Definitive Analysis
| Stable Growth | $272.27 - $884.70 | $829.10 |
| Multi-Stage | $117.60 - $128.64 | $123.02 |
| Blended Fair Value | $476.06 | |
| Current Price | $20.89 | |
| Upside | 2,178.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.60% | 48.21% | 1.63 | 0.30 | 0.57 | 0.88 | 0.36 | 0.57 | 0.59 | 0.07 | 0.03 | 0.05 |
| YoY Growth | - | - | 452.21% | -47.80% | -35.52% | 143.38% | -36.22% | -3.71% | 736.43% | 174.85% | -46.30% | 49.13% |
| Dividend Yield | - | - | 7.62% | 2.16% | 5.89% | 8.98% | 2.16% | 3.81% | 5.67% | 0.96% | 0.52% | 1.85% |
| Net Income To Common (M) | 12,230.31 |
| (-) Cash Dividends Paid (M) | 5,297.42 |
| (=) Cash Retained (M) | 6,932.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,446.06 | 1,528.79 | 917.27 |
| Cash Retained (M) | 6,932.89 | 6,932.89 | 6,932.89 |
| (-) Cash Required (M) | -2,446.06 | -1,528.79 | -917.27 |
| (=) Excess Retained (M) | 4,486.83 | 5,404.10 | 6,015.61 |
| (/) Shares Outstanding (M) | 2,749.28 | 2,749.28 | 2,749.28 |
| (=) Excess Retained per Share | 1.63 | 1.97 | 2.19 |
| LTM Dividend per Share | 1.93 | 1.93 | 1.93 |
| (+) Excess Retained per Share | 1.63 | 1.97 | 2.19 |
| (=) Adjusted Dividend | 3.56 | 3.89 | 4.11 |
| WACC / Discount Rate | 6.88% | 6.88% | 6.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $272.27 | $829.10 | $884.70 |
| Upside / Downside | 1,203.36% | 3,868.87% | 4,135.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 12,230.31 | 13,025.27 | 13,871.92 | 14,773.59 | 15,733.88 | 16,756.58 | 17,259.28 |
| Payout Ratio | 43.31% | 52.65% | 61.99% | 71.33% | 80.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,297.42 | 6,857.95 | 8,598.97 | 10,537.35 | 12,691.38 | 15,080.92 | 15,964.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.88% | 6.88% | 6.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 6,356.31 | 6,416.56 | 6,476.81 |
| Year 2 PV (M) | 7,386.99 | 7,527.69 | 7,669.72 |
| Year 3 PV (M) | 8,390.02 | 8,630.86 | 8,876.28 |
| Year 4 PV (M) | 9,365.93 | 9,726.12 | 10,096.60 |
| Year 5 PV (M) | 10,315.27 | 10,813.50 | 11,330.80 |
| PV of Terminal Value (M) | 281,513.44 | 295,110.65 | 309,228.25 |
| Equity Value (M) | 323,327.96 | 338,225.38 | 353,678.45 |
| Shares Outstanding (M) | 2,749.28 | 2,749.28 | 2,749.28 |
| Fair Value | $117.60 | $123.02 | $128.64 |
| Upside / Downside | 462.97% | 488.91% | 515.82% |
| 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% |