Definitive Analysis
| Stable Growth | $122.08 - $550.56 | $282.30 |
| Multi-Stage | $66.45 - $72.50 | $69.42 |
| Blended Fair Value | $175.86 | |
| Current Price | $20.62 | |
| Upside | 752.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 85.41% | 5.28 | 5.98 | 1.67 | 0.00 | 0.71 | 0.00 | 0.00 | 0.01 | 0.25 | 0.00 |
| YoY Growth | - | - | -11.73% | 258.85% | 0.00% | -100.00% | 0.00% | 0.00% | -100.00% | -95.04% | 0.00% | -100.00% |
| Dividend Yield | - | - | 32.03% | 17.00% | 5.35% | 0.00% | 7.74% | 0.00% | 0.00% | 0.17% | 3.29% | 0.00% |
| Net Income To Common (M) | 276.92 |
| (-) Cash Dividends Paid (M) | 250.19 |
| (=) Cash Retained (M) | 26.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 55.38 | 34.61 | 20.77 |
| Cash Retained (M) | 26.72 | 26.72 | 26.72 |
| (-) Cash Required (M) | -55.38 | -34.61 | -20.77 |
| (=) Excess Retained (M) | -28.66 | -7.89 | 5.96 |
| (/) Shares Outstanding (M) | 100.03 | 100.03 | 100.03 |
| (=) Excess Retained per Share | -0.29 | -0.08 | 0.06 |
| LTM Dividend per Share | 2.50 | 2.50 | 2.50 |
| (+) Excess Retained per Share | -0.29 | -0.08 | 0.06 |
| (=) Adjusted Dividend | 2.21 | 2.42 | 2.56 |
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $122.08 | $282.30 | $550.56 |
| Upside / Downside | 492.07% | 1,269.06% | 2,570.02% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 276.92 | 294.91 | 314.08 | 334.50 | 356.24 | 379.40 | 390.78 |
| Payout Ratio | 90.35% | 90.28% | 90.21% | 90.14% | 90.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 250.19 | 266.25 | 283.33 | 301.52 | 320.87 | 341.46 | 361.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 245.54 | 247.87 | 250.20 |
| Year 2 PV (M) | 240.98 | 245.57 | 250.21 |
| Year 3 PV (M) | 236.50 | 243.29 | 250.21 |
| Year 4 PV (M) | 232.11 | 241.04 | 250.22 |
| Year 5 PV (M) | 227.80 | 238.80 | 250.22 |
| PV of Terminal Value (M) | 5,463.50 | 5,727.39 | 6,001.37 |
| Equity Value (M) | 6,646.44 | 6,943.96 | 7,252.43 |
| Shares Outstanding (M) | 100.03 | 100.03 | 100.03 |
| Fair Value | $66.45 | $69.42 | $72.50 |
| Upside / Downside | 222.24% | 236.66% | 251.62% |
| 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% |