Definitive Analysis
| Stable Growth | $8.80 - $16.15 | $11.84 |
| Multi-Stage | $14.52 - $15.90 | $15.20 |
| Blended Fair Value | $13.52 | |
| Current Price | $9.20 | |
| Upside | 46.92% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.22% | 2.75% | 0.41 | 0.26 | 0.22 | 0.25 | 0.34 | 0.35 | 0.35 | 0.34 | 0.33 | 0.43 |
| YoY Growth | - | - | 57.69% | 18.18% | -12.00% | -26.47% | -2.86% | 0.00% | 2.94% | 2.16% | -23.26% | 38.71% |
| Dividend Yield | - | - | 5.08% | 4.54% | 4.36% | 3.84% | 4.85% | 6.73% | 6.66% | 6.96% | 5.47% | 6.77% |
| Net Income To Common (M) | 2,766.06 |
| (-) Cash Dividends Paid (M) | 2,629.09 |
| (=) Cash Retained (M) | 136.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 553.21 | 345.76 | 207.45 |
| Cash Retained (M) | 136.97 | 136.97 | 136.97 |
| (-) Cash Required (M) | -553.21 | -345.76 | -207.45 |
| (=) Excess Retained (M) | -416.24 | -208.79 | -70.48 |
| (/) Shares Outstanding (M) | 4,535.25 | 4,535.25 | 4,535.25 |
| (=) Excess Retained per Share | -0.09 | -0.05 | -0.02 |
| LTM Dividend per Share | 0.58 | 0.58 | 0.58 |
| (+) Excess Retained per Share | -0.09 | -0.05 | -0.02 |
| (=) Adjusted Dividend | 0.49 | 0.53 | 0.56 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 1.06% | 2.06% | 3.06% |
| Fair Value | $8.80 | $11.84 | $16.15 |
| Upside / Downside | -4.30% | 28.68% | 75.51% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,766.06 | 2,823.06 | 2,881.23 | 2,940.60 | 3,001.20 | 3,063.04 | 3,154.93 |
| Payout Ratio | 95.05% | 94.04% | 93.03% | 92.02% | 91.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,629.09 | 2,654.76 | 2,680.38 | 2,705.92 | 2,731.38 | 2,756.74 | 2,918.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 1.06% | 2.06% | 3.06% |
| Year 1 PV (M) | 2,464.57 | 2,488.96 | 2,513.34 |
| Year 2 PV (M) | 2,310.08 | 2,356.03 | 2,402.42 |
| Year 3 PV (M) | 2,165.03 | 2,229.93 | 2,296.13 |
| Year 4 PV (M) | 2,028.83 | 2,110.33 | 2,194.27 |
| Year 5 PV (M) | 1,900.97 | 1,996.90 | 2,096.67 |
| PV of Terminal Value (M) | 54,960.90 | 57,734.45 | 60,618.86 |
| Equity Value (M) | 65,830.39 | 68,916.61 | 72,121.69 |
| Shares Outstanding (M) | 4,535.25 | 4,535.25 | 4,535.25 |
| Fair Value | $14.52 | $15.20 | $15.90 |
| Upside / Downside | 57.77% | 65.17% | 72.85% |
| 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% |