Definitive Analysis
| Stable Growth | $35.02 - $126.36 | $111.47 |
| Multi-Stage | $16.21 - $17.72 | $16.95 |
| Blended Fair Value | $64.21 | |
| Current Price | $4.55 | |
| Upside | 1,311.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.37% | 10.10% | 0.33 | 0.26 | 0.17 | 0.10 | 0.21 | 0.16 | 0.10 | 0.00 | 0.25 | 0.27 |
| YoY Growth | - | - | 28.04% | 56.25% | 60.00% | -50.00% | 33.33% | 50.00% | 0.00% | -100.00% | -5.71% | 110.00% |
| Dividend Yield | - | - | 7.94% | 5.38% | 2.86% | 1.39% | 4.28% | 3.99% | 2.25% | 0.00% | 7.77% | 8.45% |
| Net Income To Common (M) | 2,479.71 |
| (-) Cash Dividends Paid (M) | 1,214.18 |
| (=) Cash Retained (M) | 1,265.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 495.94 | 309.96 | 185.98 |
| Cash Retained (M) | 1,265.53 | 1,265.53 | 1,265.53 |
| (-) Cash Required (M) | -495.94 | -309.96 | -185.98 |
| (=) Excess Retained (M) | 769.59 | 955.57 | 1,079.56 |
| (/) Shares Outstanding (M) | 3,902.68 | 3,902.68 | 3,902.68 |
| (=) Excess Retained per Share | 0.20 | 0.24 | 0.28 |
| LTM Dividend per Share | 0.31 | 0.31 | 0.31 |
| (+) Excess Retained per Share | 0.20 | 0.24 | 0.28 |
| (=) Adjusted Dividend | 0.51 | 0.56 | 0.59 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $35.02 | $111.47 | $126.36 |
| Upside / Downside | 669.75% | 2,349.98% | 2,677.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,479.71 | 2,640.89 | 2,812.55 | 2,995.36 | 3,190.06 | 3,397.42 | 3,499.34 |
| Payout Ratio | 48.96% | 57.17% | 65.38% | 73.59% | 81.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,214.18 | 1,509.84 | 1,838.81 | 2,204.16 | 2,609.25 | 3,057.68 | 3,236.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,397.41 | 1,410.65 | 1,423.90 |
| Year 2 PV (M) | 1,575.15 | 1,605.15 | 1,635.44 |
| Year 3 PV (M) | 1,747.52 | 1,797.68 | 1,848.80 |
| Year 4 PV (M) | 1,914.63 | 1,988.26 | 2,064.00 |
| Year 5 PV (M) | 2,076.61 | 2,176.91 | 2,281.05 |
| PV of Terminal Value (M) | 54,533.29 | 57,167.26 | 59,902.05 |
| Equity Value (M) | 63,244.60 | 66,145.92 | 69,155.23 |
| Shares Outstanding (M) | 3,902.68 | 3,902.68 | 3,902.68 |
| Fair Value | $16.21 | $16.95 | $17.72 |
| Upside / Downside | 256.16% | 272.50% | 289.45% |
| 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% |