Definitive Analysis
| Stable Growth | $22.30 - $43.18 | $30.61 |
| Multi-Stage | $30.66 - $33.56 | $32.08 |
| Blended Fair Value | $31.35 | |
| Current Price | $10.10 | |
| Upside | 210.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.57% | 0.00% | 0.80 | 0.80 | 0.80 | 0.66 | 0.62 | 0.61 | 0.39 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 21.07% | 6.85% | 1.39% | 56.52% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.94% | 5.97% | 6.28% | 4.41% | 4.42% | 5.45% | 4.48% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 260.51 |
| (-) Cash Dividends Paid (M) | 223.81 |
| (=) Cash Retained (M) | 36.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 52.10 | 32.56 | 19.54 |
| Cash Retained (M) | 36.69 | 36.69 | 36.69 |
| (-) Cash Required (M) | -52.10 | -32.56 | -19.54 |
| (=) Excess Retained (M) | -15.41 | 4.13 | 17.16 |
| (/) Shares Outstanding (M) | 186.51 | 186.51 | 186.51 |
| (=) Excess Retained per Share | -0.08 | 0.02 | 0.09 |
| LTM Dividend per Share | 1.20 | 1.20 | 1.20 |
| (+) Excess Retained per Share | -0.08 | 0.02 | 0.09 |
| (=) Adjusted Dividend | 1.12 | 1.22 | 1.29 |
| WACC / Discount Rate | 7.12% | 7.12% | 7.12% |
| Growth Rate | 2.00% | 3.00% | 4.00% |
| Fair Value | $22.30 | $30.61 | $43.18 |
| Upside / Downside | 120.74% | 203.09% | 327.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 260.51 | 268.33 | 276.39 | 284.69 | 293.23 | 302.04 | 311.10 |
| Payout Ratio | 85.91% | 86.73% | 87.55% | 88.37% | 89.18% | 90.00% | 92.50% |
| Projected Dividends (M) | 223.81 | 232.73 | 241.97 | 251.56 | 261.51 | 271.84 | 287.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.12% | 7.12% | 7.12% |
| Growth Rate | 2.00% | 3.00% | 4.00% |
| Year 1 PV (M) | 215.16 | 217.27 | 219.38 |
| Year 2 PV (M) | 206.82 | 210.89 | 215.01 |
| Year 3 PV (M) | 198.79 | 204.69 | 210.71 |
| Year 4 PV (M) | 191.05 | 198.65 | 206.48 |
| Year 5 PV (M) | 183.60 | 192.78 | 202.32 |
| PV of Terminal Value (M) | 4,723.08 | 4,959.18 | 5,204.63 |
| Equity Value (M) | 5,718.49 | 5,983.46 | 6,258.53 |
| Shares Outstanding (M) | 186.51 | 186.51 | 186.51 |
| Fair Value | $30.66 | $32.08 | $33.56 |
| Upside / Downside | 203.57% | 217.64% | 232.24% |
| 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% |