Definitive Analysis
| Stable Growth | $27.54 - $54.13 | $38.03 |
| Multi-Stage | $42.13 - $46.21 | $44.13 |
| Blended Fair Value | $41.08 | |
| Current Price | $12.20 | |
| Upside | 236.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.54% | 0.00% | 0.72 | 0.53 | 0.24 | 0.09 | 0.29 | 0.60 | 0.56 | 0.58 | 0.67 | 0.25 |
| YoY Growth | - | - | 35.85% | 121.05% | 153.33% | -67.03% | -52.55% | 6.56% | -2.07% | -13.95% | 165.67% | 0.00% |
| Dividend Yield | - | - | 5.92% | 5.32% | 2.09% | 0.93% | 2.50% | 4.66% | 3.32% | 3.90% | 4.75% | 1.92% |
| Net Income To Common (M) | 1,318.81 |
| (-) Cash Dividends Paid (M) | 779.34 |
| (=) Cash Retained (M) | 539.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 263.76 | 164.85 | 98.91 |
| Cash Retained (M) | 539.47 | 539.47 | 539.47 |
| (-) Cash Required (M) | -263.76 | -164.85 | -98.91 |
| (=) Excess Retained (M) | 275.71 | 374.62 | 440.56 |
| (/) Shares Outstanding (M) | 778.06 | 778.06 | 778.06 |
| (=) Excess Retained per Share | 0.35 | 0.48 | 0.57 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | 0.35 | 0.48 | 0.57 |
| (=) Adjusted Dividend | 1.36 | 1.48 | 1.57 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 1.49% | 2.49% | 3.49% |
| Fair Value | $27.54 | $38.03 | $54.13 |
| Upside / Downside | 125.72% | 211.68% | 343.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,318.81 | 1,351.59 | 1,385.18 | 1,419.62 | 1,454.90 | 1,491.07 | 1,535.80 |
| Payout Ratio | 59.09% | 65.28% | 71.46% | 77.64% | 83.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 779.34 | 882.25 | 989.80 | 1,102.16 | 1,219.48 | 1,341.96 | 1,420.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 1.49% | 2.49% | 3.49% |
| Year 1 PV (M) | 820.46 | 828.54 | 836.63 |
| Year 2 PV (M) | 856.00 | 872.95 | 890.07 |
| Year 3 PV (M) | 886.40 | 912.86 | 939.84 |
| Year 4 PV (M) | 912.06 | 948.54 | 986.11 |
| Year 5 PV (M) | 933.36 | 980.26 | 1,029.02 |
| PV of Terminal Value (M) | 28,368.81 | 29,794.30 | 31,276.53 |
| Equity Value (M) | 32,777.08 | 34,337.45 | 35,958.20 |
| Shares Outstanding (M) | 778.06 | 778.06 | 778.06 |
| Fair Value | $42.13 | $44.13 | $46.21 |
| Upside / Downside | 245.30% | 261.74% | 278.81% |
| 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% |