Definitive Analysis
| Stable Growth | $20.00 - $105.06 | $40.06 |
| Multi-Stage | $14.24 - $15.56 | $14.89 |
| Blended Fair Value | $27.47 | |
| Current Price | $5.40 | |
| Upside | 408.78% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.87% | -1.17% | 0.40 | 0.40 | 0.40 | 0.40 | 0.35 | 0.20 | 0.26 | 0.36 | 0.34 | 0.51 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 14.29% | 75.00% | -22.73% | -26.52% | 6.02% | -33.85% | 11.61% |
| Dividend Yield | - | - | 6.79% | 5.86% | 5.08% | 3.85% | 5.66% | 4.74% | 7.51% | 7.77% | 5.89% | 9.22% |
| Net Income To Common (M) | 232.85 |
| (-) Cash Dividends Paid (M) | 220.71 |
| (=) Cash Retained (M) | 12.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 46.57 | 29.11 | 17.46 |
| Cash Retained (M) | 12.13 | 12.13 | 12.13 |
| (-) Cash Required (M) | -46.57 | -29.11 | -17.46 |
| (=) Excess Retained (M) | -34.44 | -16.97 | -5.33 |
| (/) Shares Outstanding (M) | 437.06 | 437.06 | 437.06 |
| (=) Excess Retained per Share | -0.08 | -0.04 | -0.01 |
| LTM Dividend per Share | 0.50 | 0.50 | 0.50 |
| (+) Excess Retained per Share | -0.08 | -0.04 | -0.01 |
| (=) Adjusted Dividend | 0.43 | 0.47 | 0.49 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Fair Value | $20.00 | $40.06 | $105.06 |
| Upside / Downside | 270.39% | 641.83% | 1,845.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 232.85 | 245.88 | 259.64 | 274.17 | 289.51 | 305.71 | 314.88 |
| Payout Ratio | 94.79% | 93.83% | 92.87% | 91.92% | 90.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 220.71 | 230.71 | 241.13 | 252.00 | 263.33 | 275.14 | 291.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Year 1 PV (M) | 213.93 | 215.97 | 218.02 |
| Year 2 PV (M) | 207.32 | 211.31 | 215.33 |
| Year 3 PV (M) | 200.90 | 206.72 | 212.65 |
| Year 4 PV (M) | 194.66 | 202.21 | 209.98 |
| Year 5 PV (M) | 188.59 | 197.78 | 207.33 |
| PV of Terminal Value (M) | 5,219.42 | 5,473.74 | 5,737.88 |
| Equity Value (M) | 6,224.82 | 6,507.73 | 6,801.18 |
| Shares Outstanding (M) | 437.06 | 437.06 | 437.06 |
| Fair Value | $14.24 | $14.89 | $15.56 |
| Upside / Downside | 163.75% | 175.73% | 188.17% |
| 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% |