Definitive Analysis
| Stable Growth | $11.54 - $18.54 | $14.70 |
| Multi-Stage | $25.18 - $27.68 | $26.40 |
| Blended Fair Value | $20.55 | |
| Current Price | $9.56 | |
| Upside | 114.99% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -30.08% | 0.83% | 0.08 | 0.65 | 0.34 | 0.13 | 0.23 | 0.51 | 0.31 | 0.16 | 0.00 | 0.08 |
| YoY Growth | - | - | -87.00% | 91.39% | 153.89% | -42.47% | -54.02% | 62.10% | 97.57% | 0.00% | -100.00% | 5.88% |
| Dividend Yield | - | - | 1.11% | 12.75% | 4.50% | 1.36% | 4.52% | 13.16% | 8.82% | 3.49% | 0.00% | 5.02% |
| Net Income To Common (M) | 2,013.93 |
| (-) Cash Dividends Paid (M) | 1,352.22 |
| (=) Cash Retained (M) | 661.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 402.79 | 251.74 | 151.04 |
| Cash Retained (M) | 661.71 | 661.71 | 661.71 |
| (-) Cash Required (M) | -402.79 | -251.74 | -151.04 |
| (=) Excess Retained (M) | 258.92 | 409.97 | 510.66 |
| (/) Shares Outstanding (M) | 1,833.29 | 1,833.29 | 1,833.29 |
| (=) Excess Retained per Share | 0.14 | 0.22 | 0.28 |
| LTM Dividend per Share | 0.74 | 0.74 | 0.74 |
| (+) Excess Retained per Share | 0.14 | 0.22 | 0.28 |
| (=) Adjusted Dividend | 0.88 | 0.96 | 1.02 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -1.17% | -0.17% | 0.83% |
| Fair Value | $11.54 | $14.70 | $18.54 |
| Upside / Downside | 20.71% | 53.79% | 93.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,013.93 | 2,010.43 | 2,006.94 | 2,003.46 | 1,999.98 | 1,996.51 | 2,056.40 |
| Payout Ratio | 67.14% | 71.71% | 76.29% | 80.86% | 85.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,352.22 | 1,441.78 | 1,531.02 | 1,619.94 | 1,708.56 | 1,796.86 | 1,902.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | -1.17% | -0.17% | 0.83% |
| Year 1 PV (M) | 1,342.07 | 1,355.65 | 1,369.23 |
| Year 2 PV (M) | 1,326.59 | 1,353.57 | 1,380.83 |
| Year 3 PV (M) | 1,306.58 | 1,346.64 | 1,387.52 |
| Year 4 PV (M) | 1,282.75 | 1,335.46 | 1,389.78 |
| Year 5 PV (M) | 1,255.75 | 1,320.59 | 1,388.07 |
| PV of Terminal Value (M) | 39,647.75 | 41,694.68 | 43,825.30 |
| Equity Value (M) | 46,161.49 | 48,406.60 | 50,740.73 |
| Shares Outstanding (M) | 1,833.29 | 1,833.29 | 1,833.29 |
| Fair Value | $25.18 | $26.40 | $27.68 |
| Upside / Downside | 163.39% | 176.20% | 189.51% |
| 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% |