Definitive Analysis
| Stable Growth | $5.99 - $17.53 | $9.44 |
| Multi-Stage | $6.66 - $7.31 | $6.98 |
| Blended Fair Value | $8.21 | |
| Current Price | $0.90 | |
| Upside | 808.78% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -8.96% | 6.68% | 0.03 | 0.08 | 0.07 | 0.07 | 0.05 | 0.05 | 0.05 | 0.04 | 0.66 | 0.00 |
| YoY Growth | - | - | -59.33% | 5.51% | 3.27% | 40.95% | 0.16% | 0.77% | 17.82% | -93.46% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.54% | 9.16% | 7.55% | 7.26% | 4.83% | 4.74% | 2.92% | 1.92% | 23.80% | 0.00% |
| Net Income To Common (M) | 627.95 |
| (-) Cash Dividends Paid (M) | 157.48 |
| (=) Cash Retained (M) | 470.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 125.59 | 78.49 | 47.10 |
| Cash Retained (M) | 470.47 | 470.47 | 470.47 |
| (-) Cash Required (M) | -125.59 | -78.49 | -47.10 |
| (=) Excess Retained (M) | 344.88 | 391.98 | 423.38 |
| (/) Shares Outstanding (M) | 2,575.67 | 2,575.67 | 2,575.67 |
| (=) Excess Retained per Share | 0.13 | 0.15 | 0.16 |
| LTM Dividend per Share | 0.06 | 0.06 | 0.06 |
| (+) Excess Retained per Share | 0.13 | 0.15 | 0.16 |
| (=) Adjusted Dividend | 0.20 | 0.21 | 0.23 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 2.97% | 3.97% | 4.97% |
| Fair Value | $5.99 | $9.44 | $17.53 |
| Upside / Downside | 563.79% | 944.97% | 1,841.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 627.95 | 652.89 | 678.82 | 705.78 | 733.81 | 762.95 | 785.84 |
| Payout Ratio | 25.08% | 38.06% | 51.05% | 64.03% | 77.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 157.48 | 248.51 | 346.52 | 451.92 | 565.15 | 686.65 | 726.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 2.97% | 3.97% | 4.97% |
| Year 1 PV (M) | 231.48 | 233.73 | 235.98 |
| Year 2 PV (M) | 300.67 | 306.53 | 312.46 |
| Year 3 PV (M) | 365.26 | 376.01 | 386.96 |
| Year 4 PV (M) | 425.48 | 442.26 | 459.52 |
| Year 5 PV (M) | 481.55 | 505.39 | 530.17 |
| PV of Terminal Value (M) | 15,346.94 | 16,106.76 | 16,896.38 |
| Equity Value (M) | 17,151.39 | 17,970.68 | 18,821.46 |
| Shares Outstanding (M) | 2,575.67 | 2,575.67 | 2,575.67 |
| Fair Value | $6.66 | $6.98 | $7.31 |
| Upside / Downside | 637.37% | 672.59% | 709.17% |
| 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% |