Definitive Analysis
| Stable Growth | $115.91 - $321.28 | $301.08 |
| Multi-Stage | $46.61 - $50.91 | $48.72 |
| Blended Fair Value | $174.90 | |
| Current Price | $33.50 | |
| Upside | 422.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 42.74% | 112.20% | 1.08 | 0.54 | 0.60 | 0.23 | 0.24 | 0.18 | 0.11 | 0.08 | 0.06 | 0.07 |
| YoY Growth | - | - | 98.11% | -10.04% | 166.54% | -4.66% | 30.83% | 60.38% | 35.11% | 39.53% | -10.91% | 11,498.40% |
| Dividend Yield | - | - | 4.63% | 2.62% | 3.68% | 1.55% | 1.62% | 0.69% | 0.49% | 0.45% | 0.19% | 0.15% |
| Net Income To Common (M) | 617.15 |
| (-) Cash Dividends Paid (M) | 548.38 |
| (=) Cash Retained (M) | 68.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 123.43 | 77.14 | 46.29 |
| Cash Retained (M) | 68.77 | 68.77 | 68.77 |
| (-) Cash Required (M) | -123.43 | -77.14 | -46.29 |
| (=) Excess Retained (M) | -54.66 | -8.37 | 22.48 |
| (/) Shares Outstanding (M) | 382.02 | 382.02 | 382.02 |
| (=) Excess Retained per Share | -0.14 | -0.02 | 0.06 |
| LTM Dividend per Share | 1.44 | 1.44 | 1.44 |
| (+) Excess Retained per Share | -0.14 | -0.02 | 0.06 |
| (=) Adjusted Dividend | 1.29 | 1.41 | 1.49 |
| WACC / Discount Rate | 6.68% | 6.68% | 6.68% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $115.91 | $301.08 | $321.28 |
| Upside / Downside | 246.01% | 798.76% | 859.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 617.15 | 657.26 | 699.99 | 745.48 | 793.94 | 845.55 | 870.91 |
| Payout Ratio | 88.86% | 89.09% | 89.31% | 89.54% | 89.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 548.38 | 585.53 | 625.19 | 667.53 | 712.73 | 760.99 | 805.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.68% | 6.68% | 6.68% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 543.73 | 548.88 | 554.04 |
| Year 2 PV (M) | 539.11 | 549.38 | 559.75 |
| Year 3 PV (M) | 534.53 | 549.88 | 565.51 |
| Year 4 PV (M) | 529.99 | 550.37 | 571.33 |
| Year 5 PV (M) | 525.48 | 550.86 | 577.21 |
| PV of Terminal Value (M) | 15,131.50 | 15,862.36 | 16,621.19 |
| Equity Value (M) | 17,804.34 | 18,611.73 | 19,449.03 |
| Shares Outstanding (M) | 382.02 | 382.02 | 382.02 |
| Fair Value | $46.61 | $48.72 | $50.91 |
| Upside / Downside | 39.12% | 45.43% | 51.97% |
| 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% |