Definitive Analysis
| Stable Growth | $22.72 - $33.90 | $28.03 |
| Multi-Stage | $54.78 - $60.37 | $57.52 |
| Blended Fair Value | $42.78 | |
| Current Price | $8.52 | |
| Upside | 402.08% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.06% | -1.80% | 0.55 | 0.35 | 0.43 | 0.56 | 0.30 | 0.58 | 0.57 | 0.44 | 0.58 | 0.61 |
| YoY Growth | - | - | 57.14% | -18.60% | -23.21% | 86.67% | -48.28% | 1.75% | 29.64% | -24.14% | -4.92% | -7.58% |
| Dividend Yield | - | - | 8.50% | 3.97% | 4.17% | 5.15% | 3.42% | 6.00% | 4.92% | 2.35% | 4.04% | 4.79% |
| Net Income To Common (M) | 1,892.79 |
| (-) Cash Dividends Paid (M) | 749.89 |
| (=) Cash Retained (M) | 1,142.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 378.56 | 236.60 | 141.96 |
| Cash Retained (M) | 1,142.90 | 1,142.90 | 1,142.90 |
| (-) Cash Required (M) | -378.56 | -236.60 | -141.96 |
| (=) Excess Retained (M) | 764.34 | 906.30 | 1,000.94 |
| (/) Shares Outstanding (M) | 675.61 | 675.61 | 675.61 |
| (=) Excess Retained per Share | 1.13 | 1.34 | 1.48 |
| LTM Dividend per Share | 1.11 | 1.11 | 1.11 |
| (+) Excess Retained per Share | 1.13 | 1.34 | 1.48 |
| (=) Adjusted Dividend | 2.24 | 2.45 | 2.59 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | -3.06% | -2.06% | -1.06% |
| Fair Value | $22.72 | $28.03 | $33.90 |
| Upside / Downside | 166.64% | 229.05% | 297.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,892.79 | 1,853.86 | 1,815.73 | 1,778.39 | 1,741.81 | 1,705.99 | 1,757.17 |
| Payout Ratio | 39.62% | 49.69% | 59.77% | 69.85% | 79.92% | 90.00% | 92.50% |
| Projected Dividends (M) | 749.89 | 921.27 | 1,085.28 | 1,242.16 | 1,392.12 | 1,535.39 | 1,625.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | -3.06% | -2.06% | -1.06% |
| Year 1 PV (M) | 856.15 | 864.98 | 873.81 |
| Year 2 PV (M) | 937.27 | 956.71 | 976.35 |
| Year 3 PV (M) | 996.93 | 1,028.10 | 1,059.91 |
| Year 4 PV (M) | 1,038.31 | 1,081.82 | 1,126.68 |
| Year 5 PV (M) | 1,064.22 | 1,120.25 | 1,178.62 |
| PV of Terminal Value (M) | 32,117.78 | 33,808.83 | 35,570.37 |
| Equity Value (M) | 37,010.65 | 38,860.68 | 40,785.74 |
| Shares Outstanding (M) | 675.61 | 675.61 | 675.61 |
| Fair Value | $54.78 | $57.52 | $60.37 |
| Upside / Downside | 542.98% | 575.12% | 608.56% |
| 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% |