Definitive Analysis
| Stable Growth | $48.94 - $93.37 | $87.51 |
| Multi-Stage | $14.80 - $16.19 | $15.49 |
| Blended Fair Value | $51.50 | |
| Current Price | $4.89 | |
| Upside | 953.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.09% | 11.39% | 0.29 | 0.29 | 0.37 | 0.26 | 0.61 | 0.20 | 0.19 | 0.47 | 0.45 | 0.09 |
| YoY Growth | - | - | 0.00% | -23.08% | 44.44% | -58.14% | 202.82% | 9.23% | -60.61% | 5.28% | 422.41% | -11.76% |
| Dividend Yield | - | - | 6.01% | 3.10% | 5.76% | 3.00% | 7.09% | 2.39% | 3.43% | 7.50% | 6.55% | 1.25% |
| Net Income To Common (M) | 164.42 |
| (-) Cash Dividends Paid (M) | 100.00 |
| (=) Cash Retained (M) | 64.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32.88 | 20.55 | 12.33 |
| Cash Retained (M) | 64.42 | 64.42 | 64.42 |
| (-) Cash Required (M) | -32.88 | -20.55 | -12.33 |
| (=) Excess Retained (M) | 31.53 | 43.86 | 52.08 |
| (/) Shares Outstanding (M) | 350.18 | 350.18 | 350.18 |
| (=) Excess Retained per Share | 0.09 | 0.13 | 0.15 |
| LTM Dividend per Share | 0.29 | 0.29 | 0.29 |
| (+) Excess Retained per Share | 0.09 | 0.13 | 0.15 |
| (=) Adjusted Dividend | 0.38 | 0.41 | 0.43 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $48.94 | $87.51 | $93.37 |
| Upside / Downside | 900.81% | 1,689.49% | 1,809.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 164.42 | 175.10 | 186.48 | 198.61 | 211.51 | 225.26 | 232.02 |
| Payout Ratio | 60.82% | 66.66% | 72.49% | 78.33% | 84.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 100.00 | 116.72 | 135.19 | 155.56 | 178.02 | 202.74 | 214.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 108.76 | 109.79 | 110.82 |
| Year 2 PV (M) | 117.38 | 119.62 | 121.87 |
| Year 3 PV (M) | 125.86 | 129.48 | 133.16 |
| Year 4 PV (M) | 134.21 | 139.37 | 144.68 |
| Year 5 PV (M) | 142.42 | 149.30 | 156.44 |
| PV of Terminal Value (M) | 4,555.41 | 4,775.44 | 5,003.89 |
| Equity Value (M) | 5,184.05 | 5,423.00 | 5,670.87 |
| Shares Outstanding (M) | 350.18 | 350.18 | 350.18 |
| Fair Value | $14.80 | $15.49 | $16.19 |
| Upside / Downside | 202.74% | 216.69% | 231.17% |
| 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% |