Definitive Analysis
| Stable Growth | $15.19 - $21.86 | $18.44 |
| Multi-Stage | $26.14 - $28.62 | $27.36 |
| Blended Fair Value | $22.90 | |
| Current Price | $7.39 | |
| Upside | 209.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.74% | 0.00% | 0.78 | 0.74 | 0.69 | 0.61 | 0.70 | 0.65 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 5.14% | 7.34% | 12.35% | -12.24% | 7.96% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 10.51% | 10.30% | 9.54% | 7.73% | 6.34% | 7.28% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 195.46 |
| (-) Cash Dividends Paid (M) | 142.40 |
| (=) Cash Retained (M) | 53.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 39.09 | 24.43 | 14.66 |
| Cash Retained (M) | 53.07 | 53.07 | 53.07 |
| (-) Cash Required (M) | -39.09 | -24.43 | -14.66 |
| (=) Excess Retained (M) | 13.98 | 28.64 | 38.41 |
| (/) Shares Outstanding (M) | 90.91 | 90.91 | 90.91 |
| (=) Excess Retained per Share | 0.15 | 0.31 | 0.42 |
| LTM Dividend per Share | 1.57 | 1.57 | 1.57 |
| (+) Excess Retained per Share | 0.15 | 0.31 | 0.42 |
| (=) Adjusted Dividend | 1.72 | 1.88 | 1.99 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $15.19 | $18.44 | $21.86 |
| Upside / Downside | 105.52% | 149.57% | 195.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 195.46 | 193.51 | 191.57 | 189.66 | 187.76 | 185.88 | 191.46 |
| Payout Ratio | 72.85% | 76.28% | 79.71% | 83.14% | 86.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 142.40 | 147.61 | 152.70 | 157.68 | 162.54 | 167.30 | 177.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 133.93 | 135.30 | 136.67 |
| Year 2 PV (M) | 125.72 | 128.30 | 130.90 |
| Year 3 PV (M) | 117.79 | 121.43 | 125.15 |
| Year 4 PV (M) | 110.17 | 114.74 | 119.44 |
| Year 5 PV (M) | 102.89 | 108.24 | 113.82 |
| PV of Terminal Value (M) | 1,786.09 | 1,879.09 | 1,975.93 |
| Equity Value (M) | 2,376.58 | 2,487.10 | 2,601.91 |
| Shares Outstanding (M) | 90.91 | 90.91 | 90.91 |
| Fair Value | $26.14 | $27.36 | $28.62 |
| Upside / Downside | 253.73% | 270.18% | 287.27% |
| 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% |