Definitive Analysis
| Stable Growth | $123.81 - $388.20 | $363.80 |
| Multi-Stage | $53.26 - $58.21 | $55.69 |
| Blended Fair Value | $209.75 | |
| Current Price | $8.94 | |
| Upside | 2,246.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.83% | 0.00% | 0.97 | 0.44 | 0.70 | 0.41 | 0.23 | 0.39 | 0.25 | 0.37 | 0.25 | 0.25 |
| YoY Growth | - | - | 121.41% | -37.16% | 70.16% | 77.08% | -41.07% | 56.11% | -31.32% | 48.33% | -1.19% | 0.00% |
| Dividend Yield | - | - | 8.40% | 3.58% | 6.53% | 2.40% | 0.96% | 2.14% | 0.81% | 0.98% | 0.81% | 0.65% |
| Net Income To Common (M) | 144.34 |
| (-) Cash Dividends Paid (M) | 99.60 |
| (=) Cash Retained (M) | 44.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 28.87 | 18.04 | 10.83 |
| Cash Retained (M) | 44.74 | 44.74 | 44.74 |
| (-) Cash Required (M) | -28.87 | -18.04 | -10.83 |
| (=) Excess Retained (M) | 15.87 | 26.69 | 33.91 |
| (/) Shares Outstanding (M) | 73.94 | 73.94 | 73.94 |
| (=) Excess Retained per Share | 0.21 | 0.36 | 0.46 |
| LTM Dividend per Share | 1.35 | 1.35 | 1.35 |
| (+) Excess Retained per Share | 0.21 | 0.36 | 0.46 |
| (=) Adjusted Dividend | 1.56 | 1.71 | 1.81 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $123.81 | $363.80 | $388.20 |
| Upside / Downside | 1,284.89% | 3,969.39% | 4,242.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 144.34 | 153.72 | 163.71 | 174.35 | 185.69 | 197.76 | 203.69 |
| Payout Ratio | 69.01% | 73.21% | 77.40% | 81.60% | 85.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 99.60 | 112.53 | 126.72 | 142.28 | 159.32 | 177.98 | 188.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 104.35 | 105.34 | 106.33 |
| Year 2 PV (M) | 108.96 | 111.03 | 113.13 |
| Year 3 PV (M) | 113.44 | 116.69 | 120.01 |
| Year 4 PV (M) | 117.79 | 122.32 | 126.98 |
| Year 5 PV (M) | 122.01 | 127.91 | 134.03 |
| PV of Terminal Value (M) | 3,371.85 | 3,534.71 | 3,703.81 |
| Equity Value (M) | 3,938.40 | 4,118.00 | 4,304.28 |
| Shares Outstanding (M) | 73.94 | 73.94 | 73.94 |
| Fair Value | $53.26 | $55.69 | $58.21 |
| Upside / Downside | 495.77% | 522.94% | 551.12% |
| 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% |