Definitive Analysis
| Stable Growth | $60.45 - $263.46 | $145.30 |
| Multi-Stage | $31.86 - $34.79 | $33.29 |
| Blended Fair Value | $89.30 | |
| Current Price | $9.80 | |
| Upside | 811.20% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.30% | 37.67% | 0.51 | 0.47 | 0.43 | 0.40 | 0.35 | 0.40 | 0.33 | 0.29 | 0.06 | 0.02 |
| YoY Growth | - | - | 9.28% | 7.94% | 8.32% | 15.73% | -12.43% | 20.69% | 11.74% | 394.21% | 142.55% | 16.83% |
| Dividend Yield | - | - | 5.23% | 2.69% | 3.05% | 2.82% | 1.95% | 4.13% | 1.60% | 5.87% | 2.23% | 1.88% |
| Net Income To Common (M) | 83.52 |
| (-) Cash Dividends Paid (M) | 61.90 |
| (=) Cash Retained (M) | 21.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 16.70 | 10.44 | 6.26 |
| Cash Retained (M) | 21.63 | 21.63 | 21.63 |
| (-) Cash Required (M) | -16.70 | -10.44 | -6.26 |
| (=) Excess Retained (M) | 4.92 | 11.19 | 15.36 |
| (/) Shares Outstanding (M) | 63.05 | 63.05 | 63.05 |
| (=) Excess Retained per Share | 0.08 | 0.18 | 0.24 |
| LTM Dividend per Share | 0.98 | 0.98 | 0.98 |
| (+) Excess Retained per Share | 0.08 | 0.18 | 0.24 |
| (=) Adjusted Dividend | 1.06 | 1.16 | 1.23 |
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $60.45 | $145.30 | $263.46 |
| Upside / Downside | 516.83% | 1,382.67% | 2,588.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 83.52 | 88.95 | 94.74 | 100.89 | 107.45 | 114.44 | 117.87 |
| Payout Ratio | 74.11% | 77.28% | 80.46% | 83.64% | 86.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 61.90 | 68.75 | 76.23 | 84.39 | 93.29 | 102.99 | 109.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 63.44 | 64.04 | 64.64 |
| Year 2 PV (M) | 64.91 | 66.15 | 67.39 |
| Year 3 PV (M) | 66.31 | 68.22 | 70.16 |
| Year 4 PV (M) | 67.65 | 70.25 | 72.92 |
| Year 5 PV (M) | 68.91 | 72.24 | 75.70 |
| PV of Terminal Value (M) | 1,677.26 | 1,758.27 | 1,842.38 |
| Equity Value (M) | 2,008.48 | 2,099.16 | 2,193.20 |
| Shares Outstanding (M) | 63.05 | 63.05 | 63.05 |
| Fair Value | $31.86 | $33.29 | $34.79 |
| Upside / Downside | 225.06% | 239.74% | 254.95% |
| 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% |