Definitive Analysis
| Stable Growth | $20.47 - $64.20 | $60.16 |
| Multi-Stage | $8.91 - $9.73 | $9.32 |
| Blended Fair Value | $34.74 | |
| Current Price | $4.98 | |
| Upside | 597.57% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.70% | 26.28% | 0.30 | 0.26 | 0.46 | 0.15 | 0.10 | 0.10 | 0.11 | 0.10 | 0.10 | 0.24 |
| YoY Growth | - | - | 15.44% | -42.22% | 200.19% | 49.70% | 0.61% | -10.35% | 12.27% | -0.86% | -57.97% | 715.55% |
| Dividend Yield | - | - | 5.69% | 4.32% | 7.54% | 2.41% | 1.83% | 2.16% | 2.34% | 2.11% | 1.79% | 5.01% |
| Net Income To Common (M) | 173.40 |
| (-) Cash Dividends Paid (M) | 148.35 |
| (=) Cash Retained (M) | 25.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 34.68 | 21.68 | 13.01 |
| Cash Retained (M) | 25.05 | 25.05 | 25.05 |
| (-) Cash Required (M) | -34.68 | -21.68 | -13.01 |
| (=) Excess Retained (M) | -9.63 | 3.38 | 12.05 |
| (/) Shares Outstanding (M) | 537.18 | 537.18 | 537.18 |
| (=) Excess Retained per Share | -0.02 | 0.01 | 0.02 |
| LTM Dividend per Share | 0.28 | 0.28 | 0.28 |
| (+) Excess Retained per Share | -0.02 | 0.01 | 0.02 |
| (=) Adjusted Dividend | 0.26 | 0.28 | 0.30 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $20.47 | $60.16 | $64.20 |
| Upside / Downside | 311.09% | 1,108.08% | 1,189.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 173.40 | 184.67 | 196.68 | 209.46 | 223.08 | 237.58 | 244.71 |
| Payout Ratio | 85.55% | 86.44% | 87.33% | 88.22% | 89.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 148.35 | 159.64 | 171.76 | 184.79 | 198.79 | 213.82 | 226.35 |
| 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) | 148.02 | 149.43 | 150.83 |
| Year 2 PV (M) | 147.69 | 150.50 | 153.34 |
| Year 3 PV (M) | 147.33 | 151.56 | 155.87 |
| Year 4 PV (M) | 146.96 | 152.62 | 158.43 |
| Year 5 PV (M) | 146.58 | 153.66 | 161.01 |
| PV of Terminal Value (M) | 4,050.66 | 4,246.31 | 4,449.45 |
| Equity Value (M) | 4,787.25 | 5,004.08 | 5,228.93 |
| Shares Outstanding (M) | 537.18 | 537.18 | 537.18 |
| Fair Value | $8.91 | $9.32 | $9.73 |
| Upside / Downside | 78.95% | 87.06% | 95.46% |
| 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% |