Definitive Analysis
| Stable Growth | $26.97 - $43.24 | $34.34 |
| Multi-Stage | $60.15 - $66.06 | $63.04 |
| Blended Fair Value | $48.69 | |
| Current Price | $27.45 | |
| Upside | 77.38% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.37% | 18.83% | 1.80 | 1.80 | 1.80 | 1.80 | 1.80 | 1.68 | 1.47 | 1.25 | 1.05 | 0.66 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 7.02% | 14.34% | 18.09% | 19.05% | 58.26% | 106.12% |
| Dividend Yield | - | - | 7.63% | 7.64% | 6.61% | 5.42% | 5.95% | 4.40% | 4.15% | 2.89% | 3.38% | 2.04% |
| Net Income To Common (M) | 12,508.00 |
| (-) Cash Dividends Paid (M) | 11,136.00 |
| (=) Cash Retained (M) | 1,372.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,501.60 | 1,563.50 | 938.10 |
| Cash Retained (M) | 1,372.00 | 1,372.00 | 1,372.00 |
| (-) Cash Required (M) | -2,501.60 | -1,563.50 | -938.10 |
| (=) Excess Retained (M) | -1,129.60 | -191.50 | 433.90 |
| (/) Shares Outstanding (M) | 4,841.00 | 4,841.00 | 4,841.00 |
| (=) Excess Retained per Share | -0.23 | -0.04 | 0.09 |
| LTM Dividend per Share | 2.30 | 2.30 | 2.30 |
| (+) Excess Retained per Share | -0.23 | -0.04 | 0.09 |
| (=) Adjusted Dividend | 2.07 | 2.26 | 2.39 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -1.22% | -0.22% | 0.78% |
| Fair Value | $26.97 | $34.34 | $43.24 |
| Upside / Downside | -1.74% | 25.09% | 57.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 12,508.00 | 12,480.32 | 12,452.70 | 12,425.14 | 12,397.64 | 12,370.21 | 12,741.31 |
| Payout Ratio | 89.03% | 89.22% | 89.42% | 89.61% | 89.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,136.00 | 11,135.54 | 11,135.03 | 11,134.47 | 11,133.85 | 11,133.19 | 11,785.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -1.22% | -0.22% | 0.78% |
| Year 1 PV (M) | 10,365.87 | 10,470.81 | 10,575.75 |
| Year 2 PV (M) | 9,648.95 | 9,845.30 | 10,043.63 |
| Year 3 PV (M) | 8,981.57 | 9,257.12 | 9,538.25 |
| Year 4 PV (M) | 8,360.31 | 8,704.03 | 9,058.25 |
| Year 5 PV (M) | 7,781.99 | 8,183.96 | 8,602.36 |
| PV of Terminal Value (M) | 246,026.07 | 258,734.18 | 271,962.08 |
| Equity Value (M) | 291,164.75 | 305,195.39 | 319,780.32 |
| Shares Outstanding (M) | 4,841.00 | 4,841.00 | 4,841.00 |
| Fair Value | $60.15 | $63.04 | $66.06 |
| Upside / Downside | 119.11% | 129.67% | 140.64% |
| 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% |