Definitive Analysis
| Stable Growth | $55.89 - $152.03 | $142.48 |
| Multi-Stage | $21.30 - $23.31 | $22.29 |
| Blended Fair Value | $82.38 | |
| Current Price | $1.70 | |
| Upside | 4,746.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.97% | 0.00% | 0.15 | 0.06 | 0.06 | 0.11 | 0.06 | 0.05 | 0.02 | 0.06 | 0.04 | 0.00 |
| YoY Growth | - | - | 142.62% | 9.92% | -48.97% | 93.10% | 16.00% | 100.00% | -58.31% | 50.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 9.87% | 5.98% | 4.05% | 5.78% | 2.76% | 5.16% | 3.92% | 3.33% | 2.75% | 0.00% |
| Net Income To Common (M) | 787.69 |
| (-) Cash Dividends Paid (M) | 231.95 |
| (=) Cash Retained (M) | 555.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 157.54 | 98.46 | 59.08 |
| Cash Retained (M) | 555.74 | 555.74 | 555.74 |
| (-) Cash Required (M) | -157.54 | -98.46 | -59.08 |
| (=) Excess Retained (M) | 398.20 | 457.28 | 496.66 |
| (/) Shares Outstanding (M) | 1,030.39 | 1,030.39 | 1,030.39 |
| (=) Excess Retained per Share | 0.39 | 0.44 | 0.48 |
| LTM Dividend per Share | 0.23 | 0.23 | 0.23 |
| (+) Excess Retained per Share | 0.39 | 0.44 | 0.48 |
| (=) Adjusted Dividend | 0.61 | 0.67 | 0.71 |
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $55.89 | $142.48 | $152.03 |
| Upside / Downside | 3,187.39% | 8,280.96% | 8,843.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 787.69 | 838.89 | 893.42 | 951.49 | 1,013.34 | 1,079.21 | 1,111.58 |
| Payout Ratio | 29.45% | 41.56% | 53.67% | 65.78% | 77.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 231.95 | 348.62 | 479.48 | 625.88 | 789.28 | 971.29 | 1,028.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.65% | 6.65% | 6.65% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 323.80 | 326.87 | 329.94 |
| Year 2 PV (M) | 413.64 | 421.52 | 429.47 |
| Year 3 PV (M) | 501.49 | 515.89 | 530.55 |
| Year 4 PV (M) | 587.39 | 609.98 | 633.22 |
| Year 5 PV (M) | 671.37 | 703.80 | 737.47 |
| PV of Terminal Value (M) | 19,447.89 | 20,387.23 | 21,362.53 |
| Equity Value (M) | 21,945.59 | 22,965.29 | 24,023.18 |
| Shares Outstanding (M) | 1,030.39 | 1,030.39 | 1,030.39 |
| Fair Value | $21.30 | $22.29 | $23.31 |
| Upside / Downside | 1,152.84% | 1,211.06% | 1,271.45% |
| 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% |