Definitive Analysis
| Stable Growth | $25.88 - $128.39 | $46.19 |
| Multi-Stage | $18.34 - $20.05 | $19.18 |
| Blended Fair Value | $32.68 | |
| Current Price | $4.55 | |
| Upside | 618.33% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.79% | 18.71% | 0.25 | 0.22 | 0.20 | 0.20 | 0.20 | 0.18 | 0.12 | 0.08 | 0.06 | 0.05 |
| YoY Growth | - | - | 13.64% | 10.00% | 0.00% | 0.00% | 11.11% | 50.00% | 41.18% | 41.67% | 20.00% | 11.11% |
| Dividend Yield | - | - | 5.10% | 6.61% | 6.78% | 6.54% | 7.41% | 5.49% | 3.46% | 1.68% | 1.69% | 1.08% |
| Net Income To Common (M) | 2,013.50 |
| (-) Cash Dividends Paid (M) | 1,168.50 |
| (=) Cash Retained (M) | 845.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 402.70 | 251.69 | 151.01 |
| Cash Retained (M) | 845.01 | 845.01 | 845.01 |
| (-) Cash Required (M) | -402.70 | -251.69 | -151.01 |
| (=) Excess Retained (M) | 442.31 | 593.32 | 693.99 |
| (/) Shares Outstanding (M) | 2,486.16 | 2,486.16 | 2,486.16 |
| (=) Excess Retained per Share | 0.18 | 0.24 | 0.28 |
| LTM Dividend per Share | 0.47 | 0.47 | 0.47 |
| (+) Excess Retained per Share | 0.18 | 0.24 | 0.28 |
| (=) Adjusted Dividend | 0.65 | 0.71 | 0.75 |
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 4.79% | 5.79% | 6.79% |
| Fair Value | $25.88 | $46.19 | $128.39 |
| Upside / Downside | 468.86% | 915.11% | 2,721.69% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,013.50 | 2,130.10 | 2,253.45 | 2,383.94 | 2,521.98 | 2,668.02 | 2,748.06 |
| Payout Ratio | 58.03% | 64.43% | 70.82% | 77.21% | 83.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,168.50 | 1,372.34 | 1,595.89 | 1,840.71 | 2,108.54 | 2,401.22 | 2,541.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 4.79% | 5.79% | 6.79% |
| Year 1 PV (M) | 1,265.55 | 1,277.62 | 1,289.70 |
| Year 2 PV (M) | 1,357.16 | 1,383.19 | 1,409.46 |
| Year 3 PV (M) | 1,443.55 | 1,485.27 | 1,527.79 |
| Year 4 PV (M) | 1,524.90 | 1,583.95 | 1,644.70 |
| Year 5 PV (M) | 1,601.43 | 1,679.31 | 1,760.19 |
| PV of Terminal Value (M) | 38,408.52 | 40,276.46 | 42,216.38 |
| Equity Value (M) | 45,601.11 | 47,685.80 | 49,848.22 |
| Shares Outstanding (M) | 2,486.16 | 2,486.16 | 2,486.16 |
| Fair Value | $18.34 | $19.18 | $20.05 |
| Upside / Downside | 303.12% | 321.55% | 340.67% |
| 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% |