Definitive Analysis
| Stable Growth | $19.97 - $31.03 | $25.08 |
| Multi-Stage | $45.83 - $50.50 | $48.12 |
| Blended Fair Value | $36.60 | |
| Current Price | $10.10 | |
| Upside | 262.37% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 0.33 | 0.42 | 0.48 | 0.46 | 0.44 | 0.41 | 0.36 | 0.30 | 0.23 |
| YoY Growth | - | - | -100.00% | -23.29% | -10.76% | 3.91% | 4.47% | 7.57% | 14.13% | 19.66% | 29.49% | 9.53% |
| Dividend Yield | - | - | 0.00% | 3.62% | 3.92% | 4.17% | 3.05% | 3.30% | 2.63% | 2.44% | 2.59% | 2.96% |
| Net Income To Common (M) | 503.55 |
| (-) Cash Dividends Paid (M) | 140.88 |
| (=) Cash Retained (M) | 362.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 100.71 | 62.94 | 37.77 |
| Cash Retained (M) | 362.68 | 362.68 | 362.68 |
| (-) Cash Required (M) | -100.71 | -62.94 | -37.77 |
| (=) Excess Retained (M) | 261.96 | 299.73 | 324.91 |
| (/) Shares Outstanding (M) | 237.92 | 237.92 | 237.92 |
| (=) Excess Retained per Share | 1.10 | 1.26 | 1.37 |
| LTM Dividend per Share | 0.59 | 0.59 | 0.59 |
| (+) Excess Retained per Share | 1.10 | 1.26 | 1.37 |
| (=) Adjusted Dividend | 1.69 | 1.85 | 1.96 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $19.97 | $25.08 | $31.03 |
| Upside / Downside | 97.71% | 148.33% | 207.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 503.55 | 498.52 | 493.53 | 488.60 | 483.71 | 478.87 | 493.24 |
| Payout Ratio | 27.98% | 40.38% | 52.79% | 65.19% | 77.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 140.88 | 201.31 | 260.52 | 318.52 | 375.34 | 430.99 | 456.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 187.45 | 189.36 | 191.27 |
| Year 2 PV (M) | 225.88 | 230.51 | 235.19 |
| Year 3 PV (M) | 257.15 | 265.10 | 273.22 |
| Year 4 PV (M) | 282.16 | 293.85 | 305.91 |
| Year 5 PV (M) | 301.68 | 317.39 | 333.75 |
| PV of Terminal Value (M) | 9,649.36 | 10,151.82 | 10,675.00 |
| Equity Value (M) | 10,903.67 | 11,448.04 | 12,014.34 |
| Shares Outstanding (M) | 237.92 | 237.92 | 237.92 |
| Fair Value | $45.83 | $48.12 | $50.50 |
| Upside / Downside | 353.76% | 376.41% | 399.98% |
| 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% |