Definitive Analysis
| Stable Growth | $18.60 - $58.34 | $54.67 |
| Multi-Stage | $8.13 - $8.88 | $8.50 |
| Blended Fair Value | $31.58 | |
| Current Price | $5.45 | |
| Upside | 479.53% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 34.15% | 0.00% | 0.52 | 0.26 | 0.09 | 0.17 | 0.15 | 0.12 | 0.09 | 0.07 | 0.01 | 0.00 |
| YoY Growth | - | - | 99.20% | 176.87% | -43.26% | 9.11% | 27.27% | 37.50% | 20.00% | 403.65% | 0.00% | 0.00% |
| Dividend Yield | - | - | 8.10% | 3.44% | 1.24% | 2.46% | 2.86% | 3.24% | 1.72% | 1.41% | 0.24% | 0.00% |
| Net Income To Common (M) | 243.43 |
| (-) Cash Dividends Paid (M) | 222.57 |
| (=) Cash Retained (M) | 20.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 48.69 | 30.43 | 18.26 |
| Cash Retained (M) | 20.86 | 20.86 | 20.86 |
| (-) Cash Required (M) | -48.69 | -30.43 | -18.26 |
| (=) Excess Retained (M) | -27.82 | -9.57 | 2.61 |
| (/) Shares Outstanding (M) | 829.88 | 829.88 | 829.88 |
| (=) Excess Retained per Share | -0.03 | -0.01 | 0.00 |
| LTM Dividend per Share | 0.27 | 0.27 | 0.27 |
| (+) Excess Retained per Share | -0.03 | -0.01 | 0.00 |
| (=) Adjusted Dividend | 0.23 | 0.26 | 0.27 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $18.60 | $54.67 | $58.34 |
| Upside / Downside | 241.37% | 903.11% | 970.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 243.43 | 259.25 | 276.10 | 294.05 | 313.16 | 333.52 | 343.52 |
| Payout Ratio | 91.43% | 91.14% | 90.86% | 90.57% | 90.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 222.57 | 236.29 | 250.86 | 266.33 | 282.74 | 300.17 | 317.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 219.11 | 221.18 | 223.26 |
| Year 2 PV (M) | 215.70 | 219.81 | 223.95 |
| Year 3 PV (M) | 212.34 | 218.44 | 224.65 |
| Year 4 PV (M) | 209.03 | 217.07 | 225.34 |
| Year 5 PV (M) | 205.78 | 215.72 | 226.04 |
| PV of Terminal Value (M) | 5,686.68 | 5,961.34 | 6,246.52 |
| Equity Value (M) | 6,748.63 | 7,053.56 | 7,369.76 |
| Shares Outstanding (M) | 829.88 | 829.88 | 829.88 |
| Fair Value | $8.13 | $8.50 | $8.88 |
| Upside / Downside | 49.21% | 55.95% | 62.94% |
| 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% |