Definitive Analysis
| Stable Growth | $44.70 - $105.32 | $98.70 |
| Multi-Stage | $16.60 - $18.15 | $17.36 |
| Blended Fair Value | $58.03 | |
| Current Price | $7.78 | |
| Upside | 645.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.67% | 23.11% | 0.60 | 0.57 | 1.14 | 0.50 | 0.45 | 0.45 | 0.15 | 0.20 | 0.10 | 0.09 |
| YoY Growth | - | - | 4.35% | -49.86% | 129.35% | 11.11% | -1.17% | 203.56% | -25.00% | 100.00% | 14.29% | 16.67% |
| Dividend Yield | - | - | 6.19% | 4.31% | 8.92% | 4.26% | 3.55% | 4.89% | 2.07% | 2.62% | 1.81% | 2.03% |
| Net Income To Common (M) | 479.38 |
| (-) Cash Dividends Paid (M) | 333.53 |
| (=) Cash Retained (M) | 145.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 95.88 | 59.92 | 35.95 |
| Cash Retained (M) | 145.85 | 145.85 | 145.85 |
| (-) Cash Required (M) | -95.88 | -59.92 | -35.95 |
| (=) Excess Retained (M) | 49.98 | 85.93 | 109.90 |
| (/) Shares Outstanding (M) | 903.73 | 903.73 | 903.73 |
| (=) Excess Retained per Share | 0.06 | 0.10 | 0.12 |
| LTM Dividend per Share | 0.37 | 0.37 | 0.37 |
| (+) Excess Retained per Share | 0.06 | 0.10 | 0.12 |
| (=) Adjusted Dividend | 0.42 | 0.46 | 0.49 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.33% | 6.33% | 7.33% |
| Fair Value | $44.70 | $98.70 | $105.32 |
| Upside / Downside | 474.49% | 1,168.63% | 1,253.74% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 479.38 | 509.70 | 541.95 | 576.24 | 612.70 | 651.46 | 671.00 |
| Payout Ratio | 69.57% | 73.66% | 77.74% | 81.83% | 85.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 333.53 | 375.45 | 421.34 | 471.54 | 526.40 | 586.31 | 620.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.33% | 6.33% | 7.33% |
| Year 1 PV (M) | 349.79 | 353.11 | 356.43 |
| Year 2 PV (M) | 365.71 | 372.69 | 379.73 |
| Year 3 PV (M) | 381.31 | 392.27 | 403.44 |
| Year 4 PV (M) | 396.58 | 411.86 | 427.57 |
| Year 5 PV (M) | 411.53 | 431.44 | 452.11 |
| PV of Terminal Value (M) | 13,095.34 | 13,728.91 | 14,386.77 |
| Equity Value (M) | 15,000.25 | 15,690.27 | 16,406.06 |
| Shares Outstanding (M) | 903.73 | 903.73 | 903.73 |
| Fair Value | $16.60 | $17.36 | $18.15 |
| Upside / Downside | 113.34% | 123.16% | 133.34% |
| 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% |