Definitive Analysis
| Stable Growth | $12.68 - $63.61 | $22.67 |
| Multi-Stage | $10.48 - $11.45 | $10.95 |
| Blended Fair Value | $16.81 | |
| Current Price | $3.84 | |
| Upside | 337.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.20% | 8.21% | 0.25 | 0.25 | 0.20 | 0.18 | 0.19 | 0.18 | 0.19 | 0.18 | 0.15 | 0.13 |
| YoY Growth | - | - | -1.58% | 27.94% | 7.06% | -2.12% | 2.36% | -6.35% | 7.60% | 22.16% | 14.63% | 15.51% |
| Dividend Yield | - | - | 6.42% | 7.85% | 5.42% | 4.85% | 4.92% | 5.45% | 4.44% | 4.32% | 3.64% | 2.72% |
| Net Income To Common (M) | 231.00 |
| (-) Cash Dividends Paid (M) | 217.50 |
| (=) Cash Retained (M) | 13.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 46.20 | 28.88 | 17.33 |
| Cash Retained (M) | 13.50 | 13.50 | 13.50 |
| (-) Cash Required (M) | -46.20 | -28.88 | -17.33 |
| (=) Excess Retained (M) | -32.70 | -15.38 | -3.83 |
| (/) Shares Outstanding (M) | 581.21 | 581.21 | 581.21 |
| (=) Excess Retained per Share | -0.06 | -0.03 | -0.01 |
| LTM Dividend per Share | 0.37 | 0.37 | 0.37 |
| (+) Excess Retained per Share | -0.06 | -0.03 | -0.01 |
| (=) Adjusted Dividend | 0.32 | 0.35 | 0.37 |
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | 4.20% | 5.20% | 6.20% |
| Fair Value | $12.68 | $22.67 | $63.61 |
| Upside / Downside | 230.08% | 490.36% | 1,556.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 231.00 | 243.00 | 255.63 | 268.91 | 282.88 | 297.58 | 306.50 |
| Payout Ratio | 94.16% | 93.32% | 92.49% | 91.66% | 90.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 217.50 | 226.78 | 236.44 | 246.49 | 256.94 | 267.82 | 283.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | 4.20% | 5.20% | 6.20% |
| Year 1 PV (M) | 210.30 | 212.32 | 214.34 |
| Year 2 PV (M) | 203.33 | 207.25 | 211.21 |
| Year 3 PV (M) | 196.57 | 202.29 | 208.11 |
| Year 4 PV (M) | 190.02 | 197.42 | 205.04 |
| Year 5 PV (M) | 183.68 | 192.66 | 202.00 |
| PV of Terminal Value (M) | 5,104.51 | 5,354.20 | 5,613.58 |
| Equity Value (M) | 6,088.42 | 6,366.15 | 6,654.27 |
| Shares Outstanding (M) | 581.21 | 581.21 | 581.21 |
| Fair Value | $10.48 | $10.95 | $11.45 |
| Upside / Downside | 172.80% | 185.24% | 198.15% |
| 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% |