Definitive Analysis
| Stable Growth | $47.40 - $171.02 | $150.87 |
| Multi-Stage | $21.85 - $23.90 | $22.86 |
| Blended Fair Value | $86.86 | |
| Current Price | $4.30 | |
| Upside | 1,920.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 25.80% | 71.83% | 0.39 | 0.36 | 0.30 | 0.22 | 0.17 | 0.12 | 0.08 | 0.08 | 0.09 | 0.09 |
| YoY Growth | - | - | 7.74% | 21.48% | 34.95% | 28.65% | 38.63% | 54.89% | -3.56% | -5.54% | -6.94% | 5,326.39% |
| Dividend Yield | - | - | 9.13% | 8.94% | 6.62% | 4.22% | 3.68% | 2.69% | 1.34% | 1.17% | 0.36% | 1.79% |
| Net Income To Common (M) | 1,964.63 |
| (-) Cash Dividends Paid (M) | 866.15 |
| (=) Cash Retained (M) | 1,098.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 392.93 | 245.58 | 147.35 |
| Cash Retained (M) | 1,098.48 | 1,098.48 | 1,098.48 |
| (-) Cash Required (M) | -392.93 | -245.58 | -147.35 |
| (=) Excess Retained (M) | 705.55 | 852.90 | 951.13 |
| (/) Shares Outstanding (M) | 2,284.66 | 2,284.66 | 2,284.66 |
| (=) Excess Retained per Share | 0.31 | 0.37 | 0.42 |
| LTM Dividend per Share | 0.38 | 0.38 | 0.38 |
| (+) Excess Retained per Share | 0.31 | 0.37 | 0.42 |
| (=) Adjusted Dividend | 0.69 | 0.75 | 0.80 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $47.40 | $150.87 | $171.02 |
| Upside / Downside | 1,002.34% | 3,408.55% | 3,877.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,964.63 | 2,092.33 | 2,228.33 | 2,373.17 | 2,527.43 | 2,691.71 | 2,772.46 |
| Payout Ratio | 44.09% | 53.27% | 62.45% | 71.63% | 80.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 866.15 | 1,114.58 | 1,391.64 | 1,700.02 | 2,042.60 | 2,422.54 | 2,564.52 |
| 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) | 1,031.58 | 1,041.36 | 1,051.14 |
| Year 2 PV (M) | 1,192.10 | 1,214.81 | 1,237.73 |
| Year 3 PV (M) | 1,347.82 | 1,386.51 | 1,425.93 |
| Year 4 PV (M) | 1,498.84 | 1,556.48 | 1,615.76 |
| Year 5 PV (M) | 1,645.26 | 1,724.72 | 1,807.23 |
| PV of Terminal Value (M) | 43,205.66 | 45,292.51 | 47,459.23 |
| Equity Value (M) | 49,921.25 | 52,216.38 | 54,597.02 |
| Shares Outstanding (M) | 2,284.66 | 2,284.66 | 2,284.66 |
| Fair Value | $21.85 | $22.86 | $23.90 |
| Upside / Downside | 408.15% | 431.52% | 455.75% |
| 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% |