Definitive Analysis
| Stable Growth | $94.74 - $409.92 | $164.44 |
| Multi-Stage | $74.88 - $81.97 | $78.36 |
| Blended Fair Value | $121.40 | |
| Current Price | $9.09 | |
| Upside | 1,235.51% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.63% | 8.41% | 0.76 | 0.40 | 0.34 | 0.32 | 0.43 | 0.48 | 0.44 | 0.39 | 0.37 | 0.37 |
| YoY Growth | - | - | 90.00% | 17.65% | 6.25% | -25.58% | -10.42% | 9.17% | 12.91% | 5.49% | 0.04% | 8.85% |
| Dividend Yield | - | - | 9.27% | 8.03% | 6.07% | 4.80% | 5.40% | 4.61% | 3.18% | 2.27% | 2.59% | 2.69% |
| Net Income To Common (M) | 4,387.58 |
| (-) Cash Dividends Paid (M) | 1,807.13 |
| (=) Cash Retained (M) | 2,580.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 877.52 | 548.45 | 329.07 |
| Cash Retained (M) | 2,580.45 | 2,580.45 | 2,580.45 |
| (-) Cash Required (M) | -877.52 | -548.45 | -329.07 |
| (=) Excess Retained (M) | 1,702.93 | 2,032.00 | 2,251.38 |
| (/) Shares Outstanding (M) | 1,405.75 | 1,405.75 | 1,405.75 |
| (=) Excess Retained per Share | 1.21 | 1.45 | 1.60 |
| LTM Dividend per Share | 1.29 | 1.29 | 1.29 |
| (+) Excess Retained per Share | 1.21 | 1.45 | 1.60 |
| (=) Adjusted Dividend | 2.50 | 2.73 | 2.89 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 4.28% | 5.28% | 6.28% |
| Fair Value | $94.74 | $164.44 | $409.92 |
| Upside / Downside | 942.20% | 1,709.00% | 4,409.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,387.58 | 4,619.36 | 4,863.38 | 5,120.29 | 5,390.78 | 5,675.55 | 5,845.82 |
| Payout Ratio | 41.19% | 50.95% | 60.71% | 70.47% | 80.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,807.13 | 2,353.56 | 2,952.68 | 3,608.53 | 4,325.43 | 5,108.00 | 5,407.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 4.28% | 5.28% | 6.28% |
| Year 1 PV (M) | 2,178.06 | 2,198.95 | 2,219.84 |
| Year 2 PV (M) | 2,528.75 | 2,577.48 | 2,626.68 |
| Year 3 PV (M) | 2,859.99 | 2,943.06 | 3,027.72 |
| Year 4 PV (M) | 3,172.55 | 3,296.01 | 3,423.03 |
| Year 5 PV (M) | 3,467.18 | 3,636.63 | 3,812.65 |
| PV of Terminal Value (M) | 91,050.60 | 95,500.70 | 100,123.13 |
| Equity Value (M) | 105,257.14 | 110,152.83 | 115,233.04 |
| Shares Outstanding (M) | 1,405.75 | 1,405.75 | 1,405.75 |
| Fair Value | $74.88 | $78.36 | $81.97 |
| Upside / Downside | 723.72% | 762.03% | 801.79% |
| 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% |