Definitive Analysis
| Stable Growth | $3.09 - $4.66 | $3.83 |
| Multi-Stage | $7.32 - $8.05 | $7.68 |
| Blended Fair Value | $5.76 | |
| Current Price | $4.13 | |
| Upside | 39.38% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.58% | 0.36% | 0.17 | 0.11 | 0.10 | 0.07 | 0.08 | 0.17 | 0.17 | 0.20 | 0.17 | 0.17 |
| YoY Growth | - | - | 57.06% | 11.46% | 39.12% | -10.51% | -55.44% | 0.00% | -14.63% | 18.85% | 0.94% | 4.17% |
| Dividend Yield | - | - | 4.71% | 4.20% | 3.89% | 2.61% | 3.15% | 6.79% | 5.66% | 6.00% | 4.34% | 4.41% |
| Net Income To Common (M) | 6,079.60 |
| (-) Cash Dividends Paid (M) | 5,333.30 |
| (=) Cash Retained (M) | 746.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,215.92 | 759.95 | 455.97 |
| Cash Retained (M) | 746.30 | 746.30 | 746.30 |
| (-) Cash Required (M) | -1,215.92 | -759.95 | -455.97 |
| (=) Excess Retained (M) | -469.62 | -13.65 | 290.33 |
| (/) Shares Outstanding (M) | 16,557.93 | 16,557.93 | 16,557.93 |
| (=) Excess Retained per Share | -0.03 | 0.00 | 0.02 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | -0.03 | 0.00 | 0.02 |
| (=) Adjusted Dividend | 0.29 | 0.32 | 0.34 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | -2.58% | -1.58% | -0.58% |
| Fair Value | $3.09 | $3.83 | $4.66 |
| Upside / Downside | -25.07% | -7.17% | 12.81% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,079.60 | 5,983.28 | 5,888.48 | 5,795.18 | 5,703.36 | 5,613.00 | 5,781.39 |
| Payout Ratio | 87.72% | 88.18% | 88.63% | 89.09% | 89.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,333.30 | 5,276.03 | 5,219.24 | 5,162.92 | 5,107.07 | 5,051.70 | 5,347.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | -2.58% | -1.58% | -0.58% |
| Year 1 PV (M) | 4,896.20 | 4,946.46 | 4,996.73 |
| Year 2 PV (M) | 4,494.81 | 4,587.56 | 4,681.27 |
| Year 3 PV (M) | 4,126.21 | 4,254.59 | 4,385.61 |
| Year 4 PV (M) | 3,787.75 | 3,945.69 | 4,108.52 |
| Year 5 PV (M) | 3,476.95 | 3,659.11 | 3,848.83 |
| PV of Terminal Value (M) | 100,493.99 | 105,758.98 | 111,242.37 |
| Equity Value (M) | 121,275.91 | 127,152.40 | 133,263.31 |
| Shares Outstanding (M) | 16,557.93 | 16,557.93 | 16,557.93 |
| Fair Value | $7.32 | $7.68 | $8.05 |
| Upside / Downside | 77.34% | 85.94% | 94.87% |
| 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% |