Definitive Analysis
| Stable Growth | $110.41 - $334.12 | $313.12 |
| Multi-Stage | $46.32 - $50.64 | $48.44 |
| Blended Fair Value | $180.78 | |
| Current Price | $18.96 | |
| Upside | 853.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 38.20% | 25.96% | 0.72 | 0.68 | 0.58 | 0.37 | 0.46 | 0.14 | 0.76 | 0.00 | 0.00 | 0.08 |
| YoY Growth | - | - | 6.66% | 16.62% | 55.90% | -19.67% | 223.66% | -81.10% | 15,535.42% | 0.00% | -100.00% | 16.67% |
| Dividend Yield | - | - | 3.53% | 3.29% | 2.40% | 1.60% | 1.81% | 0.65% | 3.86% | 0.02% | 0.00% | 0.39% |
| Net Income To Common (M) | 303.72 |
| (-) Cash Dividends Paid (M) | 200.90 |
| (=) Cash Retained (M) | 102.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 60.74 | 37.97 | 22.78 |
| Cash Retained (M) | 102.82 | 102.82 | 102.82 |
| (-) Cash Required (M) | -60.74 | -37.97 | -22.78 |
| (=) Excess Retained (M) | 42.08 | 64.86 | 80.04 |
| (/) Shares Outstanding (M) | 180.78 | 180.78 | 180.78 |
| (=) Excess Retained per Share | 0.23 | 0.36 | 0.44 |
| LTM Dividend per Share | 1.11 | 1.11 | 1.11 |
| (+) Excess Retained per Share | 0.23 | 0.36 | 0.44 |
| (=) Adjusted Dividend | 1.34 | 1.47 | 1.55 |
| WACC / Discount Rate | 6.78% | 6.78% | 6.78% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $110.41 | $313.12 | $334.12 |
| Upside / Downside | 482.34% | 1,551.47% | 1,662.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 303.72 | 323.46 | 344.49 | 366.88 | 390.73 | 416.13 | 428.61 |
| Payout Ratio | 66.15% | 70.92% | 75.69% | 80.46% | 85.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 200.90 | 229.39 | 260.74 | 295.19 | 333.01 | 374.51 | 396.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.78% | 6.78% | 6.78% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 212.80 | 214.82 | 216.83 |
| Year 2 PV (M) | 224.38 | 228.66 | 232.97 |
| Year 3 PV (M) | 235.66 | 242.42 | 249.32 |
| Year 4 PV (M) | 246.63 | 256.11 | 265.87 |
| Year 5 PV (M) | 257.30 | 269.73 | 282.63 |
| PV of Terminal Value (M) | 7,197.85 | 7,545.51 | 7,906.47 |
| Equity Value (M) | 8,374.62 | 8,757.25 | 9,154.10 |
| Shares Outstanding (M) | 180.78 | 180.78 | 180.78 |
| Fair Value | $46.32 | $48.44 | $50.64 |
| Upside / Downside | 144.33% | 155.49% | 167.07% |
| 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% |