Definitive Analysis
| Stable Growth | $49.59 - $204.66 | $127.65 |
| Multi-Stage | $30.80 - $33.66 | $32.21 |
| Blended Fair Value | $79.93 | |
| Current Price | $15.08 | |
| Upside | 430.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.20% | 7.12% | 1.30 | 0.90 | 0.76 | 0.46 | 0.80 | 0.80 | 0.80 | 0.64 | 0.70 | 0.76 |
| YoY Growth | - | - | 44.44% | 18.42% | 65.22% | -42.50% | 0.00% | 0.00% | 24.57% | -7.80% | -8.89% | 17.00% |
| Dividend Yield | - | - | 8.74% | 6.12% | 4.37% | 2.57% | 4.66% | 4.88% | 3.99% | 5.44% | 5.11% | 5.35% |
| Net Income To Common (M) | 1,032.73 |
| (-) Cash Dividends Paid (M) | 994.26 |
| (=) Cash Retained (M) | 38.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 206.55 | 129.09 | 77.45 |
| Cash Retained (M) | 38.47 | 38.47 | 38.47 |
| (-) Cash Required (M) | -206.55 | -129.09 | -77.45 |
| (=) Excess Retained (M) | -168.07 | -90.62 | -38.98 |
| (/) Shares Outstanding (M) | 996.22 | 996.22 | 996.22 |
| (=) Excess Retained per Share | -0.17 | -0.09 | -0.04 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | -0.17 | -0.09 | -0.04 |
| (=) Adjusted Dividend | 0.83 | 0.91 | 0.96 |
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 4.71% | 5.71% | 6.71% |
| Fair Value | $49.59 | $127.65 | $204.66 |
| Upside / Downside | 228.85% | 746.51% | 1,257.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,032.73 | 1,091.74 | 1,154.13 | 1,220.08 | 1,289.79 | 1,363.49 | 1,404.40 |
| Payout Ratio | 96.27% | 95.02% | 93.76% | 92.51% | 91.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 994.26 | 1,037.37 | 1,082.16 | 1,128.69 | 1,177.00 | 1,227.14 | 1,299.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 4.71% | 5.71% | 6.71% |
| Year 1 PV (M) | 965.16 | 974.37 | 983.59 |
| Year 2 PV (M) | 936.74 | 954.72 | 972.87 |
| Year 3 PV (M) | 909.00 | 935.30 | 962.09 |
| Year 4 PV (M) | 881.93 | 916.10 | 951.26 |
| Year 5 PV (M) | 855.49 | 897.13 | 940.37 |
| PV of Terminal Value (M) | 26,133.88 | 27,405.81 | 28,726.78 |
| Equity Value (M) | 30,682.20 | 32,083.42 | 33,536.96 |
| Shares Outstanding (M) | 996.22 | 996.22 | 996.22 |
| Fair Value | $30.80 | $32.21 | $33.66 |
| Upside / Downside | 104.23% | 113.56% | 123.24% |
| 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% |