Definitive Analysis
| Stable Growth | $114.12 - $186.70 | $174.97 |
| Multi-Stage | $31.41 - $34.32 | $32.84 |
| Blended Fair Value | $103.90 | |
| Current Price | $8.62 | |
| Upside | 1,105.37% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.87% | 1.61% | 0.43 | 0.50 | 0.46 | 0.34 | 0.30 | 0.20 | 0.17 | 0.10 | 0.00 | 0.00 |
| YoY Growth | - | - | -14.00% | 9.62% | 32.29% | 16.69% | 49.84% | 15.17% | 67.01% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 4.94% | 6.94% | 4.53% | 3.37% | 3.09% | 2.30% | 3.32% | 1.13% | 0.00% | 0.00% |
| Net Income To Common (M) | 2,378.91 |
| (-) Cash Dividends Paid (M) | 2,354.76 |
| (=) Cash Retained (M) | 24.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 475.78 | 297.36 | 178.42 |
| Cash Retained (M) | 24.15 | 24.15 | 24.15 |
| (-) Cash Required (M) | -475.78 | -297.36 | -178.42 |
| (=) Excess Retained (M) | -451.63 | -273.22 | -154.27 |
| (/) Shares Outstanding (M) | 2,533.98 | 2,533.98 | 2,533.98 |
| (=) Excess Retained per Share | -0.18 | -0.11 | -0.06 |
| LTM Dividend per Share | 0.93 | 0.93 | 0.93 |
| (+) Excess Retained per Share | -0.18 | -0.11 | -0.06 |
| (=) Adjusted Dividend | 0.75 | 0.82 | 0.87 |
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $114.12 | $174.97 | $186.70 |
| Upside / Downside | 1,223.92% | 1,929.80% | 2,065.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,378.91 | 2,533.53 | 2,698.21 | 2,873.60 | 3,060.38 | 3,259.31 | 3,357.09 |
| Payout Ratio | 98.98% | 97.19% | 95.39% | 93.59% | 91.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,354.76 | 2,462.29 | 2,573.85 | 2,689.51 | 2,809.34 | 2,933.38 | 3,105.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.19% | 6.19% | 6.19% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,296.89 | 2,318.67 | 2,340.44 |
| Year 2 PV (M) | 2,239.68 | 2,282.34 | 2,325.41 |
| Year 3 PV (M) | 2,183.13 | 2,245.80 | 2,309.65 |
| Year 4 PV (M) | 2,127.21 | 2,209.02 | 2,293.16 |
| Year 5 PV (M) | 2,071.93 | 2,172.01 | 2,275.92 |
| PV of Terminal Value (M) | 68,665.19 | 71,981.74 | 75,425.23 |
| Equity Value (M) | 79,584.04 | 83,209.58 | 86,969.80 |
| Shares Outstanding (M) | 2,533.98 | 2,533.98 | 2,533.98 |
| Fair Value | $31.41 | $32.84 | $34.32 |
| Upside / Downside | 264.35% | 280.95% | 298.16% |
| 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% |