Definitive Analysis
| Stable Growth | $5.01 - $7.91 | $6.33 |
| Multi-Stage | $11.44 - $12.58 | $12.00 |
| Blended Fair Value | $9.17 | |
| Current Price | $5.35 | |
| Upside | 71.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.57% | 0.37 | 0.48 | 0.52 | 0.33 | 0.21 | 0.37 | 0.37 | 0.30 | 0.43 | 0.27 |
| YoY Growth | - | - | -23.06% | -7.16% | 58.47% | 58.60% | -44.30% | -0.67% | 24.30% | -30.23% | 59.26% | -22.86% |
| Dividend Yield | - | - | 6.75% | 6.27% | 6.19% | 3.22% | 2.60% | 6.69% | 5.58% | 3.52% | 3.95% | 2.99% |
| Net Income To Common (M) | 135.52 |
| (-) Cash Dividends Paid (M) | 90.02 |
| (=) Cash Retained (M) | 45.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 27.10 | 16.94 | 10.16 |
| Cash Retained (M) | 45.50 | 45.50 | 45.50 |
| (-) Cash Required (M) | -27.10 | -16.94 | -10.16 |
| (=) Excess Retained (M) | 18.40 | 28.56 | 35.34 |
| (/) Shares Outstanding (M) | 269.32 | 269.32 | 269.32 |
| (=) Excess Retained per Share | 0.07 | 0.11 | 0.13 |
| LTM Dividend per Share | 0.33 | 0.33 | 0.33 |
| (+) Excess Retained per Share | 0.07 | 0.11 | 0.13 |
| (=) Adjusted Dividend | 0.40 | 0.44 | 0.47 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -1.60% | -0.60% | 0.40% |
| Fair Value | $5.01 | $6.33 | $7.91 |
| Upside / Downside | -6.41% | 18.37% | 47.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 135.52 | 134.71 | 133.90 | 133.09 | 132.29 | 131.50 | 135.44 |
| Payout Ratio | 66.42% | 71.14% | 75.85% | 80.57% | 85.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 90.02 | 95.83 | 101.57 | 107.23 | 112.82 | 118.35 | 125.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -1.60% | -0.60% | 0.40% |
| Year 1 PV (M) | 89.23 | 90.14 | 91.05 |
| Year 2 PV (M) | 88.07 | 89.87 | 91.69 |
| Year 3 PV (M) | 86.58 | 89.25 | 91.97 |
| Year 4 PV (M) | 84.83 | 88.33 | 91.94 |
| Year 5 PV (M) | 82.86 | 87.16 | 91.63 |
| PV of Terminal Value (M) | 2,650.39 | 2,787.83 | 2,930.91 |
| Equity Value (M) | 3,081.96 | 3,232.58 | 3,389.19 |
| Shares Outstanding (M) | 269.32 | 269.32 | 269.32 |
| Fair Value | $11.44 | $12.00 | $12.58 |
| Upside / Downside | 113.90% | 124.35% | 135.22% |
| 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% |