Definitive Analysis
| Stable Growth | $115.59 - $417.03 | $367.90 |
| Multi-Stage | $52.87 - $57.85 | $55.31 |
| Blended Fair Value | $211.61 | |
| Current Price | $11.34 | |
| Upside | 1,766.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 45.02% | 30.35% | 1.05 | 0.41 | 0.35 | 0.31 | 0.29 | 0.16 | 0.16 | 0.17 | 0.11 | 0.10 |
| YoY Growth | - | - | 157.47% | 15.20% | 14.70% | 7.06% | 76.10% | 4.83% | -10.54% | 63.86% | 10.11% | 30.53% |
| Dividend Yield | - | - | 9.32% | 3.83% | 2.82% | 2.01% | 1.31% | 1.28% | 1.18% | 1.60% | 1.16% | 1.09% |
| Net Income To Common (M) | 43,118.00 |
| (-) Cash Dividends Paid (M) | 14,648.00 |
| (=) Cash Retained (M) | 28,470.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,623.60 | 5,389.75 | 3,233.85 |
| Cash Retained (M) | 28,470.00 | 28,470.00 | 28,470.00 |
| (-) Cash Required (M) | -8,623.60 | -5,389.75 | -3,233.85 |
| (=) Excess Retained (M) | 19,846.40 | 23,080.25 | 25,236.15 |
| (/) Shares Outstanding (M) | 20,562.20 | 20,562.20 | 20,562.20 |
| (=) Excess Retained per Share | 0.97 | 1.12 | 1.23 |
| LTM Dividend per Share | 0.71 | 0.71 | 0.71 |
| (+) Excess Retained per Share | 0.97 | 1.12 | 1.23 |
| (=) Adjusted Dividend | 1.68 | 1.83 | 1.94 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $115.59 | $367.90 | $417.03 |
| Upside / Downside | 919.29% | 3,144.24% | 3,577.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43,118.00 | 45,920.67 | 48,905.51 | 52,084.37 | 55,469.86 | 59,075.40 | 60,847.66 |
| Payout Ratio | 33.97% | 45.18% | 56.38% | 67.59% | 78.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 14,648.00 | 20,745.82 | 27,574.46 | 35,203.18 | 43,707.13 | 53,167.86 | 56,284.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 19,200.97 | 19,382.97 | 19,564.97 |
| Year 2 PV (M) | 23,620.68 | 24,070.58 | 24,524.74 |
| Year 3 PV (M) | 27,910.00 | 28,711.19 | 29,527.58 |
| Year 4 PV (M) | 32,071.76 | 33,305.15 | 34,573.78 |
| Year 5 PV (M) | 36,108.74 | 37,852.81 | 39,663.62 |
| PV of Terminal Value (M) | 948,242.43 | 994,042.89 | 1,041,596.25 |
| Equity Value (M) | 1,087,154.58 | 1,137,365.60 | 1,189,450.93 |
| Shares Outstanding (M) | 20,562.20 | 20,562.20 | 20,562.20 |
| Fair Value | $52.87 | $55.31 | $57.85 |
| Upside / Downside | 366.24% | 387.77% | 410.11% |
| 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% |