Definitive Analysis
| Stable Growth | $127.09 - $301.65 | $282.69 |
| Multi-Stage | $45.43 - $49.67 | $47.51 |
| Blended Fair Value | $165.10 | |
| Current Price | $18.25 | |
| Upside | 804.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 32.59% | 20.74% | 1.07 | 0.65 | 0.63 | 0.09 | 0.64 | 0.26 | 0.27 | 0.28 | 0.26 | 0.26 |
| YoY Growth | - | - | 65.14% | 3.11% | 622.28% | -86.52% | 147.21% | -4.76% | -1.05% | 5.86% | 0.66% | 60.01% |
| Dividend Yield | - | - | 6.27% | 3.90% | 7.47% | 1.02% | 6.65% | 2.69% | 2.82% | 2.85% | 2.69% | 2.68% |
| Net Income To Common (M) | 672.39 |
| (-) Cash Dividends Paid (M) | 494.11 |
| (=) Cash Retained (M) | 178.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 134.48 | 84.05 | 50.43 |
| Cash Retained (M) | 178.28 | 178.28 | 178.28 |
| (-) Cash Required (M) | -134.48 | -84.05 | -50.43 |
| (=) Excess Retained (M) | 43.80 | 94.23 | 127.85 |
| (/) Shares Outstanding (M) | 443.30 | 443.30 | 443.30 |
| (=) Excess Retained per Share | 0.10 | 0.21 | 0.29 |
| LTM Dividend per Share | 1.11 | 1.11 | 1.11 |
| (+) Excess Retained per Share | 0.10 | 0.21 | 0.29 |
| (=) Adjusted Dividend | 1.21 | 1.33 | 1.40 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $127.09 | $282.69 | $301.65 |
| Upside / Downside | 596.36% | 1,449.01% | 1,552.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 672.39 | 716.10 | 762.64 | 812.22 | 865.01 | 921.24 | 948.87 |
| Payout Ratio | 73.49% | 76.79% | 80.09% | 83.39% | 86.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 494.11 | 549.88 | 610.81 | 677.34 | 749.94 | 829.11 | 877.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 511.44 | 516.29 | 521.13 |
| Year 2 PV (M) | 528.39 | 538.46 | 548.61 |
| Year 3 PV (M) | 544.98 | 560.62 | 576.56 |
| Year 4 PV (M) | 561.20 | 582.79 | 604.98 |
| Year 5 PV (M) | 577.07 | 604.95 | 633.88 |
| PV of Terminal Value (M) | 17,417.62 | 18,258.90 | 19,132.37 |
| Equity Value (M) | 20,140.70 | 21,061.99 | 22,017.55 |
| Shares Outstanding (M) | 443.30 | 443.30 | 443.30 |
| Fair Value | $45.43 | $47.51 | $49.67 |
| Upside / Downside | 148.95% | 160.34% | 172.15% |
| 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% |