Definitive Analysis
| Stable Growth | $306.12 - $678.57 | $635.92 |
| Multi-Stage | $99.32 - $108.85 | $104.00 |
| Blended Fair Value | $369.96 | |
| Current Price | $21.63 | |
| Upside | 1,610.40% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 33.47% | 0.28 | 0.28 | 0.00 | 0.00 | 0.00 | 0.00 | 0.05 | 0.17 | 0.04 | 0.02 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -100.00% | -68.47% | 282.69% | 139.62% | 17.95% |
| Dividend Yield | - | - | 1.31% | 1.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.20% | 0.67% | 0.18% | 0.07% |
| Net Income To Common (M) | 1,511.10 |
| (-) Cash Dividends Paid (M) | 4.66 |
| (=) Cash Retained (M) | 1,506.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 302.22 | 188.89 | 113.33 |
| Cash Retained (M) | 1,506.44 | 1,506.44 | 1,506.44 |
| (-) Cash Required (M) | -302.22 | -188.89 | -113.33 |
| (=) Excess Retained (M) | 1,204.22 | 1,317.55 | 1,393.10 |
| (/) Shares Outstanding (M) | 442.87 | 442.87 | 442.87 |
| (=) Excess Retained per Share | 2.72 | 2.98 | 3.15 |
| LTM Dividend per Share | 0.01 | 0.01 | 0.01 |
| (+) Excess Retained per Share | 2.72 | 2.98 | 3.15 |
| (=) Adjusted Dividend | 2.73 | 2.99 | 3.16 |
| WACC / Discount Rate | 6.44% | 6.44% | 6.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $306.12 | $635.92 | $678.57 |
| Upside / Downside | 1,315.27% | 2,840.00% | 3,037.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,511.10 | 1,609.32 | 1,713.93 | 1,825.33 | 1,943.98 | 2,070.34 | 2,132.45 |
| Payout Ratio | 0.31% | 18.25% | 36.19% | 54.12% | 72.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 4.66 | 293.65 | 620.19 | 987.93 | 1,400.86 | 1,863.30 | 1,972.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.44% | 6.44% | 6.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 273.29 | 275.88 | 278.47 |
| Year 2 PV (M) | 537.17 | 547.40 | 557.73 |
| Year 3 PV (M) | 796.36 | 819.23 | 842.52 |
| Year 4 PV (M) | 1,050.94 | 1,091.35 | 1,132.92 |
| Year 5 PV (M) | 1,300.94 | 1,363.78 | 1,429.02 |
| PV of Terminal Value (M) | 40,026.24 | 41,959.52 | 43,966.80 |
| Equity Value (M) | 43,984.95 | 46,057.16 | 48,207.46 |
| Shares Outstanding (M) | 442.87 | 442.87 | 442.87 |
| Fair Value | $99.32 | $104.00 | $108.85 |
| Upside / Downside | 359.17% | 380.80% | 403.25% |
| 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% |