Definitive Analysis
| Stable Growth | $42.79 - $61.59 | $51.96 |
| Multi-Stage | $67.02 - $73.74 | $70.31 |
| Blended Fair Value | $61.14 | |
| Current Price | $9.87 | |
| Upside | 519.44% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.65% | 0.00% | 0.34 | 0.37 | 0.37 | 0.38 | 0.40 | 0.41 | 0.41 | 0.36 | 0.00 | 0.00 |
| YoY Growth | - | - | -6.82% | -0.99% | -2.53% | -5.13% | -2.66% | 0.16% | 16.02% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.11% | 1.27% | 1.52% | 2.58% | 2.14% | 5.74% | 2.96% | 1.71% | 0.00% | 0.00% |
| Net Income To Common (M) | 260.35 |
| (-) Cash Dividends Paid (M) | 14.01 |
| (=) Cash Retained (M) | 246.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 52.07 | 32.54 | 19.53 |
| Cash Retained (M) | 246.34 | 246.34 | 246.34 |
| (-) Cash Required (M) | -52.07 | -32.54 | -19.53 |
| (=) Excess Retained (M) | 194.27 | 213.79 | 226.81 |
| (/) Shares Outstanding (M) | 42.98 | 42.98 | 42.98 |
| (=) Excess Retained per Share | 4.52 | 4.97 | 5.28 |
| LTM Dividend per Share | 0.33 | 0.33 | 0.33 |
| (+) Excess Retained per Share | 4.52 | 4.97 | 5.28 |
| (=) Adjusted Dividend | 4.85 | 5.30 | 5.60 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $42.79 | $51.96 | $61.59 |
| Upside / Downside | 333.56% | 426.48% | 523.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 260.35 | 257.74 | 255.17 | 252.61 | 250.09 | 247.59 | 255.02 |
| Payout Ratio | 5.38% | 22.30% | 39.23% | 56.15% | 73.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 14.01 | 57.49 | 100.10 | 141.85 | 182.75 | 222.83 | 235.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 52.16 | 52.69 | 53.23 |
| Year 2 PV (M) | 82.41 | 84.10 | 85.81 |
| Year 3 PV (M) | 105.96 | 109.24 | 112.58 |
| Year 4 PV (M) | 123.87 | 129.00 | 134.30 |
| Year 5 PV (M) | 137.04 | 144.17 | 151.60 |
| PV of Terminal Value (M) | 2,378.98 | 2,502.86 | 2,631.84 |
| Equity Value (M) | 2,880.42 | 3,022.07 | 3,169.36 |
| Shares Outstanding (M) | 42.98 | 42.98 | 42.98 |
| Fair Value | $67.02 | $70.31 | $73.74 |
| Upside / Downside | 579.01% | 612.40% | 647.12% |
| 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% |