Definitive Analysis
| Stable Growth | $49.00 - $219.17 | $114.34 |
| Multi-Stage | $26.45 - $28.87 | $27.64 |
| Blended Fair Value | $70.99 | |
| Current Price | $16.14 | |
| Upside | 339.85% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.23% | 5.55% | 0.63 | 0.94 | 0.62 | 0.54 | 0.42 | 0.56 | 0.56 | 0.24 | 0.71 | 0.03 |
| YoY Growth | - | - | -32.69% | 51.28% | 13.87% | 29.36% | -25.54% | 1.40% | 133.11% | -66.16% | 2,271.44% | -91.90% |
| Dividend Yield | - | - | 5.39% | 6.81% | 5.02% | 4.11% | 2.10% | 3.67% | 3.68% | 1.26% | 4.92% | 0.44% |
| Net Income To Common (M) | 600.42 |
| (-) Cash Dividends Paid (M) | 516.38 |
| (=) Cash Retained (M) | 84.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 120.08 | 75.05 | 45.03 |
| Cash Retained (M) | 84.05 | 84.05 | 84.05 |
| (-) Cash Required (M) | -120.08 | -75.05 | -45.03 |
| (=) Excess Retained (M) | -36.04 | 8.99 | 39.01 |
| (/) Shares Outstanding (M) | 544.83 | 544.83 | 544.83 |
| (=) Excess Retained per Share | -0.07 | 0.02 | 0.07 |
| LTM Dividend per Share | 0.95 | 0.95 | 0.95 |
| (+) Excess Retained per Share | -0.07 | 0.02 | 0.07 |
| (=) Adjusted Dividend | 0.88 | 0.96 | 1.02 |
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $49.00 | $114.34 | $219.17 |
| Upside / Downside | 203.60% | 608.45% | 1,257.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 600.42 | 639.45 | 681.02 | 725.28 | 772.43 | 822.63 | 847.31 |
| Payout Ratio | 86.00% | 86.80% | 87.60% | 88.40% | 89.20% | 90.00% | 92.50% |
| Projected Dividends (M) | 516.38 | 555.06 | 596.58 | 641.16 | 689.01 | 740.37 | 783.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 511.97 | 516.82 | 521.67 |
| Year 2 PV (M) | 507.55 | 517.22 | 526.98 |
| Year 3 PV (M) | 503.13 | 517.57 | 532.29 |
| Year 4 PV (M) | 498.71 | 517.89 | 537.62 |
| Year 5 PV (M) | 494.29 | 518.16 | 542.95 |
| PV of Terminal Value (M) | 11,897.25 | 12,471.89 | 13,068.52 |
| Equity Value (M) | 14,412.89 | 15,059.55 | 15,730.03 |
| Shares Outstanding (M) | 544.83 | 544.83 | 544.83 |
| Fair Value | $26.45 | $27.64 | $28.87 |
| Upside / Downside | 63.90% | 71.26% | 78.88% |
| 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% |