Definitive Analysis
| Stable Growth | $15.09 - $41.06 | $23.25 |
| Multi-Stage | $18.40 - $20.15 | $19.26 |
| Blended Fair Value | $21.26 | |
| Current Price | $9.00 | |
| Upside | 136.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 21.39% | 0.00% | 0.52 | 0.48 | 0.33 | 0.10 | 0.00 | 0.20 | 0.85 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 8.21% | 44.39% | 220.05% | 0.00% | -100.00% | -76.74% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.33% | 2.76% | 1.36% | 0.65% | 0.00% | 2.14% | 9.21% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 597.80 |
| (-) Cash Dividends Paid (M) | 551.36 |
| (=) Cash Retained (M) | 46.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 119.56 | 74.72 | 44.83 |
| Cash Retained (M) | 46.44 | 46.44 | 46.44 |
| (-) Cash Required (M) | -119.56 | -74.72 | -44.83 |
| (=) Excess Retained (M) | -73.12 | -28.29 | 1.60 |
| (/) Shares Outstanding (M) | 923.58 | 923.58 | 923.58 |
| (=) Excess Retained per Share | -0.08 | -0.03 | 0.00 |
| LTM Dividend per Share | 0.60 | 0.60 | 0.60 |
| (+) Excess Retained per Share | -0.08 | -0.03 | 0.00 |
| (=) Adjusted Dividend | 0.52 | 0.57 | 0.60 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 2.78% | 3.78% | 4.78% |
| Fair Value | $15.09 | $23.25 | $41.06 |
| Upside / Downside | 67.63% | 158.36% | 356.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 597.80 | 620.40 | 643.86 | 668.21 | 693.48 | 719.71 | 741.30 |
| Payout Ratio | 92.23% | 91.79% | 91.34% | 90.89% | 90.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 551.36 | 569.44 | 588.10 | 607.36 | 627.23 | 647.74 | 685.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 2.78% | 3.78% | 4.78% |
| Year 1 PV (M) | 530.48 | 535.64 | 540.80 |
| Year 2 PV (M) | 510.38 | 520.36 | 530.44 |
| Year 3 PV (M) | 491.04 | 505.51 | 520.26 |
| Year 4 PV (M) | 472.41 | 491.07 | 510.27 |
| Year 5 PV (M) | 454.48 | 477.02 | 500.45 |
| PV of Terminal Value (M) | 14,537.35 | 15,258.45 | 16,007.87 |
| Equity Value (M) | 16,996.15 | 17,788.05 | 18,610.10 |
| Shares Outstanding (M) | 923.58 | 923.58 | 923.58 |
| Fair Value | $18.40 | $19.26 | $20.15 |
| Upside / Downside | 104.47% | 114.00% | 123.89% |
| 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% |