Definitive Analysis
| Stable Growth | $27.20 - $39.55 | $33.18 |
| Multi-Stage | $56.32 - $61.93 | $59.07 |
| Blended Fair Value | $46.12 | |
| Current Price | $20.65 | |
| Upside | 123.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.77% | 3.66% | 0.70 | 1.22 | 1.48 | 0.91 | 1.03 | 0.37 | 0.65 | 0.55 | 0.50 | 0.43 |
| YoY Growth | - | - | -43.05% | -17.28% | 62.19% | -11.44% | 181.69% | -43.88% | 18.10% | 10.10% | 16.50% | -11.62% |
| Dividend Yield | - | - | 3.38% | 3.69% | 6.69% | 4.36% | 3.84% | 2.18% | 4.14% | 3.18% | 3.67% | 2.64% |
| Net Income To Common (M) | 596.14 |
| (-) Cash Dividends Paid (M) | 308.01 |
| (=) Cash Retained (M) | 288.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 119.23 | 74.52 | 44.71 |
| Cash Retained (M) | 288.13 | 288.13 | 288.13 |
| (-) Cash Required (M) | -119.23 | -74.52 | -44.71 |
| (=) Excess Retained (M) | 168.91 | 213.62 | 243.42 |
| (/) Shares Outstanding (M) | 160.26 | 160.26 | 160.26 |
| (=) Excess Retained per Share | 1.05 | 1.33 | 1.52 |
| LTM Dividend per Share | 1.92 | 1.92 | 1.92 |
| (+) Excess Retained per Share | 1.05 | 1.33 | 1.52 |
| (=) Adjusted Dividend | 2.98 | 3.25 | 3.44 |
| WACC / Discount Rate | 7.56% | 7.56% | 7.56% |
| Growth Rate | -3.05% | -2.05% | -1.05% |
| Fair Value | $27.20 | $33.18 | $39.55 |
| Upside / Downside | 31.71% | 60.69% | 91.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 596.14 | 583.93 | 571.96 | 560.25 | 548.77 | 537.53 | 553.65 |
| Payout Ratio | 51.67% | 59.33% | 67.00% | 74.67% | 82.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 308.01 | 346.46 | 383.22 | 418.32 | 451.82 | 483.77 | 512.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.56% | 7.56% | 7.56% |
| Growth Rate | -3.05% | -2.05% | -1.05% |
| Year 1 PV (M) | 318.83 | 322.11 | 325.40 |
| Year 2 PV (M) | 324.52 | 331.24 | 338.04 |
| Year 3 PV (M) | 325.98 | 336.17 | 346.58 |
| Year 4 PV (M) | 324.00 | 337.58 | 351.58 |
| Year 5 PV (M) | 319.24 | 336.05 | 353.56 |
| PV of Terminal Value (M) | 7,412.76 | 7,803.02 | 8,209.55 |
| Equity Value (M) | 9,025.33 | 9,466.18 | 9,924.70 |
| Shares Outstanding (M) | 160.26 | 160.26 | 160.26 |
| Fair Value | $56.32 | $59.07 | $61.93 |
| Upside / Downside | 172.71% | 186.03% | 199.89% |
| 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% |