Definitive Analysis
| Stable Growth | $25.78 - $146.23 | $47.14 |
| Multi-Stage | $15.71 - $17.15 | $16.42 |
| Blended Fair Value | $31.78 | |
| Current Price | $7.59 | |
| Upside | 318.66% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 122.72% | 29.16% | 0.45 | 0.09 | 0.05 | 0.05 | 0.01 | 0.01 | 0.01 | 0.02 | 0.02 | 0.02 |
| YoY Growth | - | - | 390.19% | 90.44% | -11.89% | 449.67% | 21.21% | -11.23% | -52.30% | -16.47% | -0.55% | -32.98% |
| Dividend Yield | - | - | 7.07% | 2.08% | 0.79% | 0.80% | 0.25% | 0.15% | 0.16% | 0.44% | 0.33% | 0.40% |
| Net Income To Common (M) | 1,281.06 |
| (-) Cash Dividends Paid (M) | 701.97 |
| (=) Cash Retained (M) | 579.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 256.21 | 160.13 | 96.08 |
| Cash Retained (M) | 579.08 | 579.08 | 579.08 |
| (-) Cash Required (M) | -256.21 | -160.13 | -96.08 |
| (=) Excess Retained (M) | 322.87 | 418.95 | 483.01 |
| (/) Shares Outstanding (M) | 1,661.44 | 1,661.44 | 1,661.44 |
| (=) Excess Retained per Share | 0.19 | 0.25 | 0.29 |
| LTM Dividend per Share | 0.42 | 0.42 | 0.42 |
| (+) Excess Retained per Share | 0.19 | 0.25 | 0.29 |
| (=) Adjusted Dividend | 0.62 | 0.67 | 0.71 |
| WACC / Discount Rate | 8.02% | 8.02% | 8.02% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $25.78 | $47.14 | $146.23 |
| Upside / Downside | 239.66% | 521.04% | 1,826.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,281.06 | 1,364.33 | 1,453.01 | 1,547.45 | 1,648.04 | 1,755.16 | 1,807.81 |
| Payout Ratio | 54.80% | 61.84% | 68.88% | 75.92% | 82.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 701.97 | 843.66 | 1,000.80 | 1,174.80 | 1,367.20 | 1,579.64 | 1,672.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.02% | 8.02% | 8.02% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 773.66 | 780.99 | 788.32 |
| Year 2 PV (M) | 841.61 | 857.64 | 873.82 |
| Year 3 PV (M) | 905.96 | 931.97 | 958.47 |
| Year 4 PV (M) | 966.85 | 1,004.03 | 1,042.27 |
| Year 5 PV (M) | 1,024.39 | 1,073.87 | 1,125.24 |
| PV of Terminal Value (M) | 21,583.63 | 22,626.12 | 23,708.52 |
| Equity Value (M) | 26,096.09 | 27,274.62 | 28,496.64 |
| Shares Outstanding (M) | 1,661.44 | 1,661.44 | 1,661.44 |
| Fair Value | $15.71 | $16.42 | $17.15 |
| Upside / Downside | 106.94% | 116.29% | 125.98% |
| 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% |