Definitive Analysis
| Stable Growth | $8.25 - $11.87 | $10.02 |
| Multi-Stage | $14.46 - $15.82 | $15.12 |
| Blended Fair Value | $12.57 | |
| Current Price | $4.80 | |
| Upside | 161.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.09% | -6.58% | 0.52 | 0.49 | 0.43 | 0.38 | 0.41 | 0.51 | 0.64 | 0.69 | 0.79 | 0.00 |
| YoY Growth | - | - | 4.60% | 14.61% | 13.01% | -8.01% | -19.41% | -20.17% | -6.17% | -13.44% | 0.00% | -100.00% |
| Dividend Yield | - | - | 10.77% | 10.25% | 8.63% | 7.38% | 5.97% | 9.94% | 8.03% | 7.93% | 9.11% | 0.00% |
| Net Income To Common (M) | 193.98 |
| (-) Cash Dividends Paid (M) | 168.01 |
| (=) Cash Retained (M) | 25.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38.80 | 24.25 | 14.55 |
| Cash Retained (M) | 25.97 | 25.97 | 25.97 |
| (-) Cash Required (M) | -38.80 | -24.25 | -14.55 |
| (=) Excess Retained (M) | -12.83 | 1.72 | 11.42 |
| (/) Shares Outstanding (M) | 166.12 | 166.12 | 166.12 |
| (=) Excess Retained per Share | -0.08 | 0.01 | 0.07 |
| LTM Dividend per Share | 1.01 | 1.01 | 1.01 |
| (+) Excess Retained per Share | -0.08 | 0.01 | 0.07 |
| (=) Adjusted Dividend | 0.93 | 1.02 | 1.08 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $8.25 | $10.02 | $11.87 |
| Upside / Downside | 71.86% | 108.70% | 147.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 193.98 | 192.04 | 190.12 | 188.22 | 186.34 | 184.48 | 190.01 |
| Payout Ratio | 86.61% | 87.29% | 87.97% | 88.64% | 89.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 168.01 | 167.63 | 167.25 | 166.85 | 166.44 | 166.03 | 175.76 |
| 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) | 152.10 | 153.65 | 155.21 |
| Year 2 PV (M) | 137.69 | 140.51 | 143.37 |
| Year 3 PV (M) | 124.64 | 128.49 | 132.42 |
| Year 4 PV (M) | 112.81 | 117.49 | 122.31 |
| Year 5 PV (M) | 102.11 | 107.42 | 112.96 |
| PV of Terminal Value (M) | 1,772.56 | 1,864.86 | 1,960.97 |
| Equity Value (M) | 2,401.91 | 2,512.44 | 2,627.24 |
| Shares Outstanding (M) | 166.12 | 166.12 | 166.12 |
| Fair Value | $14.46 | $15.12 | $15.82 |
| Upside / Downside | 201.23% | 215.10% | 229.49% |
| 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% |