Definitive Analysis
| Stable Growth | $82.80 - $136.26 | $106.57 |
| Multi-Stage | $132.02 - $144.96 | $138.36 |
| Blended Fair Value | $122.47 | |
| Current Price | $26.64 | |
| Upside | 359.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.88% | 15.21% | 2.46 | 2.36 | 2.22 | 2.09 | 2.00 | 1.54 | 1.79 | 1.48 | 1.09 | 0.93 |
| YoY Growth | - | - | 4.58% | 5.96% | 6.47% | 4.24% | 30.22% | -13.94% | 20.96% | 35.91% | 17.35% | 54.99% |
| Dividend Yield | - | - | 9.71% | 9.75% | 9.82% | 8.24% | 8.08% | 7.97% | 8.05% | 6.58% | 4.88% | 4.48% |
| Net Income To Common (M) | 28,073.00 |
| (-) Cash Dividends Paid (M) | 9,520.00 |
| (=) Cash Retained (M) | 18,553.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,614.60 | 3,509.13 | 2,105.48 |
| Cash Retained (M) | 18,553.00 | 18,553.00 | 18,553.00 |
| (-) Cash Required (M) | -5,614.60 | -3,509.13 | -2,105.48 |
| (=) Excess Retained (M) | 12,938.40 | 15,043.88 | 16,447.53 |
| (/) Shares Outstanding (M) | 3,855.60 | 3,855.60 | 3,855.60 |
| (=) Excess Retained per Share | 3.36 | 3.90 | 4.27 |
| LTM Dividend per Share | 2.47 | 2.47 | 2.47 |
| (+) Excess Retained per Share | 3.36 | 3.90 | 4.27 |
| (=) Adjusted Dividend | 5.82 | 6.37 | 6.74 |
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 0.34% | 1.34% | 2.34% |
| Fair Value | $82.80 | $106.57 | $136.26 |
| Upside / Downside | 210.82% | 300.03% | 411.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 28,073.00 | 28,448.65 | 28,829.33 | 29,215.10 | 29,606.04 | 30,002.20 | 30,902.27 |
| Payout Ratio | 33.91% | 45.13% | 56.35% | 67.56% | 78.78% | 90.00% | 92.50% |
| Projected Dividends (M) | 9,520.00 | 12,838.67 | 16,244.45 | 19,739.08 | 23,324.32 | 27,001.98 | 28,584.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.40% | 7.40% | 7.40% |
| Growth Rate | 0.34% | 1.34% | 2.34% |
| Year 1 PV (M) | 11,836.49 | 11,954.46 | 12,072.43 |
| Year 2 PV (M) | 13,807.38 | 14,083.97 | 14,363.30 |
| Year 3 PV (M) | 15,468.07 | 15,935.17 | 16,411.59 |
| Year 4 PV (M) | 16,850.84 | 17,532.71 | 18,235.07 |
| Year 5 PV (M) | 17,985.03 | 18,899.29 | 19,850.37 |
| PV of Terminal Value (M) | 433,055.20 | 455,069.44 | 477,969.99 |
| Equity Value (M) | 509,003.01 | 533,475.04 | 558,902.73 |
| Shares Outstanding (M) | 3,855.60 | 3,855.60 | 3,855.60 |
| Fair Value | $132.02 | $138.36 | $144.96 |
| Upside / Downside | 395.56% | 419.38% | 444.14% |
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