Definitive Analysis
| Stable Growth | $37.77 - $221.68 | $69.71 |
| Multi-Stage | $30.64 - $33.57 | $32.07 |
| Blended Fair Value | $50.89 | |
| Current Price | $5.12 | |
| Upside | 893.96% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.59% | 0.00% | 0.26 | 0.15 | 0.15 | 0.12 | 0.11 | 0.13 | 0.10 | 0.08 | 0.00 | 0.00 |
| YoY Growth | - | - | 66.76% | 2.73% | 25.00% | 9.09% | -15.41% | 34.56% | 28.46% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.51% | 3.00% | 2.37% | 3.38% | 2.76% | 1.80% | 0.95% | 0.74% | 0.00% | 0.00% |
| Net Income To Common (M) | 7,099.07 |
| (-) Cash Dividends Paid (M) | 2,552.43 |
| (=) Cash Retained (M) | 4,546.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,419.81 | 887.38 | 532.43 |
| Cash Retained (M) | 4,546.64 | 4,546.64 | 4,546.64 |
| (-) Cash Required (M) | -1,419.81 | -887.38 | -532.43 |
| (=) Excess Retained (M) | 3,126.82 | 3,659.25 | 4,014.20 |
| (/) Shares Outstanding (M) | 6,282.51 | 6,282.51 | 6,282.51 |
| (=) Excess Retained per Share | 0.50 | 0.58 | 0.64 |
| LTM Dividend per Share | 0.41 | 0.41 | 0.41 |
| (+) Excess Retained per Share | 0.50 | 0.58 | 0.64 |
| (=) Adjusted Dividend | 0.90 | 0.99 | 1.05 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 4.04% | 5.04% | 6.04% |
| Fair Value | $37.77 | $69.71 | $221.68 |
| Upside / Downside | 637.76% | 1,261.45% | 4,229.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,099.07 | 7,457.19 | 7,833.39 | 8,228.55 | 8,643.66 | 9,079.70 | 9,352.09 |
| Payout Ratio | 35.95% | 46.76% | 57.57% | 68.38% | 79.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,552.43 | 3,487.25 | 4,509.89 | 5,626.83 | 6,844.99 | 8,171.73 | 8,650.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 4.04% | 5.04% | 6.04% |
| Year 1 PV (M) | 3,242.19 | 3,273.35 | 3,304.51 |
| Year 2 PV (M) | 3,898.31 | 3,973.60 | 4,049.62 |
| Year 3 PV (M) | 4,521.98 | 4,653.63 | 4,787.80 |
| Year 4 PV (M) | 5,114.38 | 5,313.85 | 5,519.11 |
| Year 5 PV (M) | 5,676.61 | 5,954.70 | 6,243.58 |
| PV of Terminal Value (M) | 170,011.91 | 178,340.62 | 186,992.58 |
| Equity Value (M) | 192,465.37 | 201,509.74 | 210,897.20 |
| Shares Outstanding (M) | 6,282.51 | 6,282.51 | 6,282.51 |
| Fair Value | $30.64 | $32.07 | $33.57 |
| Upside / Downside | 498.34% | 526.46% | 555.64% |
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