Definitive Analysis
| Stable Growth | $0.91 - $1.27 | $1.09 |
| Multi-Stage | $2.79 - $3.08 | $2.93 |
| Blended Fair Value | $2.01 | |
| Current Price | $1.36 | |
| Upside | 47.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -9.15% | -0.53% | 0.13 | 0.15 | 0.11 | 0.11 | 0.17 | 0.21 | 0.21 | 0.15 | 0.16 | 0.07 |
| YoY Growth | - | - | -13.33% | 36.35% | 0.00% | -35.29% | -19.05% | 0.00% | 40.00% | -6.25% | 142.89% | -51.96% |
| Dividend Yield | - | - | 8.57% | 6.86% | 4.62% | 4.86% | 7.02% | 11.47% | 7.16% | 5.22% | 6.20% | 2.84% |
| Net Income To Common (M) | 1,683.76 |
| (-) Cash Dividends Paid (M) | 1,071.43 |
| (=) Cash Retained (M) | 612.33 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 336.75 | 210.47 | 126.28 |
| Cash Retained (M) | 612.33 | 612.33 | 612.33 |
| (-) Cash Required (M) | -336.75 | -210.47 | -126.28 |
| (=) Excess Retained (M) | 275.58 | 401.86 | 486.05 |
| (/) Shares Outstanding (M) | 10,548.34 | 10,548.34 | 10,548.34 |
| (=) Excess Retained per Share | 0.03 | 0.04 | 0.05 |
| LTM Dividend per Share | 0.10 | 0.10 | 0.10 |
| (+) Excess Retained per Share | 0.03 | 0.04 | 0.05 |
| (=) Adjusted Dividend | 0.13 | 0.14 | 0.15 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -6.69% | -5.69% | -4.69% |
| Fair Value | $0.91 | $1.09 | $1.27 |
| Upside / Downside | -32.82% | -19.57% | -6.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,683.76 | 1,587.97 | 1,497.63 | 1,412.43 | 1,332.08 | 1,256.30 | 1,293.99 |
| Payout Ratio | 63.63% | 68.91% | 74.18% | 79.45% | 84.73% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,071.43 | 1,094.22 | 1,110.94 | 1,122.22 | 1,128.63 | 1,130.67 | 1,196.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -6.69% | -5.69% | -4.69% |
| Year 1 PV (M) | 1,017.95 | 1,028.86 | 1,039.77 |
| Year 2 PV (M) | 961.47 | 982.19 | 1,003.13 |
| Year 3 PV (M) | 903.54 | 932.90 | 962.89 |
| Year 4 PV (M) | 845.35 | 882.18 | 920.19 |
| Year 5 PV (M) | 787.85 | 830.98 | 875.98 |
| PV of Terminal Value (M) | 24,876.43 | 26,238.29 | 27,659.16 |
| Equity Value (M) | 29,392.59 | 30,895.40 | 32,461.12 |
| Shares Outstanding (M) | 10,548.34 | 10,548.34 | 10,548.34 |
| Fair Value | $2.79 | $2.93 | $3.08 |
| Upside / Downside | 104.89% | 115.36% | 126.28% |
| 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% |