Definitive Analysis
| Stable Growth | $34.33 - $196.07 | $64.55 |
| Multi-Stage | $30.06 - $32.88 | $31.45 |
| Blended Fair Value | $48.00 | |
| Current Price | $14.69 | |
| Upside | 226.73% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 22.10% | 17.27% | 0.49 | 0.40 | 0.38 | 0.27 | 0.18 | 0.18 | 0.12 | 0.09 | 0.14 | 0.15 |
| YoY Growth | - | - | 21.18% | 5.40% | 40.68% | 51.56% | -0.33% | 46.84% | 40.02% | -37.61% | -5.54% | 49.62% |
| Dividend Yield | - | - | 2.97% | 2.24% | 1.22% | 0.76% | 0.46% | 0.64% | 0.57% | 0.45% | 1.05% | 1.41% |
| Net Income To Common (M) | 3,938.75 |
| (-) Cash Dividends Paid (M) | 3,915.59 |
| (=) Cash Retained (M) | 23.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 787.75 | 492.34 | 295.41 |
| Cash Retained (M) | 23.17 | 23.17 | 23.17 |
| (-) Cash Required (M) | -787.75 | -492.34 | -295.41 |
| (=) Excess Retained (M) | -764.59 | -469.18 | -272.24 |
| (/) Shares Outstanding (M) | 3,935.18 | 3,935.18 | 3,935.18 |
| (=) Excess Retained per Share | -0.19 | -0.12 | -0.07 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | -0.19 | -0.12 | -0.07 |
| (=) Adjusted Dividend | 0.80 | 0.88 | 0.93 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.89% | 4.89% | 5.89% |
| Fair Value | $34.33 | $64.55 | $196.07 |
| Upside / Downside | 133.69% | 339.40% | 1,234.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,938.75 | 4,131.22 | 4,333.08 | 4,544.82 | 4,766.90 | 4,999.83 | 5,149.82 |
| Payout Ratio | 99.41% | 97.53% | 95.65% | 93.76% | 91.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,915.59 | 4,029.15 | 4,144.47 | 4,261.44 | 4,379.94 | 4,499.84 | 4,763.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.89% | 4.89% | 5.89% |
| Year 1 PV (M) | 3,753.89 | 3,790.02 | 3,826.16 |
| Year 2 PV (M) | 3,597.52 | 3,667.12 | 3,737.38 |
| Year 3 PV (M) | 3,446.34 | 3,546.82 | 3,649.24 |
| Year 4 PV (M) | 3,300.18 | 3,429.09 | 3,561.75 |
| Year 5 PV (M) | 3,158.89 | 3,313.88 | 3,474.89 |
| PV of Terminal Value (M) | 101,042.64 | 106,000.30 | 111,150.67 |
| Equity Value (M) | 118,299.45 | 123,747.23 | 129,400.09 |
| Shares Outstanding (M) | 3,935.18 | 3,935.18 | 3,935.18 |
| Fair Value | $30.06 | $31.45 | $32.88 |
| Upside / Downside | 104.64% | 114.07% | 123.85% |
| 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% |