Definitive Analysis
| Stable Growth | $12.35 - $23.40 | $16.82 |
| Multi-Stage | $21.35 - $23.44 | $22.38 |
| Blended Fair Value | $19.60 | |
| Current Price | $3.38 | |
| Upside | 479.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.34% | 1.66% | 0.25 | 0.23 | 0.44 | 0.22 | 0.19 | 0.37 | 0.32 | 0.29 | 0.25 | 0.23 |
| YoY Growth | - | - | 10.09% | -48.27% | 96.86% | 19.57% | -49.05% | 16.81% | 9.36% | 17.77% | 6.36% | 7.87% |
| Dividend Yield | - | - | 6.96% | 5.94% | 11.80% | 5.98% | 4.23% | 5.96% | 6.06% | 6.05% | 5.64% | 5.67% |
| Net Income To Common (M) | 1,355.75 |
| (-) Cash Dividends Paid (M) | 848.75 |
| (=) Cash Retained (M) | 507.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 271.15 | 169.47 | 101.68 |
| Cash Retained (M) | 507.00 | 507.00 | 507.00 |
| (-) Cash Required (M) | -271.15 | -169.47 | -101.68 |
| (=) Excess Retained (M) | 235.85 | 337.53 | 405.31 |
| (/) Shares Outstanding (M) | 1,673.16 | 1,673.16 | 1,673.16 |
| (=) Excess Retained per Share | 0.14 | 0.20 | 0.24 |
| LTM Dividend per Share | 0.51 | 0.51 | 0.51 |
| (+) Excess Retained per Share | 0.14 | 0.20 | 0.24 |
| (=) Adjusted Dividend | 0.65 | 0.71 | 0.75 |
| WACC / Discount Rate | 6.21% | 6.21% | 6.21% |
| Growth Rate | 0.91% | 1.91% | 2.91% |
| Fair Value | $12.35 | $16.82 | $23.40 |
| Upside / Downside | 265.44% | 397.61% | 592.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,355.75 | 1,381.71 | 1,408.16 | 1,435.12 | 1,462.60 | 1,490.60 | 1,535.32 |
| Payout Ratio | 62.60% | 68.08% | 73.56% | 79.04% | 84.52% | 90.00% | 92.50% |
| Projected Dividends (M) | 848.75 | 940.71 | 1,035.88 | 1,134.34 | 1,236.20 | 1,341.54 | 1,420.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.21% | 6.21% | 6.21% |
| Growth Rate | 0.91% | 1.91% | 2.91% |
| Year 1 PV (M) | 877.01 | 885.70 | 894.39 |
| Year 2 PV (M) | 900.34 | 918.27 | 936.38 |
| Year 3 PV (M) | 919.16 | 946.76 | 974.90 |
| Year 4 PV (M) | 933.87 | 971.44 | 1,010.13 |
| Year 5 PV (M) | 944.82 | 992.57 | 1,042.23 |
| PV of Terminal Value (M) | 31,151.13 | 32,725.47 | 34,362.82 |
| Equity Value (M) | 35,726.33 | 37,440.21 | 39,220.85 |
| Shares Outstanding (M) | 1,673.16 | 1,673.16 | 1,673.16 |
| Fair Value | $21.35 | $22.38 | $23.44 |
| Upside / Downside | 531.73% | 562.04% | 593.53% |
| 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% |