Definitive Analysis
| Stable Growth | $69.53 - $176.84 | $165.72 |
| Multi-Stage | $26.42 - $28.86 | $27.62 |
| Blended Fair Value | $96.67 | |
| Current Price | $9.71 | |
| Upside | 895.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.88% | 6.17% | 0.70 | 0.43 | 0.55 | 0.93 | 0.00 | 0.58 | 0.52 | 0.55 | 0.49 | 0.44 |
| YoY Growth | - | - | 63.73% | -22.88% | -40.43% | 0.00% | -100.00% | 11.21% | -5.20% | 11.02% | 12.55% | 14.22% |
| Dividend Yield | - | - | 6.32% | 4.17% | 5.79% | 8.52% | 0.00% | 8.01% | 5.44% | 5.97% | 5.04% | 4.46% |
| Net Income To Common (M) | 64.80 |
| (-) Cash Dividends Paid (M) | 59.93 |
| (=) Cash Retained (M) | 4.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12.96 | 8.10 | 4.86 |
| Cash Retained (M) | 4.87 | 4.87 | 4.87 |
| (-) Cash Required (M) | -12.96 | -8.10 | -4.86 |
| (=) Excess Retained (M) | -8.09 | -3.23 | 0.01 |
| (/) Shares Outstanding (M) | 72.88 | 72.88 | 72.88 |
| (=) Excess Retained per Share | -0.11 | -0.04 | 0.00 |
| LTM Dividend per Share | 0.82 | 0.82 | 0.82 |
| (+) Excess Retained per Share | -0.11 | -0.04 | 0.00 |
| (=) Adjusted Dividend | 0.71 | 0.78 | 0.82 |
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $69.53 | $165.72 | $176.84 |
| Upside / Downside | 616.11% | 1,606.73% | 1,721.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 64.80 | 69.01 | 73.50 | 78.28 | 83.36 | 88.78 | 91.45 |
| Payout Ratio | 92.48% | 91.98% | 91.49% | 90.99% | 90.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 59.93 | 63.48 | 67.24 | 71.22 | 75.44 | 79.90 | 84.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 59.00 | 59.56 | 60.12 |
| Year 2 PV (M) | 58.09 | 59.20 | 60.31 |
| Year 3 PV (M) | 57.19 | 58.83 | 60.50 |
| Year 4 PV (M) | 56.30 | 58.47 | 60.69 |
| Year 5 PV (M) | 55.43 | 58.10 | 60.88 |
| PV of Terminal Value (M) | 1,639.29 | 1,718.47 | 1,800.67 |
| Equity Value (M) | 1,925.30 | 2,012.62 | 2,103.19 |
| Shares Outstanding (M) | 72.88 | 72.88 | 72.88 |
| Fair Value | $26.42 | $27.62 | $28.86 |
| Upside / Downside | 172.08% | 184.42% | 197.22% |
| 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% |