Definitive Analysis
| Stable Growth | $109.43 - $319.80 | $299.70 |
| Multi-Stage | $45.19 - $49.38 | $47.24 |
| Blended Fair Value | $173.47 | |
| Current Price | $13.59 | |
| Upside | 1,176.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 66.58% | 0.00% | 1.12 | 0.10 | 0.12 | 0.02 | 0.13 | 0.09 | 0.09 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 996.34% | -14.80% | 600.60% | -86.81% | 48.58% | 2.72% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.51% | 0.81% | 0.61% | 0.12% | 0.26% | 0.31% | 0.57% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 8,707.64 |
| (-) Cash Dividends Paid (M) | 6,625.28 |
| (=) Cash Retained (M) | 2,082.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,741.53 | 1,088.45 | 653.07 |
| Cash Retained (M) | 2,082.35 | 2,082.35 | 2,082.35 |
| (-) Cash Required (M) | -1,741.53 | -1,088.45 | -653.07 |
| (=) Excess Retained (M) | 340.83 | 993.90 | 1,429.28 |
| (/) Shares Outstanding (M) | 5,415.00 | 5,415.00 | 5,415.00 |
| (=) Excess Retained per Share | 0.06 | 0.18 | 0.26 |
| LTM Dividend per Share | 1.22 | 1.22 | 1.22 |
| (+) Excess Retained per Share | 0.06 | 0.18 | 0.26 |
| (=) Adjusted Dividend | 1.29 | 1.41 | 1.49 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $109.43 | $299.70 | $319.80 |
| Upside / Downside | 705.22% | 2,105.31% | 2,253.22% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,707.64 | 9,273.63 | 9,876.42 | 10,518.39 | 11,202.08 | 11,930.22 | 12,288.12 |
| Payout Ratio | 76.09% | 78.87% | 81.65% | 84.43% | 87.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,625.28 | 7,314.00 | 8,064.25 | 8,881.13 | 9,770.14 | 10,737.20 | 11,366.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 6,787.80 | 6,852.14 | 6,916.48 |
| Year 2 PV (M) | 6,945.65 | 7,077.95 | 7,211.49 |
| Year 3 PV (M) | 7,098.92 | 7,302.70 | 7,510.35 |
| Year 4 PV (M) | 7,247.68 | 7,526.41 | 7,813.10 |
| Year 5 PV (M) | 7,392.03 | 7,749.07 | 8,119.77 |
| PV of Terminal Value (M) | 209,217.99 | 219,323.30 | 229,815.36 |
| Equity Value (M) | 244,690.08 | 255,831.57 | 267,386.55 |
| Shares Outstanding (M) | 5,415.00 | 5,415.00 | 5,415.00 |
| Fair Value | $45.19 | $47.24 | $49.38 |
| Upside / Downside | 232.51% | 247.65% | 263.35% |
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