Definitive Analysis
| Stable Growth | $11.74 - $19.20 | $15.07 |
| Multi-Stage | $20.37 - $22.37 | $21.35 |
| Blended Fair Value | $18.21 | |
| Current Price | $7.30 | |
| Upside | 149.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.33% | 5.55% | 0.51 | 0.49 | 0.42 | 0.38 | 0.37 | 0.34 | 0.33 | 0.30 | 0.29 | 0.30 |
| YoY Growth | - | - | 2.87% | 18.76% | 10.99% | 2.42% | 7.41% | 4.93% | 9.61% | 1.71% | -2.38% | 0.79% |
| Dividend Yield | - | - | 7.39% | 9.35% | 9.34% | 7.87% | 6.62% | 6.63% | 5.77% | 4.87% | 6.03% | 6.95% |
| Net Income To Common (M) | 366,746.00 |
| (-) Cash Dividends Paid (M) | 159,072.00 |
| (=) Cash Retained (M) | 207,674.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 73,349.20 | 45,843.25 | 27,505.95 |
| Cash Retained (M) | 207,674.00 | 207,674.00 | 207,674.00 |
| (-) Cash Required (M) | -73,349.20 | -45,843.25 | -27,505.95 |
| (=) Excess Retained (M) | 134,324.80 | 161,830.75 | 180,168.05 |
| (/) Shares Outstanding (M) | 348,222.20 | 348,222.20 | 348,222.20 |
| (=) Excess Retained per Share | 0.39 | 0.46 | 0.52 |
| LTM Dividend per Share | 0.46 | 0.46 | 0.46 |
| (+) Excess Retained per Share | 0.39 | 0.46 | 0.52 |
| (=) Adjusted Dividend | 0.84 | 0.92 | 0.97 |
| WACC / Discount Rate | 7.09% | 7.09% | 7.09% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Fair Value | $11.74 | $15.07 | $19.20 |
| Upside / Downside | 60.84% | 106.48% | 163.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 366,746.00 | 370,115.21 | 373,515.37 | 376,946.77 | 380,409.69 | 383,904.42 | 395,421.55 |
| Payout Ratio | 43.37% | 52.70% | 62.02% | 71.35% | 80.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 159,072.00 | 195,047.42 | 231,670.42 | 268,949.84 | 306,894.67 | 345,513.98 | 365,764.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.09% | 7.09% | 7.09% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Year 1 PV (M) | 180,331.56 | 182,136.35 | 183,941.13 |
| Year 2 PV (M) | 198,031.21 | 202,014.89 | 206,038.25 |
| Year 3 PV (M) | 212,552.34 | 218,998.18 | 225,573.04 |
| Year 4 PV (M) | 224,241.23 | 233,353.85 | 242,741.42 |
| Year 5 PV (M) | 233,412.05 | 245,328.30 | 257,726.33 |
| PV of Terminal Value (M) | 6,043,323.54 | 6,351,849.70 | 6,672,849.93 |
| Equity Value (M) | 7,091,891.93 | 7,433,681.26 | 7,788,870.10 |
| Shares Outstanding (M) | 348,222.20 | 348,222.20 | 348,222.20 |
| Fair Value | $20.37 | $21.35 | $22.37 |
| Upside / Downside | 178.99% | 192.43% | 206.40% |
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