Definitive Analysis
| Stable Growth | $123.78 - $303.23 | $284.17 |
| Multi-Stage | $44.00 - $48.17 | $46.04 |
| Blended Fair Value | $165.11 | |
| Current Price | $11.58 | |
| Upside | 1,325.79% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 30.65% | 16.48% | 0.49 | 0.36 | 0.06 | 0.03 | 0.05 | 0.13 | 0.26 | 0.21 | 0.05 | 0.08 |
| YoY Growth | - | - | 35.60% | 540.97% | 88.27% | -42.65% | -59.44% | -50.51% | 24.44% | 277.88% | -35.07% | -20.08% |
| Dividend Yield | - | - | 5.66% | 20.80% | 2.36% | 1.23% | 1.46% | 4.47% | 4.95% | 3.28% | 0.83% | 1.12% |
| Net Income To Common (M) | 638.11 |
| (-) Cash Dividends Paid (M) | 203.07 |
| (=) Cash Retained (M) | 435.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 127.62 | 79.76 | 47.86 |
| Cash Retained (M) | 435.04 | 435.04 | 435.04 |
| (-) Cash Required (M) | -127.62 | -79.76 | -47.86 |
| (=) Excess Retained (M) | 307.42 | 355.28 | 387.18 |
| (/) Shares Outstanding (M) | 418.51 | 418.51 | 418.51 |
| (=) Excess Retained per Share | 0.73 | 0.85 | 0.93 |
| LTM Dividend per Share | 0.49 | 0.49 | 0.49 |
| (+) Excess Retained per Share | 0.73 | 0.85 | 0.93 |
| (=) Adjusted Dividend | 1.22 | 1.33 | 1.41 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $123.78 | $284.17 | $303.23 |
| Upside / Downside | 968.87% | 2,353.97% | 2,518.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 638.11 | 679.59 | 723.76 | 770.80 | 820.90 | 874.26 | 900.49 |
| Payout Ratio | 31.82% | 43.46% | 55.09% | 66.73% | 78.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 203.07 | 295.34 | 398.75 | 514.35 | 643.30 | 786.84 | 832.95 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 274.61 | 277.21 | 279.81 |
| Year 2 PV (M) | 344.73 | 351.30 | 357.92 |
| Year 3 PV (M) | 413.46 | 425.33 | 437.42 |
| Year 4 PV (M) | 480.82 | 499.31 | 518.33 |
| Year 5 PV (M) | 546.82 | 573.23 | 600.65 |
| PV of Terminal Value (M) | 16,353.69 | 17,143.58 | 17,963.70 |
| Equity Value (M) | 18,414.12 | 19,269.95 | 20,157.83 |
| Shares Outstanding (M) | 418.51 | 418.51 | 418.51 |
| Fair Value | $44.00 | $46.04 | $48.17 |
| Upside / Downside | 279.96% | 297.62% | 315.94% |
| 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% |