Definitive Analysis
| Stable Growth | $2.55 - $3.80 | $3.15 |
| Multi-Stage | $5.94 - $6.54 | $6.23 |
| Blended Fair Value | $4.69 | |
| Current Price | $1.08 | |
| Upside | 334.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.93% | 0.00% | 0.09 | 0.04 | 0.03 | 0.15 | 0.01 | 0.10 | 0.02 | 0.11 | 0.03 | 0.00 |
| YoY Growth | - | - | 108.34% | 72.06% | -82.86% | 2,380.86% | -93.74% | 293.87% | -77.45% | 270.94% | 488.24% | 0.00% |
| Dividend Yield | - | - | 10.66% | 5.74% | 3.03% | 16.73% | 0.89% | 7.97% | 1.40% | 4.64% | 1.01% | 0.16% |
| Net Income To Common (M) | 1,076.16 |
| (-) Cash Dividends Paid (M) | 454.96 |
| (=) Cash Retained (M) | 621.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 215.23 | 134.52 | 80.71 |
| Cash Retained (M) | 621.20 | 621.20 | 621.20 |
| (-) Cash Required (M) | -215.23 | -134.52 | -80.71 |
| (=) Excess Retained (M) | 405.97 | 486.68 | 540.49 |
| (/) Shares Outstanding (M) | 3,414.96 | 3,414.96 | 3,414.96 |
| (=) Excess Retained per Share | 0.12 | 0.14 | 0.16 |
| LTM Dividend per Share | 0.13 | 0.13 | 0.13 |
| (+) Excess Retained per Share | 0.12 | 0.14 | 0.16 |
| (=) Adjusted Dividend | 0.25 | 0.28 | 0.29 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -2.93% | -1.93% | -0.93% |
| Fair Value | $2.55 | $3.15 | $3.80 |
| Upside / Downside | 136.19% | 191.36% | 252.12% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,076.16 | 1,055.43 | 1,035.11 | 1,015.17 | 995.62 | 976.44 | 1,005.73 |
| Payout Ratio | 42.28% | 51.82% | 61.37% | 70.91% | 80.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 454.96 | 546.94 | 635.20 | 719.86 | 801.03 | 878.80 | 930.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -2.93% | -1.93% | -0.93% |
| Year 1 PV (M) | 507.52 | 512.75 | 517.98 |
| Year 2 PV (M) | 546.94 | 558.27 | 569.71 |
| Year 3 PV (M) | 575.17 | 593.13 | 611.45 |
| Year 4 PV (M) | 593.89 | 618.74 | 644.37 |
| Year 5 PV (M) | 604.59 | 636.38 | 669.49 |
| PV of Terminal Value (M) | 17,448.70 | 18,366.15 | 19,321.78 |
| Equity Value (M) | 20,276.81 | 21,285.41 | 22,334.78 |
| Shares Outstanding (M) | 3,414.96 | 3,414.96 | 3,414.96 |
| Fair Value | $5.94 | $6.23 | $6.54 |
| Upside / Downside | 449.78% | 477.13% | 505.58% |
| 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% |