Definitive Analysis
| Stable Growth | $135,823.37 - $223,782.98 | $209,717.43 |
| Multi-Stage | $36,430.85 - $39,874.40 | $38,120.98 |
| Blended Fair Value | $123,919.20 | |
| Current Price | $4,795.00 | |
| Upside | 2,484.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 18.52% | 6.26% | 480.07 | 419.28 | 363.40 | 328.01 | 65.49 | 205.26 | 62.15 | 56.30 | 52.45 | 139.51 |
| YoY Growth | - | - | 14.50% | 15.38% | 10.79% | 400.86% | -68.09% | 230.25% | 10.39% | 7.34% | -62.40% | -46.69% |
| Dividend Yield | - | - | 13.34% | 7.14% | 4.51% | 5.25% | 1.21% | 9.46% | 2.06% | 1.07% | 1.91% | 4.63% |
| Net Income To Common (M) | 77,050.55 |
| (-) Cash Dividends Paid (M) | 36,200.50 |
| (=) Cash Retained (M) | 40,850.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15,410.11 | 9,631.32 | 5,778.79 |
| Cash Retained (M) | 40,850.05 | 40,850.05 | 40,850.05 |
| (-) Cash Required (M) | -15,410.11 | -9,631.32 | -5,778.79 |
| (=) Excess Retained (M) | 25,439.94 | 31,218.73 | 35,071.26 |
| (/) Shares Outstanding (M) | 68.47 | 68.47 | 68.47 |
| (=) Excess Retained per Share | 371.52 | 455.92 | 512.18 |
| LTM Dividend per Share | 528.67 | 528.67 | 528.67 |
| (+) Excess Retained per Share | 371.52 | 455.92 | 512.18 |
| (=) Adjusted Dividend | 900.20 | 984.59 | 1,040.85 |
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $135,823.37 | $209,717.43 | $223,782.98 |
| Upside / Downside | 2,732.60% | 4,273.67% | 4,567.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 77,050.55 | 82,058.83 | 87,392.66 | 93,073.18 | 99,122.94 | 105,565.93 | 108,732.91 |
| Payout Ratio | 46.98% | 55.59% | 64.19% | 72.79% | 81.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,200.50 | 45,613.41 | 56,097.06 | 67,750.87 | 80,682.66 | 95,009.34 | 100,577.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 42,547.50 | 42,950.80 | 43,354.09 |
| Year 2 PV (M) | 48,809.36 | 49,739.05 | 50,677.50 |
| Year 3 PV (M) | 54,986.92 | 56,565.40 | 58,173.80 |
| Year 4 PV (M) | 61,081.02 | 63,430.02 | 65,846.14 |
| Year 5 PV (M) | 67,092.49 | 70,333.08 | 73,697.69 |
| PV of Terminal Value (M) | 2,220,066.61 | 2,327,296.66 | 2,438,630.66 |
| Equity Value (M) | 2,494,583.91 | 2,610,315.01 | 2,730,379.88 |
| Shares Outstanding (M) | 68.47 | 68.47 | 68.47 |
| Fair Value | $36,430.85 | $38,120.98 | $39,874.40 |
| Upside / Downside | 659.77% | 695.02% | 731.58% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |