Definitive Analysis
| Stable Growth | $68.80 - $333.81 | $147.68 |
| Multi-Stage | $37.96 - $41.46 | $39.68 |
| Blended Fair Value | $93.68 | |
| Current Price | $7.22 | |
| Upside | 1,197.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 26.43% | 33.73% | 0.65 | 0.36 | 0.41 | 0.31 | 0.27 | 0.20 | 0.23 | 0.00 | 0.09 | 0.06 |
| YoY Growth | - | - | 77.72% | -11.76% | 33.48% | 14.03% | 35.32% | -12.19% | 0.00% | -100.00% | 60.65% | 65.41% |
| Dividend Yield | - | - | 7.97% | 2.83% | 4.17% | 2.85% | 2.25% | 2.47% | 2.65% | 0.00% | 1.24% | 0.66% |
| Net Income To Common (M) | 1,149.01 |
| (-) Cash Dividends Paid (M) | 671.18 |
| (=) Cash Retained (M) | 477.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 229.80 | 143.63 | 86.18 |
| Cash Retained (M) | 477.83 | 477.83 | 477.83 |
| (-) Cash Required (M) | -229.80 | -143.63 | -86.18 |
| (=) Excess Retained (M) | 248.02 | 334.20 | 391.65 |
| (/) Shares Outstanding (M) | 684.55 | 684.55 | 684.55 |
| (=) Excess Retained per Share | 0.36 | 0.49 | 0.57 |
| LTM Dividend per Share | 0.98 | 0.98 | 0.98 |
| (+) Excess Retained per Share | 0.36 | 0.49 | 0.57 |
| (=) Adjusted Dividend | 1.34 | 1.47 | 1.55 |
| WACC / Discount Rate | 7.56% | 7.56% | 7.56% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $68.80 | $147.68 | $333.81 |
| Upside / Downside | 852.89% | 1,945.50% | 4,523.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,149.01 | 1,223.69 | 1,303.23 | 1,387.94 | 1,478.16 | 1,574.24 | 1,621.47 |
| Payout Ratio | 58.41% | 64.73% | 71.05% | 77.37% | 83.68% | 90.00% | 92.50% |
| Projected Dividends (M) | 671.18 | 792.11 | 925.93 | 1,073.79 | 1,236.96 | 1,416.82 | 1,499.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.56% | 7.56% | 7.56% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 729.53 | 736.44 | 743.36 |
| Year 2 PV (M) | 785.39 | 800.35 | 815.45 |
| Year 3 PV (M) | 838.85 | 862.93 | 887.47 |
| Year 4 PV (M) | 889.98 | 924.21 | 959.41 |
| Year 5 PV (M) | 938.84 | 984.19 | 1,031.27 |
| PV of Terminal Value (M) | 21,799.60 | 22,852.53 | 23,945.76 |
| Equity Value (M) | 25,982.20 | 27,160.66 | 28,382.72 |
| Shares Outstanding (M) | 684.55 | 684.55 | 684.55 |
| Fair Value | $37.96 | $39.68 | $41.46 |
| Upside / Downside | 425.69% | 449.54% | 474.26% |
| 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% |