Definitive Analysis
| Stable Growth | $22.02 - $33.40 | $27.37 |
| Multi-Stage | $46.56 - $51.16 | $48.81 |
| Blended Fair Value | $38.09 | |
| Current Price | $10.15 | |
| Upside | 275.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.64% | -2.73% | 0.94 | 0.94 | 1.20 | 1.19 | 1.20 | 1.02 | 0.82 | 0.97 | 1.11 | 1.23 |
| YoY Growth | - | - | -0.30% | -21.78% | 0.57% | -0.52% | 17.99% | 24.39% | -15.47% | -13.29% | -9.05% | -0.71% |
| Dividend Yield | - | - | 9.38% | 9.68% | 12.82% | 11.55% | 9.05% | 9.02% | 6.48% | 7.68% | 7.91% | 9.12% |
| Net Income To Common (M) | 293.58 |
| (-) Cash Dividends Paid (M) | 189.93 |
| (=) Cash Retained (M) | 103.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 58.72 | 36.70 | 22.02 |
| Cash Retained (M) | 103.65 | 103.65 | 103.65 |
| (-) Cash Required (M) | -58.72 | -36.70 | -22.02 |
| (=) Excess Retained (M) | 44.93 | 66.95 | 81.63 |
| (/) Shares Outstanding (M) | 116.20 | 116.20 | 116.20 |
| (=) Excess Retained per Share | 0.39 | 0.58 | 0.70 |
| LTM Dividend per Share | 1.63 | 1.63 | 1.63 |
| (+) Excess Retained per Share | 0.39 | 0.58 | 0.70 |
| (=) Adjusted Dividend | 2.02 | 2.21 | 2.34 |
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $22.02 | $27.37 | $33.40 |
| Upside / Downside | 116.93% | 169.66% | 229.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 293.58 | 290.64 | 287.74 | 284.86 | 282.01 | 279.19 | 287.57 |
| Payout Ratio | 64.70% | 69.76% | 74.82% | 79.88% | 84.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 189.93 | 202.74 | 215.28 | 227.54 | 239.54 | 251.27 | 266.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 187.57 | 189.49 | 191.40 |
| Year 2 PV (M) | 184.27 | 188.05 | 191.86 |
| Year 3 PV (M) | 180.19 | 185.76 | 191.45 |
| Year 4 PV (M) | 175.50 | 182.77 | 190.27 |
| Year 5 PV (M) | 170.32 | 179.19 | 188.42 |
| PV of Terminal Value (M) | 4,512.13 | 4,747.09 | 4,991.74 |
| Equity Value (M) | 5,409.97 | 5,672.34 | 5,945.13 |
| Shares Outstanding (M) | 116.20 | 116.20 | 116.20 |
| Fair Value | $46.56 | $48.81 | $51.16 |
| Upside / Downside | 358.68% | 380.92% | 404.05% |
| 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% |