Definitive Analysis
| Stable Growth | $26.37 - $50.30 | $47.14 |
| Multi-Stage | $8.01 - $8.76 | $8.38 |
| Blended Fair Value | $27.76 | |
| Current Price | $2.94 | |
| Upside | 844.14% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 21.93% | 10.71% | 0.09 | 0.08 | 0.08 | 0.05 | 0.00 | 0.03 | 0.04 | 0.04 | 0.04 | 0.03 |
| YoY Growth | - | - | 8.76% | 7.27% | 47.99% | 0.00% | -100.00% | -6.83% | -9.22% | 6.24% | 14.33% | -0.11% |
| Dividend Yield | - | - | 3.05% | 3.92% | 3.84% | 2.90% | 0.00% | 4.58% | 2.85% | 2.85% | 2.66% | 2.31% |
| Net Income To Common (M) | 83.18 |
| (-) Cash Dividends Paid (M) | 56.52 |
| (=) Cash Retained (M) | 26.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.64 | 10.40 | 6.24 |
| Cash Retained (M) | 26.66 | 26.66 | 26.66 |
| (-) Cash Required (M) | -16.64 | -10.40 | -6.24 |
| (=) Excess Retained (M) | 10.02 | 16.26 | 20.42 |
| (/) Shares Outstanding (M) | 328.87 | 328.87 | 328.87 |
| (=) Excess Retained per Share | 0.03 | 0.05 | 0.06 |
| LTM Dividend per Share | 0.17 | 0.17 | 0.17 |
| (+) Excess Retained per Share | 0.03 | 0.05 | 0.06 |
| (=) Adjusted Dividend | 0.20 | 0.22 | 0.23 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $26.37 | $47.14 | $50.30 |
| Upside / Downside | 796.88% | 1,503.29% | 1,610.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 83.18 | 88.58 | 94.34 | 100.47 | 107.00 | 113.96 | 117.38 |
| Payout Ratio | 67.95% | 72.36% | 76.77% | 81.18% | 85.59% | 90.00% | 92.50% |
| Projected Dividends (M) | 56.52 | 64.10 | 72.43 | 81.56 | 91.58 | 102.56 | 108.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 59.73 | 60.29 | 60.86 |
| Year 2 PV (M) | 62.89 | 64.08 | 65.29 |
| Year 3 PV (M) | 65.99 | 67.89 | 69.82 |
| Year 4 PV (M) | 69.05 | 71.70 | 74.43 |
| Year 5 PV (M) | 72.05 | 75.53 | 79.14 |
| PV of Terminal Value (M) | 2,304.66 | 2,415.98 | 2,531.55 |
| Equity Value (M) | 2,634.36 | 2,755.47 | 2,881.10 |
| Shares Outstanding (M) | 328.87 | 328.87 | 328.87 |
| Fair Value | $8.01 | $8.38 | $8.76 |
| Upside / Downside | 172.46% | 184.99% | 197.98% |
| 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% |