Definitive Analysis
| Stable Growth | $65.99 - $153.85 | $96.81 |
| Multi-Stage | $75.01 - $82.14 | $78.51 |
| Blended Fair Value | $87.66 | |
| Current Price | $13.90 | |
| Upside | 530.66% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 32.30% | 15.16% | 1.97 | 1.97 | 0.98 | 0.00 | 0.00 | 0.49 | 0.24 | 0.00 | 0.00 | 0.33 |
| YoY Growth | - | - | 0.08% | 100.01% | 0.00% | 0.00% | -100.00% | 105.93% | 0.00% | 0.00% | -100.00% | -31.73% |
| Dividend Yield | - | - | 15.56% | 17.33% | 8.90% | 0.00% | 0.00% | 5.58% | 2.86% | 0.00% | 0.00% | 4.96% |
| Net Income To Common (M) | 118.25 |
| (-) Cash Dividends Paid (M) | 72.69 |
| (=) Cash Retained (M) | 45.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23.65 | 14.78 | 8.87 |
| Cash Retained (M) | 45.57 | 45.57 | 45.57 |
| (-) Cash Required (M) | -23.65 | -14.78 | -8.87 |
| (=) Excess Retained (M) | 21.91 | 30.78 | 36.70 |
| (/) Shares Outstanding (M) | 36.48 | 36.48 | 36.48 |
| (=) Excess Retained per Share | 0.60 | 0.84 | 1.01 |
| LTM Dividend per Share | 1.99 | 1.99 | 1.99 |
| (+) Excess Retained per Share | 0.60 | 0.84 | 1.01 |
| (=) Adjusted Dividend | 2.59 | 2.84 | 3.00 |
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 2.95% | 3.95% | 4.95% |
| Fair Value | $65.99 | $96.81 | $153.85 |
| Upside / Downside | 374.77% | 596.50% | 1,006.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 118.25 | 122.93 | 127.79 | 132.84 | 138.09 | 143.54 | 147.85 |
| Payout Ratio | 61.47% | 67.17% | 72.88% | 78.59% | 84.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 72.69 | 82.58 | 93.13 | 104.39 | 116.40 | 129.19 | 136.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 2.95% | 3.95% | 4.95% |
| Year 1 PV (M) | 76.43 | 77.18 | 77.92 |
| Year 2 PV (M) | 79.79 | 81.35 | 82.92 |
| Year 3 PV (M) | 82.79 | 85.22 | 87.70 |
| Year 4 PV (M) | 85.44 | 88.81 | 92.27 |
| Year 5 PV (M) | 87.77 | 92.12 | 96.64 |
| PV of Terminal Value (M) | 2,324.40 | 2,439.50 | 2,559.12 |
| Equity Value (M) | 2,736.62 | 2,864.17 | 2,996.57 |
| Shares Outstanding (M) | 36.48 | 36.48 | 36.48 |
| Fair Value | $75.01 | $78.51 | $82.14 |
| Upside / Downside | 439.67% | 464.82% | 490.93% |
| 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% |