Definitive Analysis
| Stable Growth | $215.00 - $560.78 | $525.53 |
| Multi-Stage | $79.67 - $87.21 | $83.37 |
| Blended Fair Value | $304.45 | |
| Current Price | $8.10 | |
| Upside | 3,658.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.53% | 4.76% | 0.48 | 0.36 | 0.42 | 0.42 | 0.42 | 0.40 | 0.39 | 0.35 | 0.35 | 0.33 |
| YoY Growth | - | - | 32.78% | -14.50% | 0.04% | 0.38% | 4.34% | 3.91% | 11.56% | -0.14% | 4.12% | 11.04% |
| Dividend Yield | - | - | 7.12% | 4.67% | 3.87% | 3.82% | 2.99% | 3.31% | 3.32% | 2.73% | 3.10% | 3.22% |
| Net Income To Common (M) | 1,050.88 |
| (-) Cash Dividends Paid (M) | 312.95 |
| (=) Cash Retained (M) | 737.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 210.18 | 131.36 | 78.82 |
| Cash Retained (M) | 737.93 | 737.93 | 737.93 |
| (-) Cash Required (M) | -210.18 | -131.36 | -78.82 |
| (=) Excess Retained (M) | 527.76 | 606.57 | 659.12 |
| (/) Shares Outstanding (M) | 372.69 | 372.69 | 372.69 |
| (=) Excess Retained per Share | 1.42 | 1.63 | 1.77 |
| LTM Dividend per Share | 0.84 | 0.84 | 0.84 |
| (+) Excess Retained per Share | 1.42 | 1.63 | 1.77 |
| (=) Adjusted Dividend | 2.26 | 2.47 | 2.61 |
| WACC / Discount Rate | 6.61% | 6.61% | 6.61% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $215.00 | $525.53 | $560.78 |
| Upside / Downside | 2,554.37% | 6,388.02% | 6,823.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,050.88 | 1,119.19 | 1,191.94 | 1,269.41 | 1,351.93 | 1,439.80 | 1,483.00 |
| Payout Ratio | 29.78% | 41.82% | 53.87% | 65.91% | 77.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 312.95 | 468.09 | 642.07 | 836.70 | 1,053.91 | 1,295.82 | 1,371.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.61% | 6.61% | 6.61% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 434.96 | 439.08 | 443.20 |
| Year 2 PV (M) | 554.39 | 564.95 | 575.61 |
| Year 3 PV (M) | 671.31 | 690.58 | 710.21 |
| Year 4 PV (M) | 785.73 | 815.95 | 847.03 |
| Year 5 PV (M) | 897.70 | 941.06 | 986.08 |
| PV of Terminal Value (M) | 26,347.34 | 27,619.92 | 28,941.21 |
| Equity Value (M) | 29,691.42 | 31,071.54 | 32,503.35 |
| Shares Outstanding (M) | 372.69 | 372.69 | 372.69 |
| Fair Value | $79.67 | $83.37 | $87.21 |
| Upside / Downside | 883.56% | 929.28% | 976.71% |
| 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% |