Definitive Analysis
| Stable Growth | $25.69 - $42.38 | $33.09 |
| Multi-Stage | $32.76 - $35.75 | $34.23 |
| Blended Fair Value | $33.66 | |
| Current Price | $12.45 | |
| Upside | 170.37% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.51% | 4.49% | 0.96 | 1.19 | 0.95 | 0.96 | 0.97 | 0.77 | 0.78 | 0.78 | 0.79 | 0.78 |
| YoY Growth | - | - | -19.11% | 25.16% | -1.10% | -0.69% | 25.36% | -1.19% | -0.03% | -0.78% | 0.83% | 25.93% |
| Dividend Yield | - | - | 7.85% | 9.70% | 8.25% | 5.26% | 7.79% | 5.18% | 7.53% | 6.20% | 6.44% | 6.38% |
| Net Income To Common (M) | 296.36 |
| (-) Cash Dividends Paid (M) | 258.08 |
| (=) Cash Retained (M) | 38.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 59.27 | 37.05 | 22.23 |
| Cash Retained (M) | 38.28 | 38.28 | 38.28 |
| (-) Cash Required (M) | -59.27 | -37.05 | -22.23 |
| (=) Excess Retained (M) | -20.99 | 1.24 | 16.06 |
| (/) Shares Outstanding (M) | 134.43 | 134.43 | 134.43 |
| (=) Excess Retained per Share | -0.16 | 0.01 | 0.12 |
| LTM Dividend per Share | 1.92 | 1.92 | 1.92 |
| (+) Excess Retained per Share | -0.16 | 0.01 | 0.12 |
| (=) Adjusted Dividend | 1.76 | 1.93 | 2.04 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.09% | 3.09% | 4.09% |
| Fair Value | $25.69 | $33.09 | $42.38 |
| Upside / Downside | 106.33% | 165.81% | 240.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 296.36 | 305.52 | 314.95 | 324.68 | 334.71 | 345.05 | 355.40 |
| Payout Ratio | 87.08% | 87.67% | 88.25% | 88.83% | 89.42% | 90.00% | 92.50% |
| Projected Dividends (M) | 258.08 | 267.83 | 277.94 | 288.43 | 299.29 | 310.55 | 328.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.09% | 3.09% | 4.09% |
| Year 1 PV (M) | 243.12 | 245.50 | 247.88 |
| Year 2 PV (M) | 229.01 | 233.52 | 238.07 |
| Year 3 PV (M) | 215.72 | 222.12 | 228.64 |
| Year 4 PV (M) | 203.18 | 211.26 | 219.58 |
| Year 5 PV (M) | 191.37 | 200.93 | 210.87 |
| PV of Terminal Value (M) | 3,322.19 | 3,488.12 | 3,660.61 |
| Equity Value (M) | 4,404.59 | 4,601.45 | 4,805.66 |
| Shares Outstanding (M) | 134.43 | 134.43 | 134.43 |
| Fair Value | $32.76 | $34.23 | $35.75 |
| Upside / Downside | 163.17% | 174.93% | 187.13% |
| 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% |