Definitive Analysis
| Stable Growth | $48.04 - $104.06 | $97.52 |
| Multi-Stage | $15.68 - $17.17 | $16.41 |
| Blended Fair Value | $56.97 | |
| Current Price | $1.46 | |
| Upside | 3,801.78% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 34.78% | 26.72% | 0.10 | 0.08 | 0.06 | 0.06 | 0.00 | 0.02 | 0.02 | 0.09 | 0.01 | 0.01 |
| YoY Growth | - | - | 29.11% | 38.00% | -0.16% | 0.00% | -100.00% | 20.00% | -77.73% | 541.55% | 27.27% | 10.00% |
| Dividend Yield | - | - | 5.67% | 3.43% | 3.27% | 3.58% | 0.00% | 3.14% | 3.54% | 9.87% | 1.13% | 0.79% |
| Net Income To Common (M) | 1,180.18 |
| (-) Cash Dividends Paid (M) | 408.25 |
| (=) Cash Retained (M) | 771.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 236.04 | 147.52 | 88.51 |
| Cash Retained (M) | 771.92 | 771.92 | 771.92 |
| (-) Cash Required (M) | -236.04 | -147.52 | -88.51 |
| (=) Excess Retained (M) | 535.89 | 624.40 | 683.41 |
| (/) Shares Outstanding (M) | 2,255.54 | 2,255.54 | 2,255.54 |
| (=) Excess Retained per Share | 0.24 | 0.28 | 0.30 |
| LTM Dividend per Share | 0.18 | 0.18 | 0.18 |
| (+) Excess Retained per Share | 0.24 | 0.28 | 0.30 |
| (=) Adjusted Dividend | 0.42 | 0.46 | 0.48 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $48.04 | $97.52 | $104.06 |
| Upside / Downside | 3,190.23% | 6,579.31% | 7,027.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,180.18 | 1,256.89 | 1,338.59 | 1,425.59 | 1,518.26 | 1,616.94 | 1,665.45 |
| Payout Ratio | 34.59% | 45.67% | 56.76% | 67.84% | 78.92% | 90.00% | 92.50% |
| Projected Dividends (M) | 408.25 | 574.07 | 759.72 | 967.08 | 1,198.19 | 1,455.25 | 1,540.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 534.38 | 539.44 | 544.51 |
| Year 2 PV (M) | 658.29 | 670.83 | 683.49 |
| Year 3 PV (M) | 780.03 | 802.42 | 825.24 |
| Year 4 PV (M) | 899.61 | 934.21 | 969.79 |
| Year 5 PV (M) | 1,017.07 | 1,066.19 | 1,117.20 |
| PV of Terminal Value (M) | 31,488.22 | 33,009.11 | 34,588.21 |
| Equity Value (M) | 35,377.59 | 37,022.20 | 38,728.43 |
| Shares Outstanding (M) | 2,255.54 | 2,255.54 | 2,255.54 |
| Fair Value | $15.68 | $16.41 | $17.17 |
| Upside / Downside | 974.30% | 1,024.24% | 1,076.05% |
| 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% |