Definitive Analysis
| Stable Growth | $58.39 - $104.26 | $97.71 |
| Multi-Stage | $17.00 - $18.58 | $17.78 |
| Blended Fair Value | $57.74 | |
| Current Price | $4.01 | |
| Upside | 1,339.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.92% | 0.00% | 0.20 | 0.22 | 0.22 | 0.20 | 0.03 | 0.09 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -8.21% | -1.02% | 12.89% | 571.15% | -66.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.99% | 4.39% | 3.49% | 2.58% | 0.46% | 1.46% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 938.00 |
| (-) Cash Dividends Paid (M) | 748.00 |
| (=) Cash Retained (M) | 190.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 187.60 | 117.25 | 70.35 |
| Cash Retained (M) | 190.00 | 190.00 | 190.00 |
| (-) Cash Required (M) | -187.60 | -117.25 | -70.35 |
| (=) Excess Retained (M) | 2.40 | 72.75 | 119.65 |
| (/) Shares Outstanding (M) | 1,789.18 | 1,789.18 | 1,789.18 |
| (=) Excess Retained per Share | 0.00 | 0.04 | 0.07 |
| LTM Dividend per Share | 0.42 | 0.42 | 0.42 |
| (+) Excess Retained per Share | 0.00 | 0.04 | 0.07 |
| (=) Adjusted Dividend | 0.42 | 0.46 | 0.48 |
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $58.39 | $97.71 | $104.26 |
| Upside / Downside | 1,356.22% | 2,336.64% | 2,500.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 938.00 | 998.97 | 1,063.90 | 1,133.06 | 1,206.71 | 1,285.14 | 1,323.70 |
| Payout Ratio | 79.74% | 81.80% | 83.85% | 85.90% | 87.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 748.00 | 817.11 | 892.05 | 973.27 | 1,061.28 | 1,156.63 | 1,224.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.26% | 6.26% | 6.26% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 761.77 | 768.99 | 776.21 |
| Year 2 PV (M) | 775.30 | 790.07 | 804.98 |
| Year 3 PV (M) | 788.61 | 811.24 | 834.31 |
| Year 4 PV (M) | 801.68 | 832.51 | 864.22 |
| Year 5 PV (M) | 814.53 | 853.87 | 894.72 |
| PV of Terminal Value (M) | 26,468.22 | 27,746.65 | 29,074.00 |
| Equity Value (M) | 30,410.10 | 31,803.33 | 33,248.43 |
| Shares Outstanding (M) | 1,789.18 | 1,789.18 | 1,789.18 |
| Fair Value | $17.00 | $17.78 | $18.58 |
| Upside / Downside | 323.86% | 343.28% | 363.42% |
| 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% |