Definitive Analysis
| Stable Growth | $3.23 - $4.96 | $4.04 |
| Multi-Stage | $7.10 - $7.80 | $7.44 |
| Blended Fair Value | $5.74 | |
| Current Price | $3.56 | |
| Upside | 61.27% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.49% | -1.15% | 0.16 | 0.16 | 0.15 | 0.14 | 0.11 | 0.23 | 0.23 | 0.22 | 0.22 | 0.21 |
| YoY Growth | - | - | -0.79% | 11.88% | 5.35% | 22.81% | -50.21% | 0.87% | 1.84% | 1.87% | 2.28% | 16.43% |
| Dividend Yield | - | - | 4.75% | 5.47% | 5.09% | 4.41% | 4.08% | 5.95% | 5.79% | 5.30% | 4.69% | 5.08% |
| Net Income To Common (M) | 1,857.50 |
| (-) Cash Dividends Paid (M) | 1,691.50 |
| (=) Cash Retained (M) | 166.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 371.50 | 232.19 | 139.31 |
| Cash Retained (M) | 166.00 | 166.00 | 166.00 |
| (-) Cash Required (M) | -371.50 | -232.19 | -139.31 |
| (=) Excess Retained (M) | -205.50 | -66.19 | 26.69 |
| (/) Shares Outstanding (M) | 5,213.20 | 5,213.20 | 5,213.20 |
| (=) Excess Retained per Share | -0.04 | -0.01 | 0.01 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | -0.04 | -0.01 | 0.01 |
| (=) Adjusted Dividend | 0.29 | 0.31 | 0.33 |
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -1.84% | -0.84% | 0.16% |
| Fair Value | $3.23 | $4.04 | $4.96 |
| Upside / Downside | -9.16% | 13.49% | 39.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,857.50 | 1,841.85 | 1,826.34 | 1,810.96 | 1,795.71 | 1,780.58 | 1,834.00 |
| Payout Ratio | 91.06% | 90.85% | 90.64% | 90.43% | 90.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,691.50 | 1,673.34 | 1,655.36 | 1,637.57 | 1,619.95 | 1,602.52 | 1,696.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -1.84% | -0.84% | 0.16% |
| Year 1 PV (M) | 1,550.86 | 1,566.66 | 1,582.46 |
| Year 2 PV (M) | 1,421.90 | 1,451.02 | 1,480.44 |
| Year 3 PV (M) | 1,303.66 | 1,343.92 | 1,384.99 |
| Year 4 PV (M) | 1,195.25 | 1,244.71 | 1,295.68 |
| Year 5 PV (M) | 1,095.85 | 1,152.82 | 1,212.13 |
| PV of Terminal Value (M) | 30,454.28 | 32,037.50 | 33,685.90 |
| Equity Value (M) | 37,021.81 | 38,796.63 | 40,641.60 |
| Shares Outstanding (M) | 5,213.20 | 5,213.20 | 5,213.20 |
| Fair Value | $7.10 | $7.44 | $7.80 |
| Upside / Downside | 99.48% | 109.05% | 118.99% |
| 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% |