Definitive Analysis
| Stable Growth | $83.28 - $203.78 | $190.97 |
| Multi-Stage | $29.76 - $32.57 | $31.14 |
| Blended Fair Value | $111.06 | |
| Current Price | $3.49 | |
| Upside | 3,082.10% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 25.98% | 26.08% | 0.41 | 0.21 | 0.07 | 0.15 | 0.13 | 0.13 | 0.13 | 0.17 | 0.18 | 0.00 |
| YoY Growth | - | - | 94.63% | 206.38% | -54.42% | 21.19% | -3.67% | -2.19% | -22.28% | -2.37% | 0.00% | -100.00% |
| Dividend Yield | - | - | 10.19% | 8.39% | 3.50% | 7.20% | 3.10% | 6.70% | 5.74% | 4.13% | 6.10% | 0.00% |
| Net Income To Common (M) | 1,028.03 |
| (-) Cash Dividends Paid (M) | 421.98 |
| (=) Cash Retained (M) | 606.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 205.61 | 128.50 | 77.10 |
| Cash Retained (M) | 606.05 | 606.05 | 606.05 |
| (-) Cash Required (M) | -205.61 | -128.50 | -77.10 |
| (=) Excess Retained (M) | 400.45 | 477.55 | 528.95 |
| (/) Shares Outstanding (M) | 1,003.31 | 1,003.31 | 1,003.31 |
| (=) Excess Retained per Share | 0.40 | 0.48 | 0.53 |
| LTM Dividend per Share | 0.42 | 0.42 | 0.42 |
| (+) Excess Retained per Share | 0.40 | 0.48 | 0.53 |
| (=) Adjusted Dividend | 0.82 | 0.90 | 0.95 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $83.28 | $190.97 | $203.78 |
| Upside / Downside | 2,286.26% | 5,371.84% | 5,738.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,028.03 | 1,094.85 | 1,166.02 | 1,241.81 | 1,322.53 | 1,408.49 | 1,450.75 |
| Payout Ratio | 41.05% | 50.84% | 60.63% | 70.42% | 80.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 421.98 | 556.60 | 706.94 | 874.47 | 1,060.79 | 1,267.64 | 1,341.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 517.53 | 522.44 | 527.34 |
| Year 2 PV (M) | 611.19 | 622.83 | 634.58 |
| Year 3 PV (M) | 702.97 | 723.15 | 743.71 |
| Year 4 PV (M) | 792.90 | 823.39 | 854.75 |
| Year 5 PV (M) | 881.01 | 923.56 | 967.74 |
| PV of Terminal Value (M) | 26,357.72 | 27,630.81 | 28,952.62 |
| Equity Value (M) | 29,863.31 | 31,246.17 | 32,680.75 |
| Shares Outstanding (M) | 1,003.31 | 1,003.31 | 1,003.31 |
| Fair Value | $29.76 | $31.14 | $32.57 |
| Upside / Downside | 752.86% | 792.35% | 833.32% |
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