Definitive Analysis
| Stable Growth | $23.75 - $55.29 | $51.81 |
| Multi-Stage | $8.57 - $9.38 | $8.96 |
| Blended Fair Value | $30.39 | |
| Current Price | $2.49 | |
| Upside | 1,120.45% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.26% | 28.58% | 0.13 | 0.13 | 0.12 | 0.10 | 0.15 | 0.25 | 0.33 | 0.38 | 0.31 | 0.31 |
| YoY Growth | - | - | 0.00% | 8.33% | 20.00% | -33.33% | -40.00% | -25.15% | -13.06% | 23.72% | 0.68% | 2,831.20% |
| Dividend Yield | - | - | 5.20% | 4.84% | 4.53% | 3.23% | 5.25% | 10.55% | 8.50% | 9.86% | 7.11% | 8.12% |
| Net Income To Common (M) | 132.22 |
| (-) Cash Dividends Paid (M) | 64.78 |
| (=) Cash Retained (M) | 67.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 26.44 | 16.53 | 9.92 |
| Cash Retained (M) | 67.44 | 67.44 | 67.44 |
| (-) Cash Required (M) | -26.44 | -16.53 | -9.92 |
| (=) Excess Retained (M) | 41.00 | 50.91 | 57.52 |
| (/) Shares Outstanding (M) | 474.94 | 474.94 | 474.94 |
| (=) Excess Retained per Share | 0.09 | 0.11 | 0.12 |
| LTM Dividend per Share | 0.14 | 0.14 | 0.14 |
| (+) Excess Retained per Share | 0.09 | 0.11 | 0.12 |
| (=) Adjusted Dividend | 0.22 | 0.24 | 0.26 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Fair Value | $23.75 | $51.81 | $55.29 |
| Upside / Downside | 853.90% | 1,980.91% | 2,120.50% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 132.22 | 140.62 | 149.56 | 159.06 | 169.17 | 179.92 | 185.32 |
| Payout Ratio | 48.99% | 57.19% | 65.40% | 73.60% | 81.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 64.78 | 80.43 | 97.81 | 117.07 | 138.38 | 161.93 | 171.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.35% | 6.35% | 7.35% |
| Year 1 PV (M) | 74.92 | 75.63 | 76.34 |
| Year 2 PV (M) | 84.87 | 86.49 | 88.12 |
| Year 3 PV (M) | 94.62 | 97.34 | 100.12 |
| Year 4 PV (M) | 104.19 | 108.20 | 112.33 |
| Year 5 PV (M) | 113.57 | 119.07 | 124.77 |
| PV of Terminal Value (M) | 3,596.67 | 3,770.63 | 3,951.27 |
| Equity Value (M) | 4,068.85 | 4,257.37 | 4,452.95 |
| Shares Outstanding (M) | 474.94 | 474.94 | 474.94 |
| Fair Value | $8.57 | $8.96 | $9.38 |
| Upside / Downside | 244.06% | 260.00% | 276.54% |
| 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% |