Definitive Analysis
| Stable Growth | $56.06 - $135.87 | $127.33 |
| Multi-Stage | $20.03 - $21.91 | $20.95 |
| Blended Fair Value | $74.14 | |
| Current Price | $2.78 | |
| Upside | 2,566.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.05% | 8.50% | 0.18 | 0.15 | 0.13 | 0.10 | 0.11 | 0.10 | 0.08 | 0.06 | 0.02 | 0.20 |
| YoY Growth | - | - | 19.89% | 14.79% | 28.26% | -9.09% | 10.07% | 25.41% | 41.27% | 140.00% | -87.76% | 146.03% |
| Dividend Yield | - | - | 5.05% | 3.07% | 3.04% | 2.54% | 2.55% | 1.62% | 1.40% | 1.16% | 0.97% | 9.80% |
| Net Income To Common (M) | 2,024.66 |
| (-) Cash Dividends Paid (M) | 1,022.39 |
| (=) Cash Retained (M) | 1,002.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 404.93 | 253.08 | 151.85 |
| Cash Retained (M) | 1,002.28 | 1,002.28 | 1,002.28 |
| (-) Cash Required (M) | -404.93 | -253.08 | -151.85 |
| (=) Excess Retained (M) | 597.35 | 749.20 | 850.43 |
| (/) Shares Outstanding (M) | 2,963.59 | 2,963.59 | 2,963.59 |
| (=) Excess Retained per Share | 0.20 | 0.25 | 0.29 |
| LTM Dividend per Share | 0.34 | 0.34 | 0.34 |
| (+) Excess Retained per Share | 0.20 | 0.25 | 0.29 |
| (=) Adjusted Dividend | 0.55 | 0.60 | 0.63 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $56.06 | $127.33 | $135.87 |
| Upside / Downside | 1,916.51% | 4,480.13% | 4,787.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,024.66 | 2,156.27 | 2,296.42 | 2,445.69 | 2,604.66 | 2,773.96 | 2,857.18 |
| Payout Ratio | 50.50% | 58.40% | 66.30% | 74.20% | 82.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,022.39 | 1,259.20 | 1,522.48 | 1,814.67 | 2,138.41 | 2,496.57 | 2,642.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,170.93 | 1,182.03 | 1,193.13 |
| Year 2 PV (M) | 1,316.51 | 1,341.59 | 1,366.90 |
| Year 3 PV (M) | 1,459.18 | 1,501.06 | 1,543.75 |
| Year 4 PV (M) | 1,598.96 | 1,660.45 | 1,723.70 |
| Year 5 PV (M) | 1,735.91 | 1,819.76 | 1,906.81 |
| PV of Terminal Value (M) | 52,079.37 | 54,594.82 | 57,206.55 |
| Equity Value (M) | 59,360.86 | 62,099.71 | 64,940.83 |
| Shares Outstanding (M) | 2,963.59 | 2,963.59 | 2,963.59 |
| Fair Value | $20.03 | $20.95 | $21.91 |
| Upside / Downside | 620.51% | 653.75% | 688.23% |
| 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% |