Definitive Analysis
| Stable Growth | $14.57 - $27.42 | $19.79 |
| Multi-Stage | $14.94 - $16.29 | $15.60 |
| Blended Fair Value | $17.70 | |
| Current Price | $9.13 | |
| Upside | 93.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2023 | 2022 | 2021 | 2019 | 2018 | 2017 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.23% | 10.53% | 1.03 | 1.06 | 0.54 | 0.48 | 0.33 | 0.49 | 0.41 | 0.35 | 0.32 | 0.36 |
| YoY Growth | - | - | -2.30% | 95.97% | 12.58% | 46.22% | -32.69% | 19.66% | 17.87% | 7.03% | -11.15% | -4.36% |
| Dividend Yield | - | - | 7.06% | 5.68% | 2.42% | 2.18% | 1.58% | 3.25% | 2.28% | 2.04% | 2.38% | 3.34% |
| Net Income To Common (M) | 186.09 |
| (-) Cash Dividends Paid (M) | 153.99 |
| (=) Cash Retained (M) | 32.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 37.22 | 23.26 | 13.96 |
| Cash Retained (M) | 32.11 | 32.11 | 32.11 |
| (-) Cash Required (M) | -37.22 | -23.26 | -13.96 |
| (=) Excess Retained (M) | -5.11 | 8.84 | 18.15 |
| (/) Shares Outstanding (M) | 198.02 | 198.02 | 198.02 |
| (=) Excess Retained per Share | -0.03 | 0.04 | 0.09 |
| LTM Dividend per Share | 0.78 | 0.78 | 0.78 |
| (+) Excess Retained per Share | -0.03 | 0.04 | 0.09 |
| (=) Adjusted Dividend | 0.75 | 0.82 | 0.87 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.75% | 4.75% | 5.75% |
| Fair Value | $14.57 | $19.79 | $27.42 |
| Upside / Downside | 59.63% | 116.78% | 200.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 186.09 | 194.92 | 204.17 | 213.87 | 224.02 | 234.65 | 241.69 |
| Payout Ratio | 82.75% | 84.20% | 85.65% | 87.10% | 88.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 153.99 | 164.12 | 174.87 | 186.27 | 198.37 | 211.18 | 223.56 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.75% | 4.75% | 5.75% |
| Year 1 PV (M) | 149.00 | 150.44 | 151.87 |
| Year 2 PV (M) | 144.13 | 146.92 | 149.74 |
| Year 3 PV (M) | 139.38 | 143.45 | 147.60 |
| Year 4 PV (M) | 134.75 | 140.02 | 145.45 |
| Year 5 PV (M) | 130.24 | 136.64 | 143.29 |
| PV of Terminal Value (M) | 2,260.97 | 2,372.06 | 2,487.47 |
| Equity Value (M) | 2,958.48 | 3,089.53 | 3,225.42 |
| Shares Outstanding (M) | 198.02 | 198.02 | 198.02 |
| Fair Value | $14.94 | $15.60 | $16.29 |
| Upside / Downside | 63.64% | 70.89% | 78.40% |
| 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% |