Definitive Analysis
| Stable Growth | $358.91 - $775.59 | $726.84 |
| Multi-Stage | $116.63 - $127.69 | $122.06 |
| Blended Fair Value | $424.45 | |
| Current Price | $7.40 | |
| Upside | 5,635.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 27.30% | 30.93% | 0.58 | 0.34 | 0.68 | 0.29 | 0.25 | 0.17 | 0.17 | 0.00 | 0.08 | 0.07 |
| YoY Growth | - | - | 74.15% | -50.58% | 130.86% | 15.65% | 45.52% | 4.23% | 0.00% | -100.00% | 5.78% | 81.69% |
| Dividend Yield | - | - | 8.89% | 6.01% | 8.83% | 4.91% | 4.14% | 2.38% | 3.93% | 0.00% | 2.48% | 3.19% |
| Net Income To Common (M) | 1,640.48 |
| (-) Cash Dividends Paid (M) | 491.14 |
| (=) Cash Retained (M) | 1,149.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 328.10 | 205.06 | 123.04 |
| Cash Retained (M) | 1,149.34 | 1,149.34 | 1,149.34 |
| (-) Cash Required (M) | -328.10 | -205.06 | -123.04 |
| (=) Excess Retained (M) | 821.25 | 944.28 | 1,026.31 |
| (/) Shares Outstanding (M) | 420.65 | 420.65 | 420.65 |
| (=) Excess Retained per Share | 1.95 | 2.24 | 2.44 |
| LTM Dividend per Share | 1.17 | 1.17 | 1.17 |
| (+) Excess Retained per Share | 1.95 | 2.24 | 2.44 |
| (=) Adjusted Dividend | 3.12 | 3.41 | 3.61 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $358.91 | $726.84 | $775.59 |
| Upside / Downside | 4,750.11% | 9,722.18% | 10,380.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,640.48 | 1,747.12 | 1,860.68 | 1,981.62 | 2,110.43 | 2,247.61 | 2,315.03 |
| Payout Ratio | 29.94% | 41.95% | 53.96% | 65.98% | 77.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 491.14 | 732.93 | 1,004.08 | 1,307.38 | 1,645.87 | 2,022.84 | 2,141.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 682.27 | 688.74 | 695.20 |
| Year 2 PV (M) | 870.07 | 886.64 | 903.37 |
| Year 3 PV (M) | 1,054.58 | 1,084.85 | 1,115.70 |
| Year 4 PV (M) | 1,235.84 | 1,283.37 | 1,332.25 |
| Year 5 PV (M) | 1,413.90 | 1,482.20 | 1,553.10 |
| PV of Terminal Value (M) | 43,802.64 | 45,918.33 | 48,114.98 |
| Equity Value (M) | 49,059.30 | 51,344.11 | 53,714.60 |
| Shares Outstanding (M) | 420.65 | 420.65 | 420.65 |
| Fair Value | $116.63 | $122.06 | $127.69 |
| Upside / Downside | 1,476.05% | 1,549.45% | 1,625.60% |
| 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% |