Definitive Analysis
| Stable Growth | $4.01 - $11.11 | $6.21 |
| Multi-Stage | $4.62 - $5.06 | $4.84 |
| Blended Fair Value | $5.52 | |
| Current Price | $1.95 | |
| Upside | 183.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -26.77% | 4.95% | 0.08 | 0.05 | 0.08 | 0.52 | 0.12 | 0.36 | 0.19 | 0.44 | 1.43 | 0.06 |
| YoY Growth | - | - | 37.79% | -31.06% | -84.65% | 333.15% | -66.67% | 92.77% | -58.01% | -69.04% | 2,429.41% | 21.43% |
| Dividend Yield | - | - | 3.88% | 2.80% | 3.62% | 16.52% | 3.52% | 10.47% | 3.99% | 7.61% | 22.93% | 0.90% |
| Net Income To Common (M) | 68.58 |
| (-) Cash Dividends Paid (M) | 48.74 |
| (=) Cash Retained (M) | 19.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13.72 | 8.57 | 5.14 |
| Cash Retained (M) | 19.84 | 19.84 | 19.84 |
| (-) Cash Required (M) | -13.72 | -8.57 | -5.14 |
| (=) Excess Retained (M) | 6.12 | 11.27 | 14.69 |
| (/) Shares Outstanding (M) | 405.00 | 405.00 | 405.00 |
| (=) Excess Retained per Share | 0.02 | 0.03 | 0.04 |
| LTM Dividend per Share | 0.12 | 0.12 | 0.12 |
| (+) Excess Retained per Share | 0.02 | 0.03 | 0.04 |
| (=) Adjusted Dividend | 0.14 | 0.15 | 0.16 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 2.95% | 3.95% | 4.95% |
| Fair Value | $4.01 | $6.21 | $11.11 |
| Upside / Downside | 105.53% | 218.51% | 469.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 68.58 | 71.29 | 74.10 | 77.02 | 80.06 | 83.22 | 85.72 |
| Payout Ratio | 71.07% | 74.86% | 78.64% | 82.43% | 86.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 48.74 | 53.37 | 58.28 | 63.49 | 69.03 | 74.90 | 79.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 2.95% | 3.95% | 4.95% |
| Year 1 PV (M) | 49.66 | 50.14 | 50.63 |
| Year 2 PV (M) | 50.47 | 51.45 | 52.45 |
| Year 3 PV (M) | 51.17 | 52.67 | 54.21 |
| Year 4 PV (M) | 51.77 | 53.81 | 55.91 |
| Year 5 PV (M) | 52.27 | 54.86 | 57.55 |
| PV of Terminal Value (M) | 1,615.44 | 1,695.44 | 1,778.58 |
| Equity Value (M) | 1,870.77 | 1,958.37 | 2,049.31 |
| Shares Outstanding (M) | 405.00 | 405.00 | 405.00 |
| Fair Value | $4.62 | $4.84 | $5.06 |
| Upside / Downside | 136.88% | 147.97% | 159.49% |
| 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% |