Definitive Analysis
| Stable Growth | $58.15 - $325.23 | $110.98 |
| Multi-Stage | $47.43 - $51.93 | $49.64 |
| Blended Fair Value | $80.31 | |
| Current Price | $7.85 | |
| Upside | 923.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 50.91% | 6.65% | 1.64 | 1.44 | 0.25 | 0.23 | 0.21 | 0.21 | 0.93 | 0.87 | 0.76 | 0.85 |
| YoY Growth | - | - | 14.33% | 484.47% | 6.96% | 9.52% | 0.00% | -77.46% | 7.47% | 13.88% | -10.59% | -1.38% |
| Dividend Yield | - | - | 20.76% | 16.53% | 2.73% | 3.00% | 2.62% | 2.14% | 7.99% | 8.85% | 5.86% | 7.59% |
| Net Income To Common (M) | 22,511.90 |
| (-) Cash Dividends Paid (M) | 14,496.84 |
| (=) Cash Retained (M) | 8,015.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,502.38 | 2,813.99 | 1,688.39 |
| Cash Retained (M) | 8,015.05 | 8,015.05 | 8,015.05 |
| (-) Cash Required (M) | -4,502.38 | -2,813.99 | -1,688.39 |
| (=) Excess Retained (M) | 3,512.67 | 5,201.07 | 6,326.66 |
| (/) Shares Outstanding (M) | 13,579.54 | 13,579.54 | 13,579.54 |
| (=) Excess Retained per Share | 0.26 | 0.38 | 0.47 |
| LTM Dividend per Share | 1.07 | 1.07 | 1.07 |
| (+) Excess Retained per Share | 0.26 | 0.38 | 0.47 |
| (=) Adjusted Dividend | 1.33 | 1.45 | 1.53 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Fair Value | $58.15 | $110.98 | $325.23 |
| Upside / Downside | 640.78% | 1,313.82% | 4,043.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22,511.90 | 23,647.93 | 24,841.29 | 26,094.87 | 27,411.71 | 28,795.01 | 29,658.86 |
| Payout Ratio | 64.40% | 69.52% | 74.64% | 79.76% | 84.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 14,496.84 | 16,439.35 | 18,541.00 | 20,812.89 | 23,266.86 | 25,915.51 | 27,434.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 4.05% | 5.05% | 6.05% |
| Year 1 PV (M) | 15,300.66 | 15,447.72 | 15,594.77 |
| Year 2 PV (M) | 16,061.42 | 16,371.64 | 16,684.83 |
| Year 3 PV (M) | 16,780.65 | 17,269.16 | 17,767.05 |
| Year 4 PV (M) | 17,459.82 | 18,140.79 | 18,841.49 |
| Year 5 PV (M) | 18,100.35 | 18,987.05 | 19,908.17 |
| PV of Terminal Value (M) | 560,383.41 | 587,835.55 | 616,353.18 |
| Equity Value (M) | 644,086.30 | 674,051.91 | 705,149.49 |
| Shares Outstanding (M) | 13,579.54 | 13,579.54 | 13,579.54 |
| Fair Value | $47.43 | $49.64 | $51.93 |
| Upside / Downside | 504.21% | 532.32% | 561.49% |
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