Definitive Analysis
| Stable Growth | $336.62 - $663.63 | $621.92 |
| Multi-Stage | $105.46 - $115.30 | $110.29 |
| Blended Fair Value | $366.10 | |
| Current Price | $15.78 | |
| Upside | 2,220.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.42% | 50.86% | 1.21 | 1.39 | 0.75 | 1.17 | 0.76 | 0.42 | 0.66 | 0.67 | 0.44 | 0.45 |
| YoY Growth | - | - | -13.37% | 85.40% | -35.98% | 54.63% | 80.10% | -35.72% | -1.82% | 51.43% | -1.61% | 2,168.08% |
| Dividend Yield | - | - | 7.64% | 9.75% | 9.56% | 15.33% | 6.61% | 5.95% | 5.05% | 4.40% | 7.83% | 7.62% |
| Net Income To Common (M) | 1,741.74 |
| (-) Cash Dividends Paid (M) | 1,355.90 |
| (=) Cash Retained (M) | 385.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 348.35 | 217.72 | 130.63 |
| Cash Retained (M) | 385.84 | 385.84 | 385.84 |
| (-) Cash Required (M) | -348.35 | -217.72 | -130.63 |
| (=) Excess Retained (M) | 37.49 | 168.12 | 255.20 |
| (/) Shares Outstanding (M) | 521.96 | 521.96 | 521.96 |
| (=) Excess Retained per Share | 0.07 | 0.32 | 0.49 |
| LTM Dividend per Share | 2.60 | 2.60 | 2.60 |
| (+) Excess Retained per Share | 0.07 | 0.32 | 0.49 |
| (=) Adjusted Dividend | 2.67 | 2.92 | 3.09 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $336.62 | $621.92 | $663.63 |
| Upside / Downside | 2,033.19% | 3,841.19% | 4,105.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,741.74 | 1,854.95 | 1,975.52 | 2,103.93 | 2,240.69 | 2,386.33 | 2,457.92 |
| Payout Ratio | 77.85% | 80.28% | 82.71% | 85.14% | 87.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,355.90 | 1,489.12 | 1,633.93 | 1,791.27 | 1,962.16 | 2,147.70 | 2,273.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,387.23 | 1,400.38 | 1,413.53 |
| Year 2 PV (M) | 1,417.99 | 1,445.00 | 1,472.26 |
| Year 3 PV (M) | 1,448.17 | 1,489.74 | 1,532.10 |
| Year 4 PV (M) | 1,477.79 | 1,534.62 | 1,593.08 |
| Year 5 PV (M) | 1,506.86 | 1,579.64 | 1,655.21 |
| PV of Terminal Value (M) | 47,807.50 | 50,116.62 | 52,514.12 |
| Equity Value (M) | 55,045.54 | 57,566.00 | 60,180.29 |
| Shares Outstanding (M) | 521.96 | 521.96 | 521.96 |
| Fair Value | $105.46 | $110.29 | $115.30 |
| Upside / Downside | 568.31% | 598.91% | 630.65% |
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