Definitive Analysis
| Stable Growth | $104.55 - $256.10 | $240.00 |
| Multi-Stage | $38.31 - $41.87 | $40.05 |
| Blended Fair Value | $140.03 | |
| Current Price | $17.11 | |
| Upside | 718.39% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.64% | 25.73% | 0.99 | 0.99 | 0.99 | 0.92 | 0.70 | 0.50 | 0.17 | 0.20 | 0.40 | 0.20 |
| YoY Growth | - | - | 0.00% | 0.00% | 8.32% | 30.79% | 39.75% | 190.69% | -14.40% | -50.02% | 100.17% | 100.32% |
| Dividend Yield | - | - | 5.52% | 5.04% | 6.19% | 4.18% | 3.35% | 4.96% | 1.42% | 1.56% | 3.91% | 1.95% |
| Net Income To Common (M) | 463.76 |
| (-) Cash Dividends Paid (M) | 357.68 |
| (=) Cash Retained (M) | 106.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 92.75 | 57.97 | 34.78 |
| Cash Retained (M) | 106.08 | 106.08 | 106.08 |
| (-) Cash Required (M) | -92.75 | -57.97 | -34.78 |
| (=) Excess Retained (M) | 13.33 | 48.11 | 71.30 |
| (/) Shares Outstanding (M) | 360.14 | 360.14 | 360.14 |
| (=) Excess Retained per Share | 0.04 | 0.13 | 0.20 |
| LTM Dividend per Share | 0.99 | 0.99 | 0.99 |
| (+) Excess Retained per Share | 0.04 | 0.13 | 0.20 |
| (=) Adjusted Dividend | 1.03 | 1.13 | 1.19 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $104.55 | $240.00 | $256.10 |
| Upside / Downside | 511.02% | 1,302.68% | 1,396.76% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 463.76 | 493.90 | 526.01 | 560.20 | 596.61 | 635.39 | 654.45 |
| Payout Ratio | 77.13% | 79.70% | 82.28% | 84.85% | 87.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 357.68 | 393.65 | 432.78 | 475.33 | 521.59 | 571.85 | 605.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 366.02 | 369.49 | 372.95 |
| Year 2 PV (M) | 374.15 | 381.28 | 388.47 |
| Year 3 PV (M) | 382.10 | 393.07 | 404.24 |
| Year 4 PV (M) | 389.85 | 404.84 | 420.26 |
| Year 5 PV (M) | 397.41 | 416.61 | 436.54 |
| PV of Terminal Value (M) | 11,885.79 | 12,459.88 | 13,055.93 |
| Equity Value (M) | 13,795.32 | 14,425.16 | 15,078.41 |
| Shares Outstanding (M) | 360.14 | 360.14 | 360.14 |
| Fair Value | $38.31 | $40.05 | $41.87 |
| Upside / Downside | 123.88% | 134.10% | 144.70% |
| 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% |