Definitive Analysis
| Stable Growth | $34.63 - $70.11 | $48.35 |
| Multi-Stage | $44.70 - $48.99 | $46.81 |
| Blended Fair Value | $47.58 | |
| Current Price | $8.83 | |
| Upside | 438.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.68% | 21.48% | 0.77 | 0.35 | 0.69 | 0.64 | 0.54 | 0.39 | 0.15 | 0.18 | 0.12 | 0.11 |
| YoY Growth | - | - | 122.46% | -49.42% | 8.25% | 18.19% | 37.77% | 154.40% | -15.99% | 54.03% | 8.41% | -1.10% |
| Dividend Yield | - | - | 8.44% | 4.45% | 8.70% | 8.31% | 5.15% | 5.05% | 1.37% | 1.59% | 1.03% | 0.95% |
| Net Income To Common (M) | 8,197.51 |
| (-) Cash Dividends Paid (M) | 4,303.61 |
| (=) Cash Retained (M) | 3,893.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,639.50 | 1,024.69 | 614.81 |
| Cash Retained (M) | 3,893.90 | 3,893.90 | 3,893.90 |
| (-) Cash Required (M) | -1,639.50 | -1,024.69 | -614.81 |
| (=) Excess Retained (M) | 2,254.40 | 2,869.21 | 3,279.08 |
| (/) Shares Outstanding (M) | 4,042.71 | 4,042.71 | 4,042.71 |
| (=) Excess Retained per Share | 0.56 | 0.71 | 0.81 |
| LTM Dividend per Share | 1.06 | 1.06 | 1.06 |
| (+) Excess Retained per Share | 0.56 | 0.71 | 0.81 |
| (=) Adjusted Dividend | 1.62 | 1.77 | 1.88 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.24% | 3.24% | 4.24% |
| Fair Value | $34.63 | $48.35 | $70.11 |
| Upside / Downside | 292.24% | 447.55% | 694.02% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,197.51 | 8,463.31 | 8,737.72 | 9,021.04 | 9,313.54 | 9,615.52 | 9,903.99 |
| Payout Ratio | 52.50% | 60.00% | 67.50% | 75.00% | 82.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,303.61 | 5,077.92 | 5,897.91 | 6,765.74 | 7,683.65 | 8,653.97 | 9,161.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.24% | 3.24% | 4.24% |
| Year 1 PV (M) | 4,698.38 | 4,744.34 | 4,790.29 |
| Year 2 PV (M) | 5,049.21 | 5,148.47 | 5,248.68 |
| Year 3 PV (M) | 5,359.25 | 5,518.04 | 5,679.94 |
| Year 4 PV (M) | 5,631.43 | 5,855.00 | 6,085.16 |
| Year 5 PV (M) | 5,868.53 | 6,161.19 | 6,465.41 |
| PV of Terminal Value (M) | 154,111.89 | 161,797.36 | 169,786.43 |
| Equity Value (M) | 180,718.69 | 189,224.39 | 198,055.91 |
| Shares Outstanding (M) | 4,042.71 | 4,042.71 | 4,042.71 |
| Fair Value | $44.70 | $46.81 | $48.99 |
| Upside / Downside | 406.26% | 430.08% | 454.82% |
| 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% |