Definitive Analysis
| Stable Growth | $71.26 - $130.82 | $122.60 |
| Multi-Stage | $21.06 - $23.03 | $22.03 |
| Blended Fair Value | $72.31 | |
| Current Price | $6.59 | |
| Upside | 997.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 46.59% | 16.25% | 0.53 | 0.20 | 0.10 | 0.13 | 0.04 | 0.08 | 0.08 | 0.08 | 0.15 | 0.14 |
| YoY Growth | - | - | 163.02% | 100.00% | -22.50% | 240.00% | -51.17% | 0.00% | 0.00% | -47.37% | 5.56% | 19.91% |
| Dividend Yield | - | - | 8.27% | 3.12% | 1.69% | 2.04% | 0.57% | 1.34% | 1.18% | 1.26% | 1.57% | 1.68% |
| Net Income To Common (M) | 2,303.83 |
| (-) Cash Dividends Paid (M) | 1,611.05 |
| (=) Cash Retained (M) | 692.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 460.77 | 287.98 | 172.79 |
| Cash Retained (M) | 692.79 | 692.79 | 692.79 |
| (-) Cash Required (M) | -460.77 | -287.98 | -172.79 |
| (=) Excess Retained (M) | 232.02 | 404.81 | 520.00 |
| (/) Shares Outstanding (M) | 3,502.36 | 3,502.36 | 3,502.36 |
| (=) Excess Retained per Share | 0.07 | 0.12 | 0.15 |
| LTM Dividend per Share | 0.46 | 0.46 | 0.46 |
| (+) Excess Retained per Share | 0.07 | 0.12 | 0.15 |
| (=) Adjusted Dividend | 0.53 | 0.58 | 0.61 |
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $71.26 | $122.60 | $130.82 |
| Upside / Downside | 981.30% | 1,760.34% | 1,885.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,303.83 | 2,453.58 | 2,613.07 | 2,782.91 | 2,963.80 | 3,156.45 | 3,251.14 |
| Payout Ratio | 69.93% | 73.94% | 77.96% | 81.97% | 85.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,611.05 | 1,814.26 | 2,037.08 | 2,281.20 | 2,548.45 | 2,840.81 | 3,007.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,691.04 | 1,707.07 | 1,723.10 |
| Year 2 PV (M) | 1,769.77 | 1,803.48 | 1,837.51 |
| Year 3 PV (M) | 1,847.26 | 1,900.29 | 1,954.32 |
| Year 4 PV (M) | 1,923.52 | 1,997.49 | 2,073.58 |
| Year 5 PV (M) | 1,998.56 | 2,095.09 | 2,195.31 |
| PV of Terminal Value (M) | 64,520.31 | 67,636.67 | 70,872.29 |
| Equity Value (M) | 73,750.46 | 77,140.08 | 80,656.11 |
| Shares Outstanding (M) | 3,502.36 | 3,502.36 | 3,502.36 |
| Fair Value | $21.06 | $22.03 | $23.03 |
| Upside / Downside | 219.54% | 234.22% | 249.46% |
| 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% |