Definitive Analysis
| Stable Growth | $95.43 - $452.34 | $209.53 |
| Multi-Stage | $52.00 - $56.81 | $54.36 |
| Blended Fair Value | $131.94 | |
| Current Price | $11.00 | |
| Upside | 1,099.49% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.58% | 0.00% | 1.22 | 0.68 | 0.13 | 0.00 | 0.20 | 0.56 | 0.55 | 0.39 | 0.23 | 0.00 |
| YoY Growth | - | - | 78.14% | 432.00% | 0.00% | -100.00% | -64.55% | 2.52% | 42.45% | 70.98% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.00% | 5.73% | 1.03% | 0.00% | 2.04% | 4.24% | 3.02% | 2.57% | 1.74% | 0.00% |
| Net Income To Common (M) | 2,385.78 |
| (-) Cash Dividends Paid (M) | 1,397.69 |
| (=) Cash Retained (M) | 988.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 477.16 | 298.22 | 178.93 |
| Cash Retained (M) | 988.10 | 988.10 | 988.10 |
| (-) Cash Required (M) | -477.16 | -298.22 | -178.93 |
| (=) Excess Retained (M) | 510.94 | 689.87 | 809.16 |
| (/) Shares Outstanding (M) | 1,048.92 | 1,048.92 | 1,048.92 |
| (=) Excess Retained per Share | 0.49 | 0.66 | 0.77 |
| LTM Dividend per Share | 1.33 | 1.33 | 1.33 |
| (+) Excess Retained per Share | 0.49 | 0.66 | 0.77 |
| (=) Adjusted Dividend | 1.82 | 1.99 | 2.10 |
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $95.43 | $209.53 | $452.34 |
| Upside / Downside | 767.55% | 1,804.78% | 4,012.22% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,385.78 | 2,540.86 | 2,706.02 | 2,881.91 | 3,069.23 | 3,268.73 | 3,366.79 |
| Payout Ratio | 58.58% | 64.87% | 71.15% | 77.43% | 83.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,397.69 | 1,648.18 | 1,925.34 | 2,231.56 | 2,569.46 | 2,941.86 | 3,114.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,518.63 | 1,533.03 | 1,547.42 |
| Year 2 PV (M) | 1,634.57 | 1,665.70 | 1,697.13 |
| Year 3 PV (M) | 1,745.63 | 1,795.74 | 1,846.80 |
| Year 4 PV (M) | 1,851.96 | 1,923.18 | 1,996.44 |
| Year 5 PV (M) | 1,953.71 | 2,048.07 | 2,146.05 |
| PV of Terminal Value (M) | 45,842.18 | 48,056.37 | 50,355.31 |
| Equity Value (M) | 54,546.68 | 57,022.10 | 59,589.15 |
| Shares Outstanding (M) | 1,048.92 | 1,048.92 | 1,048.92 |
| Fair Value | $52.00 | $54.36 | $56.81 |
| Upside / Downside | 372.75% | 394.21% | 416.45% |
| 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% |