Definitive Analysis
| Stable Growth | $45.39 - $91.23 | $85.50 |
| Multi-Stage | $14.23 - $15.56 | $14.88 |
| Blended Fair Value | $50.19 | |
| Current Price | $4.15 | |
| Upside | 1,109.38% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.42% | 21.72% | 0.30 | 0.28 | 0.29 | 0.20 | 0.15 | 0.16 | 0.15 | 0.15 | 0.08 | 0.07 |
| YoY Growth | - | - | 4.71% | -3.93% | 49.89% | 30.49% | -4.62% | 4.40% | 1.87% | 94.17% | 13.78% | 61.93% |
| Dividend Yield | - | - | 7.60% | 7.47% | 6.68% | 3.99% | 3.70% | 4.33% | 2.37% | 1.62% | 1.19% | 1.51% |
| Net Income To Common (M) | 1,185.61 |
| (-) Cash Dividends Paid (M) | 659.88 |
| (=) Cash Retained (M) | 525.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 237.12 | 148.20 | 88.92 |
| Cash Retained (M) | 525.73 | 525.73 | 525.73 |
| (-) Cash Required (M) | -237.12 | -148.20 | -88.92 |
| (=) Excess Retained (M) | 288.60 | 377.52 | 436.80 |
| (/) Shares Outstanding (M) | 2,584.53 | 2,584.53 | 2,584.53 |
| (=) Excess Retained per Share | 0.11 | 0.15 | 0.17 |
| LTM Dividend per Share | 0.26 | 0.26 | 0.26 |
| (+) Excess Retained per Share | 0.11 | 0.15 | 0.17 |
| (=) Adjusted Dividend | 0.37 | 0.40 | 0.42 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $45.39 | $85.50 | $91.23 |
| Upside / Downside | 993.82% | 1,960.15% | 2,098.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,185.61 | 1,262.67 | 1,344.75 | 1,432.15 | 1,525.24 | 1,624.38 | 1,673.12 |
| Payout Ratio | 55.66% | 62.53% | 69.39% | 76.26% | 83.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 659.88 | 789.50 | 933.18 | 1,092.20 | 1,267.96 | 1,461.95 | 1,547.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 735.37 | 742.34 | 749.31 |
| Year 2 PV (M) | 809.60 | 825.02 | 840.59 |
| Year 3 PV (M) | 882.60 | 907.94 | 933.75 |
| Year 4 PV (M) | 954.37 | 991.08 | 1,028.83 |
| Year 5 PV (M) | 1,024.94 | 1,074.45 | 1,125.85 |
| PV of Terminal Value (M) | 32,360.30 | 33,923.32 | 35,546.15 |
| Equity Value (M) | 36,767.19 | 38,464.14 | 40,224.48 |
| Shares Outstanding (M) | 2,584.53 | 2,584.53 | 2,584.53 |
| Fair Value | $14.23 | $14.88 | $15.56 |
| Upside / Downside | 242.79% | 258.61% | 275.03% |
| 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% |