Definitive Analysis
| Stable Growth | $72.60 - $168.38 | $157.79 |
| Multi-Stage | $27.90 - $30.50 | $29.18 |
| Blended Fair Value | $93.49 | |
| Current Price | $3.92 | |
| Upside | 2,284.82% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.74% | 7.21% | 0.31 | 0.46 | 0.44 | 0.41 | 0.36 | 0.36 | 0.25 | 0.19 | 0.14 | 0.14 |
| YoY Growth | - | - | -32.93% | 4.93% | 7.98% | 11.90% | 2.34% | 42.40% | 31.22% | 37.32% | -0.68% | -9.55% |
| Dividend Yield | - | - | 6.48% | 8.02% | 5.54% | 7.65% | 5.83% | 4.65% | 4.15% | 3.30% | 3.07% | 2.62% |
| Net Income To Common (M) | 3,417.37 |
| (-) Cash Dividends Paid (M) | 3,105.86 |
| (=) Cash Retained (M) | 311.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 683.47 | 427.17 | 256.30 |
| Cash Retained (M) | 311.51 | 311.51 | 311.51 |
| (-) Cash Required (M) | -683.47 | -427.17 | -256.30 |
| (=) Excess Retained (M) | -371.97 | -115.66 | 55.21 |
| (/) Shares Outstanding (M) | 4,025.39 | 4,025.39 | 4,025.39 |
| (=) Excess Retained per Share | -0.09 | -0.03 | 0.01 |
| LTM Dividend per Share | 0.77 | 0.77 | 0.77 |
| (+) Excess Retained per Share | -0.09 | -0.03 | 0.01 |
| (=) Adjusted Dividend | 0.68 | 0.74 | 0.79 |
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | 5.21% | 6.21% | 7.21% |
| Fair Value | $72.60 | $157.79 | $168.38 |
| Upside / Downside | 1,752.04% | 3,925.33% | 4,195.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,417.37 | 3,629.59 | 3,854.99 | 4,094.39 | 4,348.66 | 4,618.71 | 4,757.27 |
| Payout Ratio | 90.88% | 90.71% | 90.53% | 90.35% | 90.18% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,105.86 | 3,292.32 | 3,489.96 | 3,699.44 | 3,921.49 | 4,156.84 | 4,400.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | 5.21% | 6.21% | 7.21% |
| Year 1 PV (M) | 3,071.09 | 3,100.28 | 3,129.47 |
| Year 2 PV (M) | 3,036.69 | 3,094.69 | 3,153.24 |
| Year 3 PV (M) | 3,002.67 | 3,089.10 | 3,177.18 |
| Year 4 PV (M) | 2,969.01 | 3,083.51 | 3,201.29 |
| Year 5 PV (M) | 2,935.73 | 3,077.92 | 3,225.57 |
| PV of Terminal Value (M) | 97,291.76 | 102,004.19 | 106,897.47 |
| Equity Value (M) | 112,306.95 | 117,449.69 | 122,784.22 |
| Shares Outstanding (M) | 4,025.39 | 4,025.39 | 4,025.39 |
| Fair Value | $27.90 | $29.18 | $30.50 |
| Upside / Downside | 611.73% | 644.32% | 678.12% |
| 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% |