Definitive Analysis
| Stable Growth | $23.11 - $34.13 | $28.39 |
| Multi-Stage | $35.52 - $38.95 | $37.20 |
| Blended Fair Value | $32.80 | |
| Current Price | $20.32 | |
| Upside | 61.40% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 18.41% | 1.13 | 1.06 | 1.00 | 0.96 | 0.74 | 0.00 | 0.71 | 0.52 | 0.44 | 0.29 |
| YoY Growth | - | - | 5.96% | 6.47% | 4.24% | 30.22% | 0.00% | -100.00% | 35.91% | 17.35% | 54.99% | 37.51% |
| Dividend Yield | - | - | 5.55% | 6.07% | 4.30% | 4.62% | 4.94% | 0.00% | 2.65% | 2.38% | 2.48% | 1.33% |
| Net Income To Common (M) | 23,352.00 |
| (-) Cash Dividends Paid (M) | 9,254.00 |
| (=) Cash Retained (M) | 14,098.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,670.40 | 2,919.00 | 1,751.40 |
| Cash Retained (M) | 14,098.00 | 14,098.00 | 14,098.00 |
| (-) Cash Required (M) | -4,670.40 | -2,919.00 | -1,751.40 |
| (=) Excess Retained (M) | 9,427.60 | 11,179.00 | 12,346.60 |
| (/) Shares Outstanding (M) | 8,062.63 | 8,062.63 | 8,062.63 |
| (=) Excess Retained per Share | 1.17 | 1.39 | 1.53 |
| LTM Dividend per Share | 1.15 | 1.15 | 1.15 |
| (+) Excess Retained per Share | 1.17 | 1.39 | 1.53 |
| (=) Adjusted Dividend | 2.32 | 2.53 | 2.68 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.84% | 0.16% | 1.16% |
| Fair Value | $23.11 | $28.39 | $34.13 |
| Upside / Downside | 13.75% | 39.72% | 67.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 23,352.00 | 23,388.83 | 23,425.73 | 23,462.68 | 23,499.69 | 23,536.75 | 24,242.86 |
| Payout Ratio | 39.63% | 49.70% | 59.78% | 69.85% | 79.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 9,254.00 | 11,624.87 | 14,003.19 | 16,388.99 | 18,782.28 | 21,183.08 | 22,424.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.84% | 0.16% | 1.16% |
| Year 1 PV (M) | 10,549.05 | 10,655.44 | 10,761.82 |
| Year 2 PV (M) | 11,531.28 | 11,765.04 | 12,001.14 |
| Year 3 PV (M) | 12,246.95 | 12,621.23 | 13,003.06 |
| Year 4 PV (M) | 12,736.48 | 13,258.10 | 13,795.57 |
| Year 5 PV (M) | 13,035.14 | 13,705.82 | 14,403.83 |
| PV of Terminal Value (M) | 226,289.63 | 237,932.71 | 250,050.17 |
| Equity Value (M) | 286,388.54 | 299,938.33 | 314,015.60 |
| Shares Outstanding (M) | 8,062.63 | 8,062.63 | 8,062.63 |
| Fair Value | $35.52 | $37.20 | $38.95 |
| Upside / Downside | 74.81% | 83.08% | 91.67% |
| 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% |