Definitive Analysis
| Stable Growth | $49.18 - $186.62 | $143.27 |
| Multi-Stage | $23.19 - $25.37 | $24.26 |
| Blended Fair Value | $83.76 | |
| Current Price | $4.26 | |
| Upside | 1,866.27% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.52% | 26.76% | 0.17 | 0.10 | 0.08 | 0.20 | 0.02 | 0.05 | 0.04 | 0.04 | 0.02 | 0.03 |
| YoY Growth | - | - | 62.23% | 27.83% | -58.46% | 780.92% | -51.97% | 10.21% | 17.65% | 61.90% | -19.13% | 73.11% |
| Dividend Yield | - | - | 4.09% | 2.47% | 3.40% | 3.57% | 1.50% | 3.03% | 3.21% | 1.70% | 0.78% | 0.67% |
| Net Income To Common (M) | 886.15 |
| (-) Cash Dividends Paid (M) | 304.06 |
| (=) Cash Retained (M) | 582.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 177.23 | 110.77 | 66.46 |
| Cash Retained (M) | 582.09 | 582.09 | 582.09 |
| (-) Cash Required (M) | -177.23 | -110.77 | -66.46 |
| (=) Excess Retained (M) | 404.86 | 471.32 | 515.62 |
| (/) Shares Outstanding (M) | 944.33 | 944.33 | 944.33 |
| (=) Excess Retained per Share | 0.43 | 0.50 | 0.55 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | 0.43 | 0.50 | 0.55 |
| (=) Adjusted Dividend | 0.75 | 0.82 | 0.87 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $49.18 | $143.27 | $186.62 |
| Upside / Downside | 1,054.50% | 3,263.15% | 4,280.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 886.15 | 943.75 | 1,005.09 | 1,070.42 | 1,140.00 | 1,214.10 | 1,250.53 |
| Payout Ratio | 34.31% | 45.45% | 56.59% | 67.73% | 78.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 304.06 | 428.94 | 568.76 | 724.95 | 899.04 | 1,092.69 | 1,156.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 396.70 | 400.46 | 404.22 |
| Year 2 PV (M) | 486.49 | 495.75 | 505.11 |
| Year 3 PV (M) | 573.48 | 589.95 | 606.72 |
| Year 4 PV (M) | 657.75 | 683.05 | 709.07 |
| Year 5 PV (M) | 739.36 | 775.07 | 812.15 |
| PV of Terminal Value (M) | 19,041.93 | 19,961.66 | 20,916.59 |
| Equity Value (M) | 21,895.71 | 22,905.94 | 23,953.85 |
| Shares Outstanding (M) | 944.33 | 944.33 | 944.33 |
| Fair Value | $23.19 | $24.26 | $25.37 |
| Upside / Downside | 444.29% | 469.40% | 495.45% |
| 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% |