Definitive Analysis
| Stable Growth | $0.77 - $1.11 | $0.94 |
| Multi-Stage | $1.99 - $2.19 | $2.08 |
| Blended Fair Value | $1.51 | |
| Current Price | $1.38 | |
| Upside | 9.51% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.26% | -5.88% | 0.07 | 0.06 | 0.16 | 0.18 | 0.13 | 0.08 | 0.08 | 0.10 | 0.13 | 0.12 |
| YoY Growth | - | - | 28.44% | -65.00% | -10.88% | 37.99% | 61.33% | 0.66% | -20.57% | -21.78% | 10.97% | -11.90% |
| Dividend Yield | - | - | 5.01% | 2.91% | 6.92% | 6.05% | 4.95% | 6.04% | 3.66% | 3.40% | 3.05% | 2.64% |
| Net Income To Common (M) | 1,006.86 |
| (-) Cash Dividends Paid (M) | 818.15 |
| (=) Cash Retained (M) | 188.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 201.37 | 125.86 | 75.51 |
| Cash Retained (M) | 188.71 | 188.71 | 188.71 |
| (-) Cash Required (M) | -201.37 | -125.86 | -75.51 |
| (=) Excess Retained (M) | -12.66 | 62.85 | 113.20 |
| (/) Shares Outstanding (M) | 9,090.58 | 9,090.58 | 9,090.58 |
| (=) Excess Retained per Share | 0.00 | 0.01 | 0.01 |
| LTM Dividend per Share | 0.09 | 0.09 | 0.09 |
| (+) Excess Retained per Share | 0.00 | 0.01 | 0.01 |
| (=) Adjusted Dividend | 0.09 | 0.10 | 0.10 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -4.26% | -3.26% | -2.26% |
| Fair Value | $0.77 | $0.94 | $1.11 |
| Upside / Downside | -44.12% | -32.07% | -19.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,006.86 | 974.01 | 942.24 | 911.50 | 881.76 | 852.99 | 878.58 |
| Payout Ratio | 81.26% | 83.01% | 84.75% | 86.50% | 88.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 818.15 | 808.49 | 798.59 | 788.47 | 778.16 | 767.69 | 812.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -4.26% | -3.26% | -2.26% |
| Year 1 PV (M) | 749.62 | 757.45 | 765.28 |
| Year 2 PV (M) | 686.53 | 700.95 | 715.51 |
| Year 3 PV (M) | 628.48 | 648.38 | 668.70 |
| Year 4 PV (M) | 575.10 | 599.51 | 624.69 |
| Year 5 PV (M) | 526.05 | 554.11 | 583.35 |
| PV of Terminal Value (M) | 14,898.66 | 15,693.18 | 16,521.25 |
| Equity Value (M) | 18,064.45 | 18,953.59 | 19,878.78 |
| Shares Outstanding (M) | 9,090.58 | 9,090.58 | 9,090.58 |
| Fair Value | $1.99 | $2.08 | $2.19 |
| Upside / Downside | 44.00% | 51.08% | 58.46% |
| 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% |