Definitive Analysis
| Stable Growth | $19.04 - $28.23 | $23.43 |
| Multi-Stage | $47.73 - $52.61 | $50.12 |
| Blended Fair Value | $36.77 | |
| Current Price | $9.52 | |
| Upside | 286.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.77% | 3.73% | 0.53 | 0.52 | 0.47 | 0.48 | 0.56 | 0.61 | 0.60 | 0.51 | 0.45 | 0.43 |
| YoY Growth | - | - | 1.92% | 10.64% | -2.08% | -14.29% | -8.20% | 1.67% | 17.62% | 13.03% | 3.89% | 18.18% |
| Dividend Yield | - | - | 5.82% | 4.91% | 3.86% | 3.75% | 4.31% | 3.89% | 3.94% | 3.27% | 2.78% | 3.17% |
| Net Income To Common (M) | 1,665.68 |
| (-) Cash Dividends Paid (M) | 725.51 |
| (=) Cash Retained (M) | 940.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 333.14 | 208.21 | 124.93 |
| Cash Retained (M) | 940.17 | 940.17 | 940.17 |
| (-) Cash Required (M) | -333.14 | -208.21 | -124.93 |
| (=) Excess Retained (M) | 607.04 | 731.96 | 815.25 |
| (/) Shares Outstanding (M) | 690.96 | 690.96 | 690.96 |
| (=) Excess Retained per Share | 0.88 | 1.06 | 1.18 |
| LTM Dividend per Share | 1.05 | 1.05 | 1.05 |
| (+) Excess Retained per Share | 0.88 | 1.06 | 1.18 |
| (=) Adjusted Dividend | 1.93 | 2.11 | 2.23 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | -3.36% | -2.36% | -1.36% |
| Fair Value | $19.04 | $23.43 | $28.23 |
| Upside / Downside | 99.96% | 146.11% | 196.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,665.68 | 1,626.29 | 1,587.84 | 1,550.29 | 1,513.63 | 1,477.84 | 1,522.17 |
| Payout Ratio | 43.56% | 52.85% | 62.13% | 71.42% | 80.71% | 90.00% | 92.50% |
| Projected Dividends (M) | 725.51 | 859.41 | 986.58 | 1,107.26 | 1,221.67 | 1,330.06 | 1,408.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | -3.36% | -2.36% | -1.36% |
| Year 1 PV (M) | 799.26 | 807.53 | 815.80 |
| Year 2 PV (M) | 853.30 | 871.05 | 888.98 |
| Year 3 PV (M) | 890.63 | 918.57 | 947.08 |
| Year 4 PV (M) | 913.88 | 952.30 | 991.92 |
| Year 5 PV (M) | 925.31 | 974.19 | 1,025.11 |
| PV of Terminal Value (M) | 28,596.51 | 30,107.06 | 31,680.78 |
| Equity Value (M) | 32,978.89 | 34,630.69 | 36,349.67 |
| Shares Outstanding (M) | 690.96 | 690.96 | 690.96 |
| Fair Value | $47.73 | $50.12 | $52.61 |
| Upside / Downside | 401.36% | 426.47% | 452.60% |
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