Definitive Analysis
| Stable Growth | $17.53 - $79.54 | $40.26 |
| Multi-Stage | $9.45 - $10.32 | $9.88 |
| Blended Fair Value | $25.07 | |
| Current Price | $7.80 | |
| Upside | 221.40% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.54% | 0.00% | 0.26 | 0.20 | 0.14 | 0.11 | 0.09 | 0.09 | 0.06 | 0.23 | 0.00 | 0.00 |
| YoY Growth | - | - | 29.99% | 44.52% | 26.10% | 16.67% | 0.00% | 71.43% | -76.49% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.26% | 1.73% | 1.19% | 0.87% | 0.90% | 1.55% | 0.61% | 2.13% | 0.00% | 0.00% |
| Net Income To Common (M) | 345.80 |
| (-) Cash Dividends Paid (M) | 258.51 |
| (=) Cash Retained (M) | 87.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 69.16 | 43.22 | 25.93 |
| Cash Retained (M) | 87.29 | 87.29 | 87.29 |
| (-) Cash Required (M) | -69.16 | -43.22 | -25.93 |
| (=) Excess Retained (M) | 18.13 | 44.06 | 61.35 |
| (/) Shares Outstanding (M) | 864.58 | 864.58 | 864.58 |
| (=) Excess Retained per Share | 0.02 | 0.05 | 0.07 |
| LTM Dividend per Share | 0.30 | 0.30 | 0.30 |
| (+) Excess Retained per Share | 0.02 | 0.05 | 0.07 |
| (=) Adjusted Dividend | 0.32 | 0.35 | 0.37 |
| WACC / Discount Rate | 7.43% | 7.43% | 7.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $17.53 | $40.26 | $79.54 |
| Upside / Downside | 124.73% | 416.14% | 919.76% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 345.80 | 368.27 | 392.21 | 417.70 | 444.85 | 473.77 | 487.98 |
| Payout Ratio | 74.76% | 77.81% | 80.85% | 83.90% | 86.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 258.51 | 286.54 | 317.12 | 350.46 | 386.81 | 426.39 | 451.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.43% | 7.43% | 7.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 264.22 | 266.73 | 269.23 |
| Year 2 PV (M) | 269.66 | 274.79 | 279.98 |
| Year 3 PV (M) | 274.81 | 282.70 | 290.73 |
| Year 4 PV (M) | 279.69 | 290.44 | 301.51 |
| Year 5 PV (M) | 284.30 | 298.03 | 312.29 |
| PV of Terminal Value (M) | 6,800.29 | 7,128.75 | 7,469.77 |
| Equity Value (M) | 8,172.97 | 8,541.44 | 8,923.52 |
| Shares Outstanding (M) | 864.58 | 864.58 | 864.58 |
| Fair Value | $9.45 | $9.88 | $10.32 |
| Upside / Downside | 21.19% | 26.66% | 32.32% |
| 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% |