Definitive Analysis
| Stable Growth | $15.94 - $25.31 | $20.21 |
| Multi-Stage | $30.29 - $33.21 | $31.72 |
| Blended Fair Value | $25.97 | |
| Current Price | $12.20 | |
| Upside | 112.84% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 69.56% | 0.00% | 1.10 | 0.50 | 0.00 | 0.00 | 0.10 | 0.08 | 0.30 | 0.50 | 0.70 | 0.45 |
| YoY Growth | - | - | 120.21% | 13,468,478.57% | -7.65% | -100.00% | 23.42% | -73.84% | -40.00% | -28.57% | 55.56% | 0.00% |
| Dividend Yield | - | - | 5.98% | 3.06% | 0.00% | 0.00% | 1.14% | 1.95% | 2.52% | 3.47% | 3.45% | 1.80% |
| Net Income To Common (M) | 3,278.89 |
| (-) Cash Dividends Paid (M) | 2,729.05 |
| (=) Cash Retained (M) | 549.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 655.78 | 409.86 | 245.92 |
| Cash Retained (M) | 549.84 | 549.84 | 549.84 |
| (-) Cash Required (M) | -655.78 | -409.86 | -245.92 |
| (=) Excess Retained (M) | -105.94 | 139.98 | 303.92 |
| (/) Shares Outstanding (M) | 2,100.00 | 2,100.00 | 2,100.00 |
| (=) Excess Retained per Share | -0.05 | 0.07 | 0.14 |
| LTM Dividend per Share | 1.30 | 1.30 | 1.30 |
| (+) Excess Retained per Share | -0.05 | 0.07 | 0.14 |
| (=) Adjusted Dividend | 1.25 | 1.37 | 1.44 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | -0.67% | 0.33% | 1.33% |
| Fair Value | $15.94 | $20.21 | $25.31 |
| Upside / Downside | 30.69% | 65.66% | 107.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,278.89 | 3,289.60 | 3,300.35 | 3,311.13 | 3,321.94 | 3,332.79 | 3,432.78 |
| Payout Ratio | 83.23% | 84.58% | 85.94% | 87.29% | 88.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,729.05 | 2,782.50 | 2,836.27 | 2,890.36 | 2,944.78 | 2,999.51 | 3,175.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | -0.67% | 0.33% | 1.33% |
| Year 1 PV (M) | 2,571.94 | 2,597.84 | 2,623.73 |
| Year 2 PV (M) | 2,423.26 | 2,472.30 | 2,521.83 |
| Year 3 PV (M) | 2,282.60 | 2,352.24 | 2,423.28 |
| Year 4 PV (M) | 2,149.59 | 2,237.48 | 2,328.03 |
| Year 5 PV (M) | 2,023.86 | 2,127.81 | 2,235.99 |
| PV of Terminal Value (M) | 52,149.02 | 54,827.54 | 57,615.01 |
| Equity Value (M) | 63,600.27 | 66,615.20 | 69,747.86 |
| Shares Outstanding (M) | 2,100.00 | 2,100.00 | 2,100.00 |
| Fair Value | $30.29 | $31.72 | $33.21 |
| Upside / Downside | 148.24% | 160.01% | 172.24% |
| 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% |