Definitive Analysis
| Stable Growth | $560.38 - $2,371.86 | $1,396.08 |
| Multi-Stage | $332.40 - $364.00 | $347.91 |
| Blended Fair Value | $871.99 | |
| Current Price | $25.69 | |
| Upside | 3,294.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.78% | 8.43% | 4.11 | 3.35 | 3.83 | 3.19 | 2.10 | 2.96 | 2.66 | 2.42 | 2.19 | 1.98 |
| YoY Growth | - | - | 22.92% | -12.60% | 19.98% | 51.78% | -29.03% | 11.29% | 10.05% | 10.58% | 10.57% | 8.03% |
| Dividend Yield | - | - | 16.26% | 15.18% | 17.41% | 14.51% | 8.35% | 11.76% | 10.57% | 9.63% | 8.71% | 7.88% |
| Net Income To Common (M) | 20,893.00 |
| (-) Cash Dividends Paid (M) | 7,537.00 |
| (=) Cash Retained (M) | 13,356.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,178.60 | 2,611.63 | 1,566.98 |
| Cash Retained (M) | 13,356.00 | 13,356.00 | 13,356.00 |
| (-) Cash Required (M) | -4,178.60 | -2,611.63 | -1,566.98 |
| (=) Excess Retained (M) | 9,177.40 | 10,744.38 | 11,789.03 |
| (/) Shares Outstanding (M) | 1,740.15 | 1,740.15 | 1,740.15 |
| (=) Excess Retained per Share | 5.27 | 6.17 | 6.77 |
| LTM Dividend per Share | 4.33 | 4.33 | 4.33 |
| (+) Excess Retained per Share | 5.27 | 6.17 | 6.77 |
| (=) Adjusted Dividend | 9.61 | 10.51 | 11.11 |
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 4.78% | 5.78% | 6.78% |
| Fair Value | $560.38 | $1,396.08 | $2,371.86 |
| Upside / Downside | 2,081.31% | 5,334.32% | 9,132.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20,893.00 | 22,101.30 | 23,379.47 | 24,731.57 | 26,161.86 | 27,674.87 | 28,505.11 |
| Payout Ratio | 36.07% | 46.86% | 57.64% | 68.43% | 79.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,537.00 | 10,356.54 | 13,477.00 | 16,923.74 | 20,724.08 | 24,907.38 | 26,367.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 4.78% | 5.78% | 6.78% |
| Year 1 PV (M) | 9,625.36 | 9,717.22 | 9,809.08 |
| Year 2 PV (M) | 11,641.19 | 11,864.45 | 12,089.82 |
| Year 3 PV (M) | 13,586.35 | 13,979.06 | 14,379.26 |
| Year 4 PV (M) | 15,462.64 | 16,061.42 | 16,677.42 |
| Year 5 PV (M) | 17,271.84 | 18,111.90 | 18,984.32 |
| PV of Terminal Value (M) | 510,831.91 | 535,677.27 | 561,480.09 |
| Equity Value (M) | 578,419.29 | 605,411.31 | 633,419.99 |
| Shares Outstanding (M) | 1,740.15 | 1,740.15 | 1,740.15 |
| Fair Value | $332.40 | $347.91 | $364.00 |
| Upside / Downside | 1,193.87% | 1,254.25% | 1,316.91% |
| 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% |