Definitive Analysis
| Stable Growth | $160.78 - $580.19 | $511.55 |
| Multi-Stage | $74.46 - $81.41 | $77.87 |
| Blended Fair Value | $294.71 | |
| Current Price | $16.31 | |
| Upside | 1,706.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 45.95% | 31.63% | 0.88 | 0.83 | 0.58 | 0.34 | 0.32 | 0.13 | 0.25 | 0.37 | 0.21 | 0.07 |
| YoY Growth | - | - | 6.80% | 42.48% | 69.69% | 5.25% | 143.69% | -46.94% | -32.24% | 76.27% | 185.47% | 30.31% |
| Dividend Yield | - | - | 5.12% | 6.08% | 4.68% | 2.76% | 2.76% | 1.54% | 2.24% | 2.89% | 2.16% | 0.83% |
| Net Income To Common (M) | 13,199.00 |
| (-) Cash Dividends Paid (M) | 6,588.00 |
| (=) Cash Retained (M) | 6,611.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,639.80 | 1,649.88 | 989.93 |
| Cash Retained (M) | 6,611.00 | 6,611.00 | 6,611.00 |
| (-) Cash Required (M) | -2,639.80 | -1,649.88 | -989.93 |
| (=) Excess Retained (M) | 3,971.20 | 4,961.13 | 5,621.08 |
| (/) Shares Outstanding (M) | 4,524.29 | 4,524.29 | 4,524.29 |
| (=) Excess Retained per Share | 0.88 | 1.10 | 1.24 |
| LTM Dividend per Share | 1.46 | 1.46 | 1.46 |
| (+) Excess Retained per Share | 0.88 | 1.10 | 1.24 |
| (=) Adjusted Dividend | 2.33 | 2.55 | 2.70 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $160.78 | $511.55 | $580.19 |
| Upside / Downside | 885.78% | 3,036.44% | 3,457.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 13,199.00 | 14,056.94 | 14,970.64 | 15,943.73 | 16,980.07 | 18,083.77 | 18,626.29 |
| Payout Ratio | 49.91% | 57.93% | 65.95% | 73.97% | 81.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,588.00 | 8,143.22 | 9,872.79 | 11,792.80 | 13,920.70 | 16,275.40 | 17,229.32 |
| 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) | 7,536.82 | 7,608.25 | 7,679.69 |
| Year 2 PV (M) | 8,457.13 | 8,618.21 | 8,780.82 |
| Year 3 PV (M) | 9,349.56 | 9,617.96 | 9,891.44 |
| Year 4 PV (M) | 10,214.73 | 10,607.56 | 11,011.61 |
| Year 5 PV (M) | 11,053.22 | 11,587.10 | 12,141.41 |
| PV of Terminal Value (M) | 290,245.08 | 304,264.03 | 318,819.51 |
| Equity Value (M) | 336,856.54 | 352,303.11 | 368,324.48 |
| Shares Outstanding (M) | 4,524.29 | 4,524.29 | 4,524.29 |
| Fair Value | $74.46 | $77.87 | $81.41 |
| Upside / Downside | 356.50% | 377.43% | 399.14% |
| 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% |