Definitive Analysis
| Stable Growth | $15.90 - $61.01 | $45.53 |
| Multi-Stage | $7.91 - $8.64 | $8.27 |
| Blended Fair Value | $26.90 | |
| Current Price | $2.17 | |
| Upside | 1,139.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.88% | 0.00% | 0.14 | 0.07 | 0.19 | 0.06 | 0.03 | 0.09 | 0.03 | 0.03 | 0.04 | 0.00 |
| YoY Growth | - | - | 97.72% | -62.46% | 233.56% | 80.49% | -64.16% | 231.30% | 5.00% | -33.33% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.72% | 2.72% | 5.48% | 1.16% | 0.36% | 0.67% | 0.26% | 0.24% | 0.37% | 0.00% |
| Net Income To Common (M) | 98.00 |
| (-) Cash Dividends Paid (M) | 94.26 |
| (=) Cash Retained (M) | 3.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 19.60 | 12.25 | 7.35 |
| Cash Retained (M) | 3.74 | 3.74 | 3.74 |
| (-) Cash Required (M) | -19.60 | -12.25 | -7.35 |
| (=) Excess Retained (M) | -15.86 | -8.51 | -3.61 |
| (/) Shares Outstanding (M) | 319.46 | 319.46 | 319.46 |
| (=) Excess Retained per Share | -0.05 | -0.03 | -0.01 |
| LTM Dividend per Share | 0.30 | 0.30 | 0.30 |
| (+) Excess Retained per Share | -0.05 | -0.03 | -0.01 |
| (=) Adjusted Dividend | 0.25 | 0.27 | 0.28 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $15.90 | $45.53 | $61.01 |
| Upside / Downside | 632.95% | 1,998.27% | 2,711.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 98.00 | 104.36 | 111.15 | 118.37 | 126.07 | 134.26 | 138.29 |
| Payout Ratio | 96.18% | 94.95% | 93.71% | 92.47% | 91.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 94.26 | 99.09 | 104.16 | 109.46 | 115.02 | 120.84 | 127.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 91.63 | 92.50 | 93.37 |
| Year 2 PV (M) | 89.06 | 90.76 | 92.47 |
| Year 3 PV (M) | 86.55 | 89.04 | 91.57 |
| Year 4 PV (M) | 84.10 | 87.33 | 90.66 |
| Year 5 PV (M) | 81.70 | 85.64 | 89.74 |
| PV of Terminal Value (M) | 2,095.14 | 2,196.34 | 2,301.41 |
| Equity Value (M) | 2,528.18 | 2,641.60 | 2,759.21 |
| Shares Outstanding (M) | 319.46 | 319.46 | 319.46 |
| Fair Value | $7.91 | $8.27 | $8.64 |
| Upside / Downside | 264.70% | 281.06% | 298.03% |
| 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% |