Definitive Analysis
| Stable Growth | $20,064.72 - $44,927.68 | $29,034.59 |
| Multi-Stage | $25,743.71 - $28,265.86 | $26,980.86 |
| Blended Fair Value | $28,007.72 | |
| Current Price | $3,535.00 | |
| Upside | 692.30% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.97% | 0.00% | 49.78 | 129.86 | 0.00 | 0.00 | 71.11 | 60.95 | 81.27 | 71.11 | 71.11 | 50.79 |
| YoY Growth | - | - | -61.67% | 0.00% | 0.00% | -100.00% | 16.67% | -25.00% | 14.29% | 0.00% | 40.00% | 0.00% |
| Dividend Yield | - | - | 1.50% | 2.71% | 0.00% | 0.00% | 1.15% | 1.55% | 1.73% | 1.08% | 1.22% | 0.38% |
| Net Income To Common (M) | 12,233.02 |
| (-) Cash Dividends Paid (M) | 2,521.35 |
| (=) Cash Retained (M) | 9,711.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,446.60 | 1,529.13 | 917.48 |
| Cash Retained (M) | 9,711.67 | 9,711.67 | 9,711.67 |
| (-) Cash Required (M) | -2,446.60 | -1,529.13 | -917.48 |
| (=) Excess Retained (M) | 7,265.07 | 8,182.54 | 8,794.19 |
| (/) Shares Outstanding (M) | 11.81 | 11.81 | 11.81 |
| (=) Excess Retained per Share | 615.04 | 692.71 | 744.49 |
| LTM Dividend per Share | 213.45 | 213.45 | 213.45 |
| (+) Excess Retained per Share | 615.04 | 692.71 | 744.49 |
| (=) Adjusted Dividend | 828.49 | 906.16 | 957.94 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 2.29% | 3.29% | 4.29% |
| Fair Value | $20,064.72 | $29,034.59 | $44,927.68 |
| Upside / Downside | 467.60% | 721.35% | 1,170.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 12,233.02 | 12,635.53 | 13,051.28 | 13,480.70 | 13,924.26 | 14,382.41 | 14,813.89 |
| Payout Ratio | 20.61% | 34.49% | 48.37% | 62.24% | 76.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,521.35 | 4,357.84 | 6,312.46 | 8,390.98 | 10,599.46 | 12,944.17 | 13,702.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 2.29% | 3.29% | 4.29% |
| Year 1 PV (M) | 4,051.72 | 4,091.33 | 4,130.94 |
| Year 2 PV (M) | 5,456.76 | 5,563.98 | 5,672.23 |
| Year 3 PV (M) | 6,744.00 | 6,943.73 | 7,147.37 |
| Year 4 PV (M) | 7,920.57 | 8,234.87 | 8,558.44 |
| Year 5 PV (M) | 8,993.23 | 9,441.50 | 9,907.47 |
| PV of Terminal Value (M) | 270,926.63 | 284,431.13 | 298,468.85 |
| Equity Value (M) | 304,092.92 | 318,706.55 | 333,885.31 |
| Shares Outstanding (M) | 11.81 | 11.81 | 11.81 |
| Fair Value | $25,743.71 | $26,980.86 | $28,265.86 |
| Upside / Downside | 628.25% | 663.25% | 699.60% |
| 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% |