Definitive Analysis
| Stable Growth | $34.30 - $74.87 | $70.17 |
| Multi-Stage | $11.64 - $12.72 | $12.17 |
| Blended Fair Value | $41.17 | |
| Current Price | $2.90 | |
| Upside | 1,319.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.67% | 11.87% | 0.30 | 0.30 | 0.29 | 0.20 | 0.26 | 0.12 | 0.06 | 0.17 | 0.23 | 0.08 |
| YoY Growth | - | - | 0.00% | 3.45% | 46.69% | -22.19% | 116.66% | 84.63% | -63.45% | -23.02% | 188.75% | -20.00% |
| Dividend Yield | - | - | 13.21% | 9.13% | 6.53% | 2.72% | 4.36% | 6.36% | 2.06% | 4.50% | 7.87% | 2.73% |
| Net Income To Common (M) | 115.10 |
| (-) Cash Dividends Paid (M) | 98.24 |
| (=) Cash Retained (M) | 16.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.02 | 14.39 | 8.63 |
| Cash Retained (M) | 16.86 | 16.86 | 16.86 |
| (-) Cash Required (M) | -23.02 | -14.39 | -8.63 |
| (=) Excess Retained (M) | -6.16 | 2.47 | 8.22 |
| (/) Shares Outstanding (M) | 305.73 | 305.73 | 305.73 |
| (=) Excess Retained per Share | -0.02 | 0.01 | 0.03 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | -0.02 | 0.01 | 0.03 |
| (=) Adjusted Dividend | 0.30 | 0.33 | 0.35 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $34.30 | $70.17 | $74.87 |
| Upside / Downside | 1,082.62% | 2,319.49% | 2,481.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 115.10 | 122.58 | 130.55 | 139.03 | 148.07 | 157.70 | 162.43 |
| Payout Ratio | 85.35% | 86.28% | 87.21% | 88.14% | 89.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 98.24 | 105.77 | 113.85 | 122.55 | 131.89 | 141.93 | 150.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 98.45 | 99.38 | 100.31 |
| Year 2 PV (M) | 98.64 | 100.52 | 102.42 |
| Year 3 PV (M) | 98.82 | 101.66 | 104.55 |
| Year 4 PV (M) | 99.00 | 102.80 | 106.72 |
| Year 5 PV (M) | 99.16 | 103.95 | 108.92 |
| PV of Terminal Value (M) | 3,063.49 | 3,211.46 | 3,365.09 |
| Equity Value (M) | 3,557.56 | 3,719.77 | 3,888.01 |
| Shares Outstanding (M) | 305.73 | 305.73 | 305.73 |
| Fair Value | $11.64 | $12.17 | $12.72 |
| Upside / Downside | 301.25% | 319.55% | 338.52% |
| 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% |