68 | 150.05 |
| Payout Ratio | 97.17% | 95.74% | 94.30% | 92.87% | 91.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 161.62 | 155.07 | 148.75 | 142.66 | 136.78 | 131.11 | 138.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -3.62% | -2.62% | -1.62% |
| Year 1 PV (M) | 144.36 | 145.86 | 147.36 |
| Year 2 PV (M) | 128.92 | 131.60 | 134.32 |
| Year 3 PV (M) | 115.10 | 118.71 | 122.41 |
| Year 4 PV (M) | 102.73 | 107.06 | 111.53 |
| Year 5 PV (M) | 91.67 | 96.53 | 101.59 |
| PV of Terminal Value (M) | 2,926.69 | 3,081.70 | 3,243.21 |
| Equity Value (M) | 3,509.47 | 3,681.47 | 3,860.41 |
| Shares Outstanding (M) | 1,238.61 | 1,238.61 | 1,238.61 |
| Fair Value | $2.83 | $2.97 | $3.12 |
| Upside / Downside | 88.89% | 98.15% | 107.78% |
| 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% |