Definitive Analysis
| Stable Growth | $29.08 - $80.40 | $75.35 |
| Multi-Stage | $11.34 - $12.40 | $11.86 |
| Blended Fair Value | $43.60 | |
| Current Price | $2.52 | |
| Upside | 1,630.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.95% | 5.45% | 0.18 | 0.15 | 0.12 | 0.10 | 0.08 | 0.08 | 0.08 | 0.06 | 0.10 | 0.10 |
| YoY Growth | - | - | 17.15% | 28.41% | 17.84% | 26.10% | -2.14% | 6.67% | 25.00% | -40.00% | 0.00% | -2.87% |
| Dividend Yield | - | - | 7.31% | 6.54% | 5.98% | 5.15% | 3.98% | 7.64% | 6.27% | 4.39% | 6.04% | 5.22% |
| Net Income To Common (M) | 201.65 |
| (-) Cash Dividends Paid (M) | 93.57 |
| (=) Cash Retained (M) | 108.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 40.33 | 25.21 | 15.12 |
| Cash Retained (M) | 108.08 | 108.08 | 108.08 |
| (-) Cash Required (M) | -40.33 | -25.21 | -15.12 |
| (=) Excess Retained (M) | 67.75 | 82.87 | 92.95 |
| (/) Shares Outstanding (M) | 498.78 | 498.78 | 498.78 |
| (=) Excess Retained per Share | 0.14 | 0.17 | 0.19 |
| LTM Dividend per Share | 0.19 | 0.19 | 0.19 |
| (+) Excess Retained per Share | 0.14 | 0.17 | 0.19 |
| (=) Adjusted Dividend | 0.32 | 0.35 | 0.37 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $29.08 | $75.35 | $80.40 |
| Upside / Downside | 1,054.01% | 2,890.04% | 3,090.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 201.65 | 214.76 | 228.72 | 243.59 | 259.42 | 276.28 | 284.57 |
| Payout Ratio | 46.40% | 55.12% | 63.84% | 72.56% | 81.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 93.57 | 118.38 | 146.02 | 176.75 | 210.86 | 248.65 | 263.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 109.93 | 110.98 | 112.02 |
| Year 2 PV (M) | 125.92 | 128.32 | 130.74 |
| Year 3 PV (M) | 141.55 | 145.61 | 149.75 |
| Year 4 PV (M) | 156.81 | 162.84 | 169.04 |
| Year 5 PV (M) | 171.72 | 180.02 | 188.63 |
| PV of Terminal Value (M) | 4,948.84 | 5,187.87 | 5,436.05 |
| Equity Value (M) | 5,654.78 | 5,915.64 | 6,186.24 |
| Shares Outstanding (M) | 498.78 | 498.78 | 498.78 |
| Fair Value | $11.34 | $11.86 | $12.40 |
| Upside / Downside | 349.89% | 370.64% | 392.17% |
| 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% |