Definitive Analysis
| Stable Growth | $23.81 - $62.28 | $36.26 |
| Multi-Stage | $26.30 - $28.83 | $27.54 |
| Blended Fair Value | $31.90 | |
| Current Price | $3.88 | |
| Upside | 722.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.23% | 4.80% | 0.22 | 0.20 | 0.18 | 0.16 | 0.16 | 0.15 | 0.15 | 0.14 | 0.12 | 0.10 |
| YoY Growth | - | - | 7.15% | 11.74% | 11.22% | 2.02% | 4.34% | 4.85% | 7.97% | 14.27% | 14.65% | -23.98% |
| Dividend Yield | - | - | 5.08% | 6.90% | 7.21% | 5.28% | 5.56% | 3.02% | 2.57% | 3.11% | 2.68% | 4.24% |
| Net Income To Common (M) | 7,285.51 |
| (-) Cash Dividends Paid (M) | 2,910.97 |
| (=) Cash Retained (M) | 4,374.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,457.10 | 910.69 | 546.41 |
| Cash Retained (M) | 4,374.54 | 4,374.54 | 4,374.54 |
| (-) Cash Required (M) | -1,457.10 | -910.69 | -546.41 |
| (=) Excess Retained (M) | 2,917.44 | 3,463.86 | 3,828.13 |
| (/) Shares Outstanding (M) | 6,926.02 | 6,926.02 | 6,926.02 |
| (=) Excess Retained per Share | 0.42 | 0.50 | 0.55 |
| LTM Dividend per Share | 0.42 | 0.42 | 0.42 |
| (+) Excess Retained per Share | 0.42 | 0.50 | 0.55 |
| (=) Adjusted Dividend | 0.84 | 0.92 | 0.97 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.02% | 4.02% | 5.02% |
| Fair Value | $23.81 | $36.26 | $62.28 |
| Upside / Downside | 513.71% | 834.42% | 1,505.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,285.51 | 7,578.44 | 7,883.15 | 8,200.11 | 8,529.81 | 8,872.77 | 9,138.96 |
| Payout Ratio | 39.96% | 49.96% | 59.97% | 69.98% | 79.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,910.97 | 3,786.53 | 4,727.79 | 5,738.62 | 6,823.09 | 7,985.50 | 8,453.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.02% | 4.02% | 5.02% |
| Year 1 PV (M) | 3,515.91 | 3,550.04 | 3,584.17 |
| Year 2 PV (M) | 4,076.17 | 4,155.69 | 4,235.97 |
| Year 3 PV (M) | 4,594.08 | 4,729.16 | 4,866.87 |
| Year 4 PV (M) | 5,071.89 | 5,271.70 | 5,477.36 |
| Year 5 PV (M) | 5,511.72 | 5,784.47 | 6,067.91 |
| PV of Terminal Value (M) | 159,354.75 | 167,240.47 | 175,435.33 |
| Equity Value (M) | 182,124.51 | 190,731.53 | 199,667.61 |
| Shares Outstanding (M) | 6,926.02 | 6,926.02 | 6,926.02 |
| Fair Value | $26.30 | $27.54 | $28.83 |
| Upside / Downside | 577.72% | 609.75% | 643.01% |
| 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% |