Definitive Analysis
| Stable Growth | $9.94 - $34.03 | $16.33 |
| Multi-Stage | $10.41 - $11.41 | $10.90 |
| Blended Fair Value | $13.62 | |
| Current Price | $3.39 | |
| Upside | 301.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 30.02% | -6.17% | 0.37 | 0.41 | 0.43 | 0.09 | 0.06 | 0.10 | 0.55 | 0.41 | 0.52 | 0.67 |
| YoY Growth | - | - | -8.92% | -4.26% | 368.29% | 40.00% | -35.00% | -81.94% | 35.17% | -20.78% | -22.47% | -5.08% |
| Dividend Yield | - | - | 12.60% | 13.97% | 14.06% | 3.82% | 2.30% | 4.88% | 15.86% | 11.13% | 10.47% | 15.66% |
| Net Income To Common (M) | 6,788.91 |
| (-) Cash Dividends Paid (M) | 4,464.03 |
| (=) Cash Retained (M) | 2,324.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,357.78 | 848.61 | 509.17 |
| Cash Retained (M) | 2,324.88 | 2,324.88 | 2,324.88 |
| (-) Cash Required (M) | -1,357.78 | -848.61 | -509.17 |
| (=) Excess Retained (M) | 967.10 | 1,476.27 | 1,815.71 |
| (/) Shares Outstanding (M) | 18,506.71 | 18,506.71 | 18,506.71 |
| (=) Excess Retained per Share | 0.05 | 0.08 | 0.10 |
| LTM Dividend per Share | 0.24 | 0.24 | 0.24 |
| (+) Excess Retained per Share | 0.05 | 0.08 | 0.10 |
| (=) Adjusted Dividend | 0.29 | 0.32 | 0.34 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 3.28% | 4.28% | 5.28% |
| Fair Value | $9.94 | $16.33 | $34.03 |
| Upside / Downside | 193.16% | 381.68% | 903.73% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,788.91 | 7,079.66 | 7,382.86 | 7,699.04 | 8,028.77 | 8,372.61 | 8,623.79 |
| Payout Ratio | 65.75% | 70.60% | 75.45% | 80.30% | 85.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,464.03 | 4,998.51 | 5,570.57 | 6,182.47 | 6,836.57 | 7,535.35 | 7,977.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 3.28% | 4.28% | 5.28% |
| Year 1 PV (M) | 4,655.75 | 4,700.82 | 4,745.90 |
| Year 2 PV (M) | 4,832.79 | 4,926.83 | 5,021.77 |
| Year 3 PV (M) | 4,995.85 | 5,142.37 | 5,291.73 |
| Year 4 PV (M) | 5,145.58 | 5,347.77 | 5,555.87 |
| Year 5 PV (M) | 5,282.61 | 5,543.34 | 5,814.27 |
| PV of Terminal Value (M) | 167,804.94 | 176,087.36 | 184,693.63 |
| Equity Value (M) | 192,717.51 | 201,748.49 | 211,123.17 |
| Shares Outstanding (M) | 18,506.71 | 18,506.71 | 18,506.71 |
| Fair Value | $10.41 | $10.90 | $11.41 |
| Upside / Downside | 207.18% | 221.57% | 236.52% |
| 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% |