Definitive Analysis
| Stable Growth | $198.06 - $484.65 | $295.26 |
| Multi-Stage | $277.43 - $305.02 | $290.96 |
| Blended Fair Value | $293.11 | |
| Current Price | $16.05 | |
| Upside | 1,726.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -13.50% | -14.46% | 0.24 | 0.25 | 0.26 | 0.26 | 0.34 | 0.49 | 0.52 | 0.52 | 0.75 | 0.94 |
| YoY Growth | - | - | -6.87% | -2.10% | -1.65% | -21.17% | -31.47% | -5.68% | 0.64% | -31.09% | -20.07% | -17.20% |
| Dividend Yield | - | - | 1.60% | 2.60% | 2.49% | 2.95% | 3.42% | 6.65% | 4.00% | 3.98% | 6.11% | 9.60% |
| Net Income To Common (M) | 857.45 |
| (-) Cash Dividends Paid (M) | 28.45 |
| (=) Cash Retained (M) | 829.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 171.49 | 107.18 | 64.31 |
| Cash Retained (M) | 829.00 | 829.00 | 829.00 |
| (-) Cash Required (M) | -171.49 | -107.18 | -64.31 |
| (=) Excess Retained (M) | 657.51 | 721.82 | 764.69 |
| (/) Shares Outstanding (M) | 91.58 | 91.58 | 91.58 |
| (=) Excess Retained per Share | 7.18 | 7.88 | 8.35 |
| LTM Dividend per Share | 0.31 | 0.31 | 0.31 |
| (+) Excess Retained per Share | 7.18 | 7.88 | 8.35 |
| (=) Adjusted Dividend | 7.49 | 8.19 | 8.66 |
| WACC / Discount Rate | 5.91% | 5.91% | 5.91% |
| Growth Rate | 2.05% | 3.05% | 4.05% |
| Fair Value | $198.06 | $295.26 | $484.65 |
| Upside / Downside | 1,134.04% | 1,739.61% | 2,919.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 857.45 | 883.59 | 910.54 | 938.30 | 966.91 | 996.39 | 1,026.28 |
| Payout Ratio | 3.32% | 20.65% | 37.99% | 55.33% | 72.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 28.45 | 182.50 | 345.92 | 519.13 | 702.59 | 896.75 | 949.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.91% | 5.91% | 5.91% |
| Growth Rate | 2.05% | 3.05% | 4.05% |
| Year 1 PV (M) | 170.65 | 172.32 | 173.99 |
| Year 2 PV (M) | 302.44 | 308.40 | 314.41 |
| Year 3 PV (M) | 424.41 | 437.01 | 449.85 |
| Year 4 PV (M) | 537.08 | 558.44 | 580.44 |
| Year 5 PV (M) | 640.98 | 673.00 | 706.30 |
| PV of Terminal Value (M) | 23,329.82 | 24,495.51 | 25,707.34 |
| Equity Value (M) | 25,405.37 | 26,644.68 | 27,932.34 |
| Shares Outstanding (M) | 91.58 | 91.58 | 91.58 |
| Fair Value | $277.43 | $290.96 | $305.02 |
| Upside / Downside | 1,628.52% | 1,712.84% | 1,800.44% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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