Definitive Analysis
| Stable Growth | $69.93 - $128.94 | $94.22 |
| Multi-Stage | $96.68 - $105.99 | $101.24 |
| Blended Fair Value | $97.73 | |
| Current Price | $19.17 | |
| Upside | 409.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.07% | 2.08% | 1.18 | 1.12 | 0.90 | 0.52 | 0.79 | 0.88 | 0.86 | 0.74 | 0.68 | 0.77 |
| YoY Growth | - | - | 5.31% | 24.06% | 74.40% | -34.22% | -10.39% | 2.33% | 15.36% | 8.92% | -11.70% | -19.42% |
| Dividend Yield | - | - | 5.69% | 4.94% | 4.24% | 3.39% | 5.32% | 3.93% | 3.31% | 2.44% | 2.40% | 3.15% |
| Net Income To Common (M) | 1,884.00 |
| (-) Cash Dividends Paid (M) | 902.70 |
| (=) Cash Retained (M) | 981.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 376.80 | 235.50 | 141.30 |
| Cash Retained (M) | 981.30 | 981.30 | 981.30 |
| (-) Cash Required (M) | -376.80 | -235.50 | -141.30 |
| (=) Excess Retained (M) | 604.50 | 745.80 | 840.00 |
| (/) Shares Outstanding (M) | 395.20 | 395.20 | 395.20 |
| (=) Excess Retained per Share | 1.53 | 1.89 | 2.13 |
| LTM Dividend per Share | 2.28 | 2.28 | 2.28 |
| (+) Excess Retained per Share | 1.53 | 1.89 | 2.13 |
| (=) Adjusted Dividend | 3.81 | 4.17 | 4.41 |
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Fair Value | $69.93 | $94.22 | $128.94 |
| Upside / Downside | 264.78% | 391.52% | 572.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,884.00 | 1,934.94 | 1,987.25 | 2,040.97 | 2,096.15 | 2,152.82 | 2,217.41 |
| Payout Ratio | 47.91% | 56.33% | 64.75% | 73.17% | 81.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 902.70 | 1,089.97 | 1,286.71 | 1,493.29 | 1,710.10 | 1,937.54 | 2,051.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Year 1 PV (M) | 1,006.39 | 1,016.29 | 1,026.18 |
| Year 2 PV (M) | 1,096.95 | 1,118.62 | 1,140.51 |
| Year 3 PV (M) | 1,175.44 | 1,210.46 | 1,246.16 |
| Year 4 PV (M) | 1,242.88 | 1,292.49 | 1,343.57 |
| Year 5 PV (M) | 1,300.21 | 1,365.40 | 1,433.18 |
| PV of Terminal Value (M) | 32,384.18 | 34,007.88 | 35,696.07 |
| Equity Value (M) | 38,206.05 | 40,011.14 | 41,885.68 |
| Shares Outstanding (M) | 395.20 | 395.20 | 395.20 |
| Fair Value | $96.68 | $101.24 | $105.99 |
| Upside / Downside | 404.30% | 428.13% | 452.87% |
| 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% |