Definitive Analysis
| Stable Growth | $67.67 - $213.53 | $200.11 |
| Multi-Stage | $29.87 - $32.61 | $31.22 |
| Blended Fair Value | $115.67 | |
| Current Price | $16.04 | |
| Upside | 621.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 32.97% | 37.98% | 1.73 | 1.01 | 0.57 | 0.50 | 0.42 | 0.42 | 0.00 | 0.17 | 0.00 | 0.06 |
| YoY Growth | - | - | 71.78% | 76.25% | 15.25% | 19.12% | 0.00% | 0.00% | -100.00% | 0.00% | -100.00% | -11.91% |
| Dividend Yield | - | - | 10.02% | 4.80% | 2.04% | 1.71% | 2.87% | 2.76% | 0.00% | 1.22% | 0.00% | 0.44% |
| Net Income To Common (M) | 618.63 |
| (-) Cash Dividends Paid (M) | 616.56 |
| (=) Cash Retained (M) | 2.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 123.73 | 77.33 | 46.40 |
| Cash Retained (M) | 2.07 | 2.07 | 2.07 |
| (-) Cash Required (M) | -123.73 | -77.33 | -46.40 |
| (=) Excess Retained (M) | -121.65 | -75.26 | -44.33 |
| (/) Shares Outstanding (M) | 576.16 | 576.16 | 576.16 |
| (=) Excess Retained per Share | -0.21 | -0.13 | -0.08 |
| LTM Dividend per Share | 1.07 | 1.07 | 1.07 |
| (+) Excess Retained per Share | -0.21 | -0.13 | -0.08 |
| (=) Adjusted Dividend | 0.86 | 0.94 | 0.99 |
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $67.67 | $200.11 | $213.53 |
| Upside / Downside | 321.85% | 1,147.59% | 1,231.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 618.63 | 658.84 | 701.66 | 747.27 | 795.84 | 847.57 | 873.00 |
| Payout Ratio | 99.67% | 97.73% | 95.80% | 93.87% | 91.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 616.56 | 643.90 | 672.19 | 701.43 | 731.64 | 762.82 | 807.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 597.02 | 602.68 | 608.34 |
| Year 2 PV (M) | 577.88 | 588.88 | 599.99 |
| Year 3 PV (M) | 559.12 | 575.17 | 591.52 |
| Year 4 PV (M) | 540.74 | 561.53 | 582.92 |
| Year 5 PV (M) | 522.73 | 547.98 | 574.20 |
| PV of Terminal Value (M) | 14,413.47 | 15,109.65 | 15,832.47 |
| Equity Value (M) | 17,210.95 | 17,985.89 | 18,789.44 |
| Shares Outstanding (M) | 576.16 | 576.16 | 576.16 |
| Fair Value | $29.87 | $31.22 | $32.61 |
| Upside / Downside | 86.23% | 94.62% | 103.31% |
| 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% |