Definitive Analysis
| Stable Growth | $130.60 - $285.11 | $267.19 |
| Multi-Stage | $43.38 - $47.46 | $45.38 |
| Blended Fair Value | $156.29 | |
| Current Price | $4.07 | |
| Upside | 3,739.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.87% | 10.52% | 0.40 | 0.35 | 0.40 | 0.32 | 0.21 | 0.20 | 0.20 | 0.16 | 0.08 | 0.11 |
| YoY Growth | - | - | 14.29% | -12.50% | 26.98% | 46.51% | 7.50% | -0.99% | 24.14% | 103.90% | -30.43% | -22.03% |
| Dividend Yield | - | - | 9.57% | 10.00% | 10.53% | 6.06% | 7.17% | 7.58% | 8.56% | 6.26% | 5.02% | 7.70% |
| Net Income To Common (M) | 897.21 |
| (-) Cash Dividends Paid (M) | 469.38 |
| (=) Cash Retained (M) | 427.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 179.44 | 112.15 | 67.29 |
| Cash Retained (M) | 427.83 | 427.83 | 427.83 |
| (-) Cash Required (M) | -179.44 | -112.15 | -67.29 |
| (=) Excess Retained (M) | 248.39 | 315.68 | 360.54 |
| (/) Shares Outstanding (M) | 625.84 | 625.84 | 625.84 |
| (=) Excess Retained per Share | 0.40 | 0.50 | 0.58 |
| LTM Dividend per Share | 0.75 | 0.75 | 0.75 |
| (+) Excess Retained per Share | 0.40 | 0.50 | 0.58 |
| (=) Adjusted Dividend | 1.15 | 1.25 | 1.33 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $130.60 | $267.19 | $285.11 |
| Upside / Downside | 3,108.83% | 6,464.87% | 6,905.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 897.21 | 955.53 | 1,017.64 | 1,083.78 | 1,154.23 | 1,229.26 | 1,266.13 |
| Payout Ratio | 52.32% | 59.85% | 67.39% | 74.93% | 82.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 469.38 | 571.91 | 685.78 | 812.04 | 951.81 | 1,106.33 | 1,171.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 532.33 | 537.37 | 542.42 |
| Year 2 PV (M) | 594.14 | 605.46 | 616.88 |
| Year 3 PV (M) | 654.84 | 673.64 | 692.79 |
| Year 4 PV (M) | 714.44 | 741.91 | 770.17 |
| Year 5 PV (M) | 772.95 | 810.28 | 849.04 |
| PV of Terminal Value (M) | 23,880.28 | 25,033.71 | 26,231.28 |
| Equity Value (M) | 27,148.97 | 28,402.37 | 29,702.59 |
| Shares Outstanding (M) | 625.84 | 625.84 | 625.84 |
| Fair Value | $43.38 | $45.38 | $47.46 |
| Upside / Downside | 965.85% | 1,015.06% | 1,066.11% |
| 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% |