Definitive Analysis
| Stable Growth | $22.73 - $60.30 | $34.76 |
| Multi-Stage | $15.74 - $17.18 | $16.45 |
| Blended Fair Value | $25.60 | |
| Current Price | $4.53 | |
| Upside | 465.19% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.33 | 0.31 | 0.31 | 0.32 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 6.67% | 0.00% | -3.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.64% | 5.14% | 3.55% | 1.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 94.00 |
| (-) Cash Dividends Paid (M) | 32.00 |
| (=) Cash Retained (M) | 62.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18.80 | 11.75 | 7.05 |
| Cash Retained (M) | 62.00 | 62.00 | 62.00 |
| (-) Cash Required (M) | -18.80 | -11.75 | -7.05 |
| (=) Excess Retained (M) | 43.20 | 50.25 | 54.95 |
| (/) Shares Outstanding (M) | 97.00 | 97.00 | 97.00 |
| (=) Excess Retained per Share | 0.45 | 0.52 | 0.57 |
| LTM Dividend per Share | 0.33 | 0.33 | 0.33 |
| (+) Excess Retained per Share | 0.45 | 0.52 | 0.57 |
| (=) Adjusted Dividend | 0.78 | 0.85 | 0.90 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $22.73 | $34.76 | $60.30 |
| Upside / Downside | 401.81% | 667.32% | 1,231.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 94.00 | 100.11 | 106.62 | 113.55 | 120.93 | 128.79 | 132.65 |
| Payout Ratio | 34.04% | 45.23% | 56.43% | 67.62% | 78.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 32.00 | 45.28 | 60.16 | 76.78 | 95.30 | 115.91 | 122.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 41.12 | 41.51 | 41.90 |
| Year 2 PV (M) | 49.60 | 50.54 | 51.50 |
| Year 3 PV (M) | 57.48 | 59.13 | 60.81 |
| Year 4 PV (M) | 64.78 | 67.27 | 69.83 |
| Year 5 PV (M) | 71.54 | 75.00 | 78.58 |
| PV of Terminal Value (M) | 1,241.93 | 1,301.92 | 1,364.20 |
| Equity Value (M) | 1,526.45 | 1,595.36 | 1,666.82 |
| Shares Outstanding (M) | 97.00 | 97.00 | 97.00 |
| Fair Value | $15.74 | $16.45 | $17.18 |
| Upside / Downside | 247.39% | 263.07% | 279.33% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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