Definitive Analysis
| Stable Growth | $20.64 - $31.79 | $25.83 |
| Multi-Stage | $46.05 - $50.69 | $48.32 |
| Blended Fair Value | $37.07 | |
| Current Price | $10.86 | |
| Upside | 241.39% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.28% | 0.00% | 0.66 | 0.24 | 0.17 | 0.30 | 0.30 | 0.74 | 0.69 | 0.50 | 0.42 | 0.00 |
| YoY Growth | - | - | 178.95% | 39.29% | -42.86% | 0.00% | -59.87% | 7.89% | 36.73% | 19.44% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.59% | 1.94% | 1.25% | 1.30% | 1.05% | 2.98% | 3.41% | 1.33% | 1.39% | 0.00% |
| Net Income To Common (M) | 323.12 |
| (-) Cash Dividends Paid (M) | 145.19 |
| (=) Cash Retained (M) | 177.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 64.62 | 40.39 | 24.23 |
| Cash Retained (M) | 177.93 | 177.93 | 177.93 |
| (-) Cash Required (M) | -64.62 | -40.39 | -24.23 |
| (=) Excess Retained (M) | 113.31 | 137.54 | 153.70 |
| (/) Shares Outstanding (M) | 143.75 | 143.75 | 143.75 |
| (=) Excess Retained per Share | 0.79 | 0.96 | 1.07 |
| LTM Dividend per Share | 1.01 | 1.01 | 1.01 |
| (+) Excess Retained per Share | 0.79 | 0.96 | 1.07 |
| (=) Adjusted Dividend | 1.80 | 1.97 | 2.08 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $20.64 | $25.83 | $31.79 |
| Upside / Downside | 90.03% | 137.81% | 192.77% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 323.12 | 319.89 | 316.69 | 313.52 | 310.38 | 307.28 | 316.50 |
| Payout Ratio | 44.93% | 53.95% | 62.96% | 71.97% | 80.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 145.19 | 172.57 | 199.39 | 225.65 | 251.37 | 276.55 | 292.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 160.34 | 161.97 | 163.61 |
| Year 2 PV (M) | 172.13 | 175.66 | 179.23 |
| Year 3 PV (M) | 181.00 | 186.60 | 192.31 |
| Year 4 PV (M) | 187.34 | 195.11 | 203.11 |
| Year 5 PV (M) | 191.50 | 201.48 | 211.86 |
| PV of Terminal Value (M) | 5,727.29 | 6,025.52 | 6,336.05 |
| Equity Value (M) | 6,619.60 | 6,946.33 | 7,286.16 |
| Shares Outstanding (M) | 143.75 | 143.75 | 143.75 |
| Fair Value | $46.05 | $48.32 | $50.69 |
| Upside / Downside | 324.04% | 344.97% | 366.74% |
| 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% |