Definitive Analysis
| Stable Growth | $117.60 - $596.90 | $210.79 |
| Multi-Stage | $104.37 - $114.42 | $109.30 |
| Blended Fair Value | $160.04 | |
| Current Price | $10.78 | |
| Upside | 1,384.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.60% | -3.90% | 0.52 | 0.65 | 0.64 | 0.54 | 0.39 | 0.44 | 0.40 | 0.34 | 0.30 | 0.27 |
| YoY Growth | - | - | -19.76% | 2.45% | 18.70% | 39.74% | -12.49% | 9.99% | 17.65% | 13.34% | 10.61% | -65.30% |
| Dividend Yield | - | - | 6.07% | 8.39% | 7.75% | 6.99% | 7.01% | 4.22% | 3.26% | 2.99% | 2.70% | 1.98% |
| Net Income To Common (M) | 107,374.50 |
| (-) Cash Dividends Paid (M) | 35,599.61 |
| (=) Cash Retained (M) | 71,774.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 21,474.90 | 13,421.81 | 8,053.09 |
| Cash Retained (M) | 71,774.89 | 71,774.89 | 71,774.89 |
| (-) Cash Required (M) | -21,474.90 | -13,421.81 | -8,053.09 |
| (=) Excess Retained (M) | 50,299.99 | 58,353.08 | 63,721.80 |
| (/) Shares Outstanding (M) | 29,090.13 | 29,090.13 | 29,090.13 |
| (=) Excess Retained per Share | 1.73 | 2.01 | 2.19 |
| LTM Dividend per Share | 1.22 | 1.22 | 1.22 |
| (+) Excess Retained per Share | 1.73 | 2.01 | 2.19 |
| (=) Adjusted Dividend | 2.95 | 3.23 | 3.41 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 3.74% | 4.74% | 5.74% |
| Fair Value | $117.60 | $210.79 | $596.90 |
| Upside / Downside | 990.90% | 1,855.34% | 5,437.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 107,374.50 | 112,461.87 | 117,790.29 | 123,371.17 | 129,216.46 | 135,338.71 | 139,398.87 |
| Payout Ratio | 33.15% | 44.52% | 55.89% | 67.26% | 78.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 35,599.61 | 50,072.18 | 65,836.26 | 82,981.73 | 101,604.10 | 121,804.84 | 128,943.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 3.74% | 4.74% | 5.74% |
| Year 1 PV (M) | 46,636.08 | 47,085.63 | 47,535.19 |
| Year 2 PV (M) | 57,110.52 | 58,216.88 | 59,333.86 |
| Year 3 PV (M) | 67,043.85 | 69,001.44 | 70,996.78 |
| Year 4 PV (M) | 76,456.29 | 79,447.25 | 82,525.11 |
| Year 5 PV (M) | 85,367.40 | 89,562.06 | 93,920.01 |
| PV of Terminal Value (M) | 2,703,447.67 | 2,836,285.87 | 2,974,295.27 |
| Equity Value (M) | 3,036,061.81 | 3,179,599.14 | 3,328,606.22 |
| Shares Outstanding (M) | 29,090.13 | 29,090.13 | 29,090.13 |
| Fair Value | $104.37 | $109.30 | $114.42 |
| Upside / Downside | 868.16% | 913.93% | 961.45% |
| 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% |