Definitive Analysis
| Stable Growth | $2.92 - $4.24 | $3.56 |
| Multi-Stage | $7.65 - $8.42 | $8.03 |
| Blended Fair Value | $5.80 | |
| Current Price | $3.20 | |
| Upside | 81.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.45% | -2.20% | 0.30 | 0.40 | 0.30 | 0.40 | 0.20 | 0.20 | 0.27 | 0.28 | 0.24 | 0.40 |
| YoY Growth | - | - | -25.00% | 33.33% | -25.00% | 100.00% | 0.00% | -25.93% | -3.57% | 16.67% | -40.00% | 6.71% |
| Dividend Yield | - | - | 8.58% | 8.01% | 5.83% | 7.77% | 3.85% | 4.43% | 3.97% | 3.92% | 3.97% | 7.41% |
| Net Income To Common (M) | 623.89 |
| (-) Cash Dividends Paid (M) | 381.25 |
| (=) Cash Retained (M) | 242.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 124.78 | 77.99 | 46.79 |
| Cash Retained (M) | 242.64 | 242.64 | 242.64 |
| (-) Cash Required (M) | -124.78 | -77.99 | -46.79 |
| (=) Excess Retained (M) | 117.86 | 164.65 | 195.85 |
| (/) Shares Outstanding (M) | 1,523.55 | 1,523.55 | 1,523.55 |
| (=) Excess Retained per Share | 0.08 | 0.11 | 0.13 |
| LTM Dividend per Share | 0.25 | 0.25 | 0.25 |
| (+) Excess Retained per Share | 0.08 | 0.11 | 0.13 |
| (=) Adjusted Dividend | 0.33 | 0.36 | 0.38 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -4.20% | -3.20% | -2.20% |
| Fair Value | $2.92 | $3.56 | $4.24 |
| Upside / Downside | -8.64% | 11.35% | 32.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 623.89 | 603.95 | 584.64 | 565.96 | 547.87 | 530.35 | 546.26 |
| Payout Ratio | 61.11% | 66.89% | 72.67% | 78.44% | 84.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 381.25 | 403.96 | 424.83 | 443.96 | 461.42 | 477.32 | 505.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -4.20% | -3.20% | -2.20% |
| Year 1 PV (M) | 375.25 | 379.17 | 383.09 |
| Year 2 PV (M) | 366.59 | 374.29 | 382.06 |
| Year 3 PV (M) | 355.87 | 367.13 | 378.63 |
| Year 4 PV (M) | 343.59 | 358.16 | 373.19 |
| Year 5 PV (M) | 330.16 | 347.76 | 366.09 |
| PV of Terminal Value (M) | 9,877.70 | 10,404.10 | 10,952.70 |
| Equity Value (M) | 11,649.17 | 12,230.60 | 12,835.75 |
| Shares Outstanding (M) | 1,523.55 | 1,523.55 | 1,523.55 |
| Fair Value | $7.65 | $8.03 | $8.42 |
| Upside / Downside | 138.94% | 150.87% | 163.28% |
| 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% |