Definitive Analysis
| Stable Growth | $546.23 - $1,071.61 | $1,004.26 |
| Multi-Stage | $166.70 - $182.46 | $174.43 |
| Blended Fair Value | $589.35 | |
| Current Price | $18.94 | |
| Upside | 3,011.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.93% | 8.06% | 1.57 | 0.69 | 0.25 | 0.64 | 0.56 | 0.39 | 0.85 | 0.85 | 0.85 | 0.75 |
| YoY Growth | - | - | 128.78% | 176.09% | -61.13% | 14.48% | 42.20% | -53.69% | -0.01% | 0.23% | 13.16% | 3.46% |
| Dividend Yield | - | - | 8.33% | 4.34% | 1.56% | 2.46% | 6.70% | 3.60% | 5.64% | 5.83% | 6.89% | 4.97% |
| Net Income To Common (M) | 26,523.77 |
| (-) Cash Dividends Paid (M) | 11,131.52 |
| (=) Cash Retained (M) | 15,392.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,304.75 | 3,315.47 | 1,989.28 |
| Cash Retained (M) | 15,392.24 | 15,392.24 | 15,392.24 |
| (-) Cash Required (M) | -5,304.75 | -3,315.47 | -1,989.28 |
| (=) Excess Retained (M) | 10,087.49 | 12,076.77 | 13,402.96 |
| (/) Shares Outstanding (M) | 4,922.41 | 4,922.41 | 4,922.41 |
| (=) Excess Retained per Share | 2.05 | 2.45 | 2.72 |
| LTM Dividend per Share | 2.26 | 2.26 | 2.26 |
| (+) Excess Retained per Share | 2.05 | 2.45 | 2.72 |
| (=) Adjusted Dividend | 4.31 | 4.71 | 4.98 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $546.23 | $1,004.26 | $1,071.61 |
| Upside / Downside | 2,784.01% | 5,202.31% | 5,557.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 26,523.77 | 28,247.81 | 30,083.92 | 32,039.38 | 34,121.94 | 36,339.86 | 37,430.06 |
| Payout Ratio | 41.97% | 51.57% | 61.18% | 70.79% | 80.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,131.52 | 14,568.66 | 18,405.60 | 22,679.79 | 27,431.86 | 32,705.87 | 34,622.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 13,572.39 | 13,701.04 | 13,829.68 |
| Year 2 PV (M) | 15,974.35 | 16,278.61 | 16,585.75 |
| Year 3 PV (M) | 18,337.86 | 18,864.27 | 19,400.67 |
| Year 4 PV (M) | 20,663.38 | 21,458.03 | 22,275.39 |
| Year 5 PV (M) | 22,951.36 | 24,059.92 | 25,210.90 |
| PV of Terminal Value (M) | 729,062.59 | 764,276.59 | 800,838.30 |
| Equity Value (M) | 820,561.92 | 858,638.46 | 898,140.70 |
| Shares Outstanding (M) | 4,922.41 | 4,922.41 | 4,922.41 |
| Fair Value | $166.70 | $174.43 | $182.46 |
| Upside / Downside | 780.14% | 820.98% | 863.36% |
| 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% |