Definitive Analysis
| Stable Growth | $66.70 - $106.30 | $84.69 |
| Multi-Stage | $120.82 - $132.70 | $126.65 |
| Blended Fair Value | $105.67 | |
| Current Price | $111.00 | |
| Upside | -4.80% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.99% | 0.00% | 3.12 | 3.03 | 2.95 | 2.87 | 2.74 | 2.56 | 2.36 | 2.17 | 1.95 | 1.49 |
| YoY Growth | - | - | 2.86% | 2.70% | 2.88% | 4.52% | 7.05% | 8.45% | 8.79% | 11.24% | 31.00% | 0.00% |
| Dividend Yield | - | - | 2.78% | 4.16% | 3.56% | 4.83% | 4.25% | 3.43% | 3.59% | 2.88% | 2.88% | 1.62% |
| Net Income To Common (M) | 8,110.00 |
| (-) Cash Dividends Paid (M) | 3,982.00 |
| (=) Cash Retained (M) | 4,128.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,622.00 | 1,013.75 | 608.25 |
| Cash Retained (M) | 4,128.00 | 4,128.00 | 4,128.00 |
| (-) Cash Required (M) | -1,622.00 | -1,013.75 | -608.25 |
| (=) Excess Retained (M) | 2,506.00 | 3,114.25 | 3,519.75 |
| (/) Shares Outstanding (M) | 1,256.75 | 1,256.75 | 1,256.75 |
| (=) Excess Retained per Share | 1.99 | 2.48 | 2.80 |
| LTM Dividend per Share | 3.17 | 3.17 | 3.17 |
| (+) Excess Retained per Share | 1.99 | 2.48 | 2.80 |
| (=) Adjusted Dividend | 5.16 | 5.65 | 5.97 |
| WACC / Discount Rate | 7.15% | 7.15% | 7.15% |
| Growth Rate | -0.55% | 0.45% | 1.45% |
| Fair Value | $66.70 | $84.69 | $106.30 |
| Upside / Downside | -39.91% | -23.70% | -4.24% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,110.00 | 8,146.78 | 8,183.74 | 8,220.86 | 8,258.14 | 8,295.60 | 8,544.47 |
| Payout Ratio | 49.10% | 57.28% | 65.46% | 73.64% | 81.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,982.00 | 4,666.47 | 5,357.07 | 6,053.83 | 6,756.81 | 7,466.04 | 7,903.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.15% | 7.15% | 7.15% |
| Growth Rate | -0.55% | 0.45% | 1.45% |
| Year 1 PV (M) | 4,311.70 | 4,355.05 | 4,398.41 |
| Year 2 PV (M) | 4,573.48 | 4,665.91 | 4,759.27 |
| Year 3 PV (M) | 4,775.40 | 4,920.90 | 5,069.33 |
| Year 4 PV (M) | 4,924.71 | 5,125.79 | 5,332.97 |
| Year 5 PV (M) | 5,027.93 | 5,285.84 | 5,554.23 |
| PV of Terminal Value (M) | 128,233.06 | 134,810.89 | 141,655.94 |
| Equity Value (M) | 151,846.28 | 159,164.40 | 166,770.15 |
| Shares Outstanding (M) | 1,256.75 | 1,256.75 | 1,256.75 |
| Fair Value | $120.82 | $126.65 | $132.70 |
| Upside / Downside | 8.85% | 14.10% | 19.55% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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