Definitive Analysis
| Stable Growth | $8.11 - $45.73 | $15.38 |
| Multi-Stage | $6.45 - $7.05 | $6.74 |
| Blended Fair Value | $11.06 | |
| Current Price | $1.68 | |
| Upside | 558.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.21% | 18.63% | 0.11 | 0.13 | 0.13 | 0.12 | 0.06 | 0.08 | 0.06 | 0.05 | 0.03 | 0.03 |
| YoY Growth | - | - | -13.83% | -4.41% | 6.59% | 117.42% | -29.20% | 25.39% | 39.92% | 37.07% | 22.94% | 38.21% |
| Dividend Yield | - | - | 6.43% | 11.61% | 8.46% | 6.28% | 1.69% | 5.16% | 3.02% | 2.34% | 2.60% | 2.25% |
| Net Income To Common (M) | 48.51 |
| (-) Cash Dividends Paid (M) | 40.27 |
| (=) Cash Retained (M) | 8.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9.70 | 6.06 | 3.64 |
| Cash Retained (M) | 8.24 | 8.24 | 8.24 |
| (-) Cash Required (M) | -9.70 | -6.06 | -3.64 |
| (=) Excess Retained (M) | -1.46 | 2.18 | 4.60 |
| (/) Shares Outstanding (M) | 208.40 | 208.40 | 208.40 |
| (=) Excess Retained per Share | -0.01 | 0.01 | 0.02 |
| LTM Dividend per Share | 0.19 | 0.19 | 0.19 |
| (+) Excess Retained per Share | -0.01 | 0.01 | 0.02 |
| (=) Adjusted Dividend | 0.19 | 0.20 | 0.22 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Fair Value | $8.11 | $15.38 | $45.73 |
| Upside / Downside | 382.64% | 815.54% | 2,622.17% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 48.51 | 51.03 | 53.69 | 56.49 | 59.43 | 62.52 | 64.40 |
| Payout Ratio | 83.01% | 84.41% | 85.81% | 87.20% | 88.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 40.27 | 43.08 | 46.07 | 49.26 | 52.65 | 56.27 | 59.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Year 1 PV (M) | 40.02 | 40.41 | 40.79 |
| Year 2 PV (M) | 39.77 | 40.54 | 41.32 |
| Year 3 PV (M) | 39.51 | 40.66 | 41.83 |
| Year 4 PV (M) | 39.25 | 40.77 | 42.35 |
| Year 5 PV (M) | 38.97 | 40.88 | 42.86 |
| PV of Terminal Value (M) | 1,145.68 | 1,201.72 | 1,259.93 |
| Equity Value (M) | 1,343.21 | 1,404.98 | 1,469.07 |
| Shares Outstanding (M) | 208.40 | 208.40 | 208.40 |
| Fair Value | $6.45 | $6.74 | $7.05 |
| Upside / Downside | 283.65% | 301.30% | 319.60% |
| 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% |