Definitive Analysis
| Stable Growth | $5.51 - $14.35 | $8.38 |
| Multi-Stage | $6.03 - $6.61 | $6.32 |
| Blended Fair Value | $7.35 | |
| Current Price | $0.76 | |
| Upside | 870.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.94% | 0.00% | 0.11 | 0.11 | 0.12 | 0.07 | 0.00 | 0.05 | 0.07 | 0.00 | 0.01 | 0.00 |
| YoY Growth | - | - | 4.04% | -9.98% | 82.01% | 0.00% | -100.00% | -24.94% | 20,865.89% | -96.40% | 0.00% | 0.00% |
| Dividend Yield | - | - | 14.04% | 11.37% | 14.30% | 5.70% | 0.00% | 3.91% | 5.29% | 0.03% | 0.69% | 0.00% |
| Net Income To Common (M) | 181.18 |
| (-) Cash Dividends Paid (M) | 85.04 |
| (=) Cash Retained (M) | 96.14 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 36.24 | 22.65 | 13.59 |
| Cash Retained (M) | 96.14 | 96.14 | 96.14 |
| (-) Cash Required (M) | -36.24 | -22.65 | -13.59 |
| (=) Excess Retained (M) | 59.90 | 73.49 | 82.55 |
| (/) Shares Outstanding (M) | 741.51 | 741.51 | 741.51 |
| (=) Excess Retained per Share | 0.08 | 0.10 | 0.11 |
| LTM Dividend per Share | 0.11 | 0.11 | 0.11 |
| (+) Excess Retained per Share | 0.08 | 0.10 | 0.11 |
| (=) Adjusted Dividend | 0.20 | 0.21 | 0.23 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 3.08% | 4.08% | 5.08% |
| Fair Value | $5.51 | $8.38 | $14.35 |
| Upside / Downside | 628.02% | 1,006.76% | 1,794.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 181.18 | 188.57 | 196.26 | 204.26 | 212.59 | 221.26 | 227.90 |
| Payout Ratio | 46.94% | 55.55% | 64.16% | 72.78% | 81.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 85.04 | 104.75 | 125.93 | 148.65 | 173.02 | 199.14 | 210.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 3.08% | 4.08% | 5.08% |
| Year 1 PV (M) | 97.20 | 98.14 | 99.09 |
| Year 2 PV (M) | 108.42 | 110.54 | 112.67 |
| Year 3 PV (M) | 118.77 | 122.26 | 125.81 |
| Year 4 PV (M) | 128.27 | 133.32 | 138.52 |
| Year 5 PV (M) | 136.99 | 143.76 | 150.80 |
| PV of Terminal Value (M) | 3,884.31 | 4,076.42 | 4,276.05 |
| Equity Value (M) | 4,473.96 | 4,684.44 | 4,902.95 |
| Shares Outstanding (M) | 741.51 | 741.51 | 741.51 |
| Fair Value | $6.03 | $6.32 | $6.61 |
| Upside / Downside | 696.90% | 734.39% | 773.31% |
| 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% |