Definitive Analysis
| Stable Growth | $14.34 - $23.95 | $18.57 |
| Multi-Stage | $23.02 - $25.31 | $24.14 |
| Blended Fair Value | $21.36 | |
| Current Price | $1.11 | |
| Upside | 1,824.00% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.32% | 6.87% | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.08 | 0.07 | 0.07 | 0.06 | 0.05 |
| YoY Growth | - | - | 3.20% | 2.53% | 2.51% | 1.53% | 1.86% | 4.69% | 6.68% | 13.77% | 15.08% | 18.45% |
| Dividend Yield | - | - | 7.62% | 7.66% | 7.54% | 6.00% | 4.66% | 5.71% | 5.30% | 4.47% | 3.93% | 3.82% |
| Net Income To Common (M) | 247.52 |
| (-) Cash Dividends Paid (M) | 25.58 |
| (=) Cash Retained (M) | 221.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 49.50 | 30.94 | 18.56 |
| Cash Retained (M) | 221.94 | 221.94 | 221.94 |
| (-) Cash Required (M) | -49.50 | -30.94 | -18.56 |
| (=) Excess Retained (M) | 172.44 | 191.00 | 203.38 |
| (/) Shares Outstanding (M) | 203.64 | 203.64 | 203.64 |
| (=) Excess Retained per Share | 0.85 | 0.94 | 1.00 |
| LTM Dividend per Share | 0.13 | 0.13 | 0.13 |
| (+) Excess Retained per Share | 0.85 | 0.94 | 1.00 |
| (=) Adjusted Dividend | 0.97 | 1.06 | 1.12 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 0.32% | 1.32% | 2.32% |
| Fair Value | $14.34 | $18.57 | $23.95 |
| Upside / Downside | 1,191.83% | 1,572.92% | 2,057.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 247.52 | 250.80 | 254.12 | 257.49 | 260.90 | 264.35 | 272.28 |
| Payout Ratio | 10.33% | 26.27% | 42.20% | 58.13% | 74.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 25.58 | 65.88 | 107.24 | 149.69 | 193.24 | 237.92 | 251.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 0.32% | 1.32% | 2.32% |
| Year 1 PV (M) | 60.89 | 61.50 | 62.10 |
| Year 2 PV (M) | 91.61 | 93.45 | 95.30 |
| Year 3 PV (M) | 118.18 | 121.75 | 125.39 |
| Year 4 PV (M) | 141.01 | 146.72 | 152.60 |
| Year 5 PV (M) | 160.46 | 168.62 | 177.11 |
| PV of Terminal Value (M) | 4,115.25 | 4,324.47 | 4,542.13 |
| Equity Value (M) | 4,687.41 | 4,916.51 | 5,154.63 |
| Shares Outstanding (M) | 203.64 | 203.64 | 203.64 |
| Fair Value | $23.02 | $24.14 | $25.31 |
| Upside / Downside | 1,973.72% | 2,075.07% | 2,180.41% |
| 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% |