Definitive Analysis
| Stable Growth | $101.11 - $364.81 | $321.83 |
| Multi-Stage | $47.63 - $52.03 | $49.79 |
| Blended Fair Value | $185.81 | |
| Current Price | $10.03 | |
| Upside | 1,752.55% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.26% | 31.64% | 0.75 | 0.65 | 0.57 | 0.48 | 0.36 | 0.44 | 0.53 | 0.44 | 0.25 | 0.13 |
| YoY Growth | - | - | 14.45% | 15.53% | 18.16% | 34.41% | -18.82% | -17.67% | 22.47% | 76.83% | 92.64% | 166.89% |
| Dividend Yield | - | - | 7.89% | 8.23% | 8.07% | 6.80% | 5.52% | 7.71% | 7.75% | 6.29% | 2.60% | 1.50% |
| Net Income To Common (M) | 34,191.01 |
| (-) Cash Dividends Paid (M) | 24,832.02 |
| (=) Cash Retained (M) | 9,358.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,838.20 | 4,273.88 | 2,564.33 |
| Cash Retained (M) | 9,358.99 | 9,358.99 | 9,358.99 |
| (-) Cash Required (M) | -6,838.20 | -4,273.88 | -2,564.33 |
| (=) Excess Retained (M) | 2,520.79 | 5,085.11 | 6,794.66 |
| (/) Shares Outstanding (M) | 18,638.98 | 18,638.98 | 18,638.98 |
| (=) Excess Retained per Share | 0.14 | 0.27 | 0.36 |
| LTM Dividend per Share | 1.33 | 1.33 | 1.33 |
| (+) Excess Retained per Share | 0.14 | 0.27 | 0.36 |
| (=) Adjusted Dividend | 1.47 | 1.61 | 1.70 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $101.11 | $321.83 | $364.81 |
| Upside / Downside | 908.12% | 3,108.68% | 3,537.22% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34,191.01 | 36,413.42 | 38,780.30 | 41,301.02 | 43,985.58 | 46,844.64 | 48,249.98 |
| Payout Ratio | 72.63% | 76.10% | 79.58% | 83.05% | 86.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 24,832.02 | 27,711.30 | 30,859.97 | 34,300.88 | 38,058.73 | 42,160.18 | 44,631.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 25,647.76 | 25,890.87 | 26,133.98 |
| Year 2 PV (M) | 26,435.09 | 26,938.60 | 27,446.86 |
| Year 3 PV (M) | 27,194.63 | 27,975.29 | 28,770.75 |
| Year 4 PV (M) | 27,927.04 | 29,001.03 | 30,105.71 |
| Year 5 PV (M) | 28,632.92 | 30,015.90 | 31,451.81 |
| PV of Terminal Value (M) | 751,921.80 | 788,239.91 | 825,947.99 |
| Equity Value (M) | 887,759.24 | 928,061.61 | 969,857.11 |
| Shares Outstanding (M) | 18,638.98 | 18,638.98 | 18,638.98 |
| Fair Value | $47.63 | $49.79 | $52.03 |
| Upside / Downside | 374.87% | 396.43% | 418.78% |
| 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% |