Definitive Analysis
| Stable Growth | $3.49 - $4.98 | $4.22 |
| Multi-Stage | $9.19 - $10.16 | $9.66 |
| Blended Fair Value | $6.94 | |
| Current Price | $1.21 | |
| Upside | 473.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.04% | -5.44% | 0.05 | 0.06 | 0.07 | 0.10 | 0.08 | 0.06 | 0.06 | 0.07 | 0.09 | 0.00 |
| YoY Growth | - | - | -20.43% | -17.84% | -23.91% | 29.36% | 33.17% | -9.18% | -8.82% | -24.20% | 0.00% | -100.00% |
| Dividend Yield | - | - | 3.48% | 4.83% | 4.97% | 5.86% | 2.82% | 2.22% | 2.34% | 1.81% | 1.52% | 0.00% |
| Net Income To Common (M) | 587.82 |
| (-) Cash Dividends Paid (M) | 120.65 |
| (=) Cash Retained (M) | 467.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 117.56 | 73.48 | 44.09 |
| Cash Retained (M) | 467.17 | 467.17 | 467.17 |
| (-) Cash Required (M) | -117.56 | -73.48 | -44.09 |
| (=) Excess Retained (M) | 349.61 | 393.69 | 423.08 |
| (/) Shares Outstanding (M) | 1,104.13 | 1,104.13 | 1,104.13 |
| (=) Excess Retained per Share | 0.32 | 0.36 | 0.38 |
| LTM Dividend per Share | 0.11 | 0.11 | 0.11 |
| (+) Excess Retained per Share | 0.32 | 0.36 | 0.38 |
| (=) Adjusted Dividend | 0.43 | 0.47 | 0.49 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -5.04% | -4.04% | -3.04% |
| Fair Value | $3.49 | $4.22 | $4.98 |
| Upside / Downside | 188.63% | 249.16% | 311.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 587.82 | 564.06 | 541.26 | 519.38 | 498.39 | 478.24 | 492.59 |
| Payout Ratio | 20.52% | 34.42% | 48.31% | 62.21% | 76.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 120.65 | 194.15 | 261.51 | 323.11 | 379.30 | 430.42 | 455.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -5.04% | -4.04% | -3.04% |
| Year 1 PV (M) | 180.33 | 182.23 | 184.13 |
| Year 2 PV (M) | 225.62 | 230.39 | 235.22 |
| Year 3 PV (M) | 258.93 | 267.19 | 275.63 |
| Year 4 PV (M) | 282.33 | 294.41 | 306.88 |
| Year 5 PV (M) | 297.59 | 313.59 | 330.27 |
| PV of Terminal Value (M) | 8,903.05 | 9,381.82 | 9,880.96 |
| Equity Value (M) | 10,147.84 | 10,669.64 | 11,213.10 |
| Shares Outstanding (M) | 1,104.13 | 1,104.13 | 1,104.13 |
| Fair Value | $9.19 | $9.66 | $10.16 |
| Upside / Downside | 659.57% | 698.63% | 739.31% |
| 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% |