Definitive Analysis
| Stable Growth | $134.73 - $295.66 | $277.08 |
| Multi-Stage | $44.77 - $48.99 | $46.84 |
| Blended Fair Value | $161.96 | |
| Current Price | $7.77 | |
| Upside | 1,984.43% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.82% | 11.94% | 0.26 | 0.18 | 0.28 | 0.23 | 0.17 | 0.16 | 0.15 | 0.13 | 0.13 | 0.13 |
| YoY Growth | - | - | 49.71% | -37.22% | 22.73% | 32.06% | 9.73% | 2.66% | 19.28% | 0.03% | 0.19% | 50.60% |
| Dividend Yield | - | - | 5.07% | 4.00% | 6.23% | 3.13% | 2.72% | 3.94% | 4.05% | 2.78% | 4.73% | 6.12% |
| Net Income To Common (M) | 2,082.40 |
| (-) Cash Dividends Paid (M) | 983.66 |
| (=) Cash Retained (M) | 1,098.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 416.48 | 260.30 | 156.18 |
| Cash Retained (M) | 1,098.75 | 1,098.75 | 1,098.75 |
| (-) Cash Required (M) | -416.48 | -260.30 | -156.18 |
| (=) Excess Retained (M) | 682.27 | 838.45 | 942.57 |
| (/) Shares Outstanding (M) | 1,400.72 | 1,400.72 | 1,400.72 |
| (=) Excess Retained per Share | 0.49 | 0.60 | 0.67 |
| LTM Dividend per Share | 0.70 | 0.70 | 0.70 |
| (+) Excess Retained per Share | 0.49 | 0.60 | 0.67 |
| (=) Adjusted Dividend | 1.19 | 1.30 | 1.38 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $134.73 | $277.08 | $295.66 |
| Upside / Downside | 1,634.03% | 3,465.99% | 3,705.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,082.40 | 2,217.76 | 2,361.91 | 2,515.44 | 2,678.94 | 2,853.07 | 2,938.66 |
| Payout Ratio | 47.24% | 55.79% | 64.34% | 72.89% | 81.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 983.66 | 1,237.27 | 1,519.70 | 1,833.62 | 2,181.93 | 2,567.77 | 2,718.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,151.59 | 1,162.51 | 1,173.42 |
| Year 2 PV (M) | 1,316.51 | 1,341.59 | 1,366.90 |
| Year 3 PV (M) | 1,478.46 | 1,520.90 | 1,564.15 |
| Year 4 PV (M) | 1,637.47 | 1,700.45 | 1,765.22 |
| Year 5 PV (M) | 1,793.59 | 1,880.22 | 1,970.17 |
| PV of Terminal Value (M) | 55,335.53 | 58,008.26 | 60,783.27 |
| Equity Value (M) | 62,713.16 | 65,613.92 | 68,623.13 |
| Shares Outstanding (M) | 1,400.72 | 1,400.72 | 1,400.72 |
| Fair Value | $44.77 | $46.84 | $48.99 |
| Upside / Downside | 476.22% | 502.87% | 530.52% |
| 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% |