Definitive Analysis
| Stable Growth | $158.14 - $448.61 | $420.42 |
| Multi-Stage | $62.89 - $68.79 | $65.79 |
| Blended Fair Value | $243.10 | |
| Current Price | $15.43 | |
| Upside | 1,475.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 46.40% | 6.13% | 0.56 | 0.84 | 0.46 | 0.20 | 0.15 | 0.08 | 0.00 | 0.00 | 0.01 | 0.00 |
| YoY Growth | - | - | -33.61% | 82.04% | 131.89% | 36.36% | 75.98% | 0.00% | 0.00% | -100.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.62% | 4.73% | 0.77% | 0.29% | 0.33% | 0.40% | 0.00% | 0.00% | 0.16% | 0.00% |
| Net Income To Common (M) | 5,816.02 |
| (-) Cash Dividends Paid (M) | 2,934.73 |
| (=) Cash Retained (M) | 2,881.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,163.20 | 727.00 | 436.20 |
| Cash Retained (M) | 2,881.29 | 2,881.29 | 2,881.29 |
| (-) Cash Required (M) | -1,163.20 | -727.00 | -436.20 |
| (=) Excess Retained (M) | 1,718.09 | 2,154.29 | 2,445.09 |
| (/) Shares Outstanding (M) | 2,578.30 | 2,578.30 | 2,578.30 |
| (=) Excess Retained per Share | 0.67 | 0.84 | 0.95 |
| LTM Dividend per Share | 1.14 | 1.14 | 1.14 |
| (+) Excess Retained per Share | 0.67 | 0.84 | 0.95 |
| (=) Adjusted Dividend | 1.80 | 1.97 | 2.09 |
| WACC / Discount Rate | 6.70% | 6.70% | 6.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $158.14 | $420.42 | $448.61 |
| Upside / Downside | 924.90% | 2,624.67% | 2,807.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,816.02 | 6,194.06 | 6,596.67 | 7,025.46 | 7,482.11 | 7,968.45 | 8,207.50 |
| Payout Ratio | 50.46% | 58.37% | 66.28% | 74.18% | 82.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,934.73 | 3,615.32 | 4,371.99 | 5,211.75 | 6,142.21 | 7,171.61 | 7,591.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.70% | 6.70% | 6.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 3,356.37 | 3,388.18 | 3,419.99 |
| Year 2 PV (M) | 3,768.12 | 3,839.89 | 3,912.34 |
| Year 3 PV (M) | 4,170.15 | 4,289.86 | 4,411.84 |
| Year 4 PV (M) | 4,562.63 | 4,738.09 | 4,918.57 |
| Year 5 PV (M) | 4,945.72 | 5,184.60 | 5,432.62 |
| PV of Terminal Value (M) | 141,353.94 | 148,181.39 | 155,270.14 |
| Equity Value (M) | 162,156.92 | 169,622.01 | 177,365.50 |
| Shares Outstanding (M) | 2,578.30 | 2,578.30 | 2,578.30 |
| Fair Value | $62.89 | $65.79 | $68.79 |
| Upside / Downside | 307.60% | 326.37% | 345.83% |
| 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% |