Definitive Analysis
| Stable Growth | $59.99 - $139.94 | $131.14 |
| Multi-Stage | $20.74 - $22.70 | $21.70 |
| Blended Fair Value | $76.42 | |
| Current Price | $2.46 | |
| Upside | 3,006.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.43% | 0.00% | 0.15 | 0.14 | 0.13 | 0.13 | 0.12 | 0.08 | 0.06 | 0.03 | 0.07 | 0.04 |
| YoY Growth | - | - | 7.26% | 4.12% | -0.53% | 12.22% | 37.78% | 41.70% | 95.92% | -56.84% | 89.28% | 0.00% |
| Dividend Yield | - | - | 7.34% | 9.07% | 9.76% | 9.32% | 11.26% | 4.94% | 3.87% | 2.08% | 4.49% | 2.53% |
| Net Income To Common (M) | 755.97 |
| (-) Cash Dividends Paid (M) | 312.63 |
| (=) Cash Retained (M) | 443.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 151.19 | 94.50 | 56.70 |
| Cash Retained (M) | 443.34 | 443.34 | 443.34 |
| (-) Cash Required (M) | -151.19 | -94.50 | -56.70 |
| (=) Excess Retained (M) | 292.15 | 348.85 | 386.65 |
| (/) Shares Outstanding (M) | 1,074.36 | 1,074.36 | 1,074.36 |
| (=) Excess Retained per Share | 0.27 | 0.32 | 0.36 |
| LTM Dividend per Share | 0.29 | 0.29 | 0.29 |
| (+) Excess Retained per Share | 0.27 | 0.32 | 0.36 |
| (=) Adjusted Dividend | 0.56 | 0.62 | 0.65 |
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $59.99 | $131.14 | $139.94 |
| Upside / Downside | 2,338.71% | 5,230.99% | 5,588.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 755.97 | 805.11 | 857.44 | 913.17 | 972.53 | 1,035.74 | 1,066.82 |
| Payout Ratio | 41.35% | 51.08% | 60.81% | 70.54% | 80.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 312.63 | 411.28 | 521.43 | 644.17 | 780.66 | 932.17 | 986.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 382.58 | 386.21 | 389.84 |
| Year 2 PV (M) | 451.22 | 459.81 | 468.49 |
| Year 3 PV (M) | 518.54 | 533.42 | 548.59 |
| Year 4 PV (M) | 584.57 | 607.05 | 630.18 |
| Year 5 PV (M) | 649.33 | 680.69 | 713.26 |
| PV of Terminal Value (M) | 19,696.38 | 20,647.73 | 21,635.48 |
| Equity Value (M) | 22,282.63 | 23,314.92 | 24,385.83 |
| Shares Outstanding (M) | 1,074.36 | 1,074.36 | 1,074.36 |
| Fair Value | $20.74 | $21.70 | $22.70 |
| Upside / Downside | 743.11% | 782.17% | 822.69% |
| 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% |