Definitive Analysis
| Stable Growth | $2.75 - $4.37 | $3.49 |
| Multi-Stage | $6.39 - $7.03 | $6.71 |
| Blended Fair Value | $5.10 | |
| Current Price | $1.95 | |
| Upside | 161.32% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.49% | 16.23% | 0.25 | 0.08 | 0.34 | 0.19 | 0.31 | 0.24 | 0.13 | 0.05 | 0.09 | 0.04 |
| YoY Growth | - | - | 214.33% | -76.79% | 75.83% | -37.69% | 28.16% | 88.25% | 137.39% | -40.26% | 130.03% | -28.49% |
| Dividend Yield | - | - | 12.37% | 2.73% | 9.69% | 3.95% | 7.37% | 12.71% | 3.64% | 1.50% | 2.84% | 1.92% |
| Net Income To Common (M) | 385.67 |
| (-) Cash Dividends Paid (M) | 289.00 |
| (=) Cash Retained (M) | 96.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 77.13 | 48.21 | 28.93 |
| Cash Retained (M) | 96.67 | 96.67 | 96.67 |
| (-) Cash Required (M) | -77.13 | -48.21 | -28.93 |
| (=) Excess Retained (M) | 19.54 | 48.46 | 67.75 |
| (/) Shares Outstanding (M) | 1,436.42 | 1,436.42 | 1,436.42 |
| (=) Excess Retained per Share | 0.01 | 0.03 | 0.05 |
| LTM Dividend per Share | 0.20 | 0.20 | 0.20 |
| (+) Excess Retained per Share | 0.01 | 0.03 | 0.05 |
| (=) Adjusted Dividend | 0.21 | 0.23 | 0.25 |
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | -1.51% | -0.51% | 0.49% |
| Fair Value | $2.75 | $3.49 | $4.37 |
| Upside / Downside | 40.79% | 78.74% | 124.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 385.67 | 383.70 | 381.74 | 379.78 | 377.84 | 375.91 | 387.19 |
| Payout Ratio | 74.93% | 77.95% | 80.96% | 83.97% | 86.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 289.00 | 299.08 | 309.06 | 318.92 | 328.67 | 338.32 | 358.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | -1.51% | -0.51% | 0.49% |
| Year 1 PV (M) | 278.81 | 281.64 | 284.47 |
| Year 2 PV (M) | 268.57 | 274.05 | 279.59 |
| Year 3 PV (M) | 258.35 | 266.30 | 274.41 |
| Year 4 PV (M) | 248.20 | 258.44 | 268.99 |
| Year 5 PV (M) | 238.17 | 250.51 | 263.35 |
| PV of Terminal Value (M) | 7,893.01 | 8,301.93 | 8,727.64 |
| Equity Value (M) | 9,185.11 | 9,632.87 | 10,098.45 |
| Shares Outstanding (M) | 1,436.42 | 1,436.42 | 1,436.42 |
| Fair Value | $6.39 | $6.71 | $7.03 |
| Upside / Downside | 227.92% | 243.91% | 260.53% |
| 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% |