Definitive Analysis
| Stable Growth | $38.30 - $179.29 | $85.15 |
| Multi-Stage | $25.84 - $28.24 | $27.02 |
| Blended Fair Value | $56.09 | |
| Current Price | $8.67 | |
| Upside | 546.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.33% | 26.17% | 0.43 | 0.34 | 0.42 | 0.38 | 0.32 | 0.24 | 0.14 | 0.03 | 0.04 | 0.01 |
| YoY Growth | - | - | 27.28% | -18.61% | 11.41% | 18.50% | 30.79% | 68.99% | 416.88% | -28.72% | 194.32% | -68.82% |
| Dividend Yield | - | - | 5.91% | 6.76% | 6.06% | 6.10% | 4.77% | 3.32% | 2.40% | 0.51% | 0.79% | 0.26% |
| Net Income To Common (M) | 3,926.28 |
| (-) Cash Dividends Paid (M) | 3,723.33 |
| (=) Cash Retained (M) | 202.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 785.26 | 490.78 | 294.47 |
| Cash Retained (M) | 202.94 | 202.94 | 202.94 |
| (-) Cash Required (M) | -785.26 | -490.78 | -294.47 |
| (=) Excess Retained (M) | -582.31 | -287.84 | -91.53 |
| (/) Shares Outstanding (M) | 4,319.33 | 4,319.33 | 4,319.33 |
| (=) Excess Retained per Share | -0.13 | -0.07 | -0.02 |
| LTM Dividend per Share | 0.86 | 0.86 | 0.86 |
| (+) Excess Retained per Share | -0.13 | -0.07 | -0.02 |
| (=) Adjusted Dividend | 0.73 | 0.80 | 0.84 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.61% | 5.61% | 6.61% |
| Fair Value | $38.30 | $85.15 | $179.29 |
| Upside / Downside | 341.70% | 882.11% | 1,967.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,926.28 | 4,146.72 | 4,379.54 | 4,625.43 | 4,885.13 | 5,159.40 | 5,314.18 |
| Payout Ratio | 94.83% | 93.86% | 92.90% | 91.93% | 90.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,723.33 | 3,892.31 | 4,068.53 | 4,252.27 | 4,443.81 | 4,643.46 | 4,915.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 4.61% | 5.61% | 6.61% |
| Year 1 PV (M) | 3,616.72 | 3,651.29 | 3,685.86 |
| Year 2 PV (M) | 3,512.78 | 3,580.26 | 3,648.38 |
| Year 3 PV (M) | 3,411.47 | 3,510.24 | 3,610.89 |
| Year 4 PV (M) | 3,312.71 | 3,441.20 | 3,573.39 |
| Year 5 PV (M) | 3,216.44 | 3,373.14 | 3,535.88 |
| PV of Terminal Value (M) | 94,554.19 | 99,160.59 | 103,944.79 |
| Equity Value (M) | 111,624.31 | 116,716.71 | 121,999.20 |
| Shares Outstanding (M) | 4,319.33 | 4,319.33 | 4,319.33 |
| Fair Value | $25.84 | $27.02 | $28.24 |
| Upside / Downside | 198.07% | 211.67% | 225.78% |
| 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% |