Definitive Analysis
| Stable Growth | $7.32 - $11.01 | $9.07 |
| Multi-Stage | $16.77 - $18.43 | $17.58 |
| Blended Fair Value | $13.33 | |
| Current Price | $10.70 | |
| Upside | 24.55% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.72% | 2.30% | 0.87 | 0.80 | 0.68 | 0.77 | 0.90 | 0.90 | 0.86 | 0.86 | 0.81 | 0.75 |
| YoY Growth | - | - | 8.66% | 17.82% | -11.65% | -15.11% | 0.46% | 4.97% | -0.70% | 6.08% | 8.83% | 8.10% |
| Dividend Yield | - | - | 6.94% | 6.01% | 4.88% | 4.86% | 4.50% | 4.37% | 4.54% | 5.14% | 4.99% | 5.66% |
| Net Income To Common (M) | 2,041.56 |
| (-) Cash Dividends Paid (M) | 1,705.24 |
| (=) Cash Retained (M) | 336.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 408.31 | 255.19 | 153.12 |
| Cash Retained (M) | 336.32 | 336.32 | 336.32 |
| (-) Cash Required (M) | -408.31 | -255.19 | -153.12 |
| (=) Excess Retained (M) | -71.99 | 81.12 | 183.20 |
| (/) Shares Outstanding (M) | 2,337.28 | 2,337.28 | 2,337.28 |
| (=) Excess Retained per Share | -0.03 | 0.03 | 0.08 |
| LTM Dividend per Share | 0.73 | 0.73 | 0.73 |
| (+) Excess Retained per Share | -0.03 | 0.03 | 0.08 |
| (=) Adjusted Dividend | 0.70 | 0.76 | 0.81 |
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -2.49% | -1.49% | -0.49% |
| Fair Value | $7.32 | $9.07 | $11.01 |
| Upside / Downside | -31.55% | -15.25% | 2.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,041.56 | 2,011.08 | 1,981.05 | 1,951.47 | 1,922.33 | 1,893.62 | 1,950.43 |
| Payout Ratio | 83.53% | 84.82% | 86.12% | 87.41% | 88.71% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,705.24 | 1,705.82 | 1,706.00 | 1,705.79 | 1,705.21 | 1,704.26 | 1,804.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | -2.49% | -1.49% | -0.49% |
| Year 1 PV (M) | 1,580.86 | 1,597.07 | 1,613.28 |
| Year 2 PV (M) | 1,465.20 | 1,495.41 | 1,525.93 |
| Year 3 PV (M) | 1,357.70 | 1,399.90 | 1,442.97 |
| Year 4 PV (M) | 1,257.81 | 1,310.21 | 1,364.23 |
| Year 5 PV (M) | 1,165.03 | 1,226.00 | 1,289.51 |
| PV of Terminal Value (M) | 32,376.80 | 34,071.44 | 35,836.30 |
| Equity Value (M) | 39,203.40 | 41,100.04 | 43,072.23 |
| Shares Outstanding (M) | 2,337.28 | 2,337.28 | 2,337.28 |
| Fair Value | $16.77 | $17.58 | $18.43 |
| Upside / Downside | 56.76% | 64.34% | 72.23% |
| 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% |