Definitive Analysis
| Stable Growth | $498.86 - $2,669.99 | $984.03 |
| Multi-Stage | $281.76 - $308.14 | $294.71 |
| Blended Fair Value | $639.37 | |
| Current Price | $486.71 | |
| Upside | 31.37% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.16% | 13.28% | 3.69 | 3.73 | 3.33 | 2.42 | 2.10 | 1.82 | 1.64 | 1.37 | 1.24 | 1.18 |
| YoY Growth | - | - | -1.13% | 12.01% | 37.82% | 15.19% | 15.18% | 11.33% | 19.48% | 10.79% | 4.68% | 11.35% |
| Dividend Yield | - | - | 0.73% | 0.87% | 0.97% | 0.59% | 0.59% | 0.74% | 0.77% | 0.72% | 0.95% | 1.19% |
| Net Income To Common (M) | 4,129.00 |
| (-) Cash Dividends Paid (M) | 1,160.00 |
| (=) Cash Retained (M) | 2,969.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 825.80 | 516.13 | 309.68 |
| Cash Retained (M) | 2,969.00 | 2,969.00 | 2,969.00 |
| (-) Cash Required (M) | -825.80 | -516.13 | -309.68 |
| (=) Excess Retained (M) | 2,143.20 | 2,452.88 | 2,659.33 |
| (/) Shares Outstanding (M) | 307.55 | 307.55 | 307.55 |
| (=) Excess Retained per Share | 6.97 | 7.98 | 8.65 |
| LTM Dividend per Share | 3.77 | 3.77 | 3.77 |
| (+) Excess Retained per Share | 6.97 | 7.98 | 8.65 |
| (=) Adjusted Dividend | 10.74 | 11.75 | 12.42 |
| WACC / Discount Rate | 7.77% | 7.77% | 7.77% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $498.86 | $984.03 | $2,669.99 |
| Upside / Downside | 2.50% | 102.18% | 448.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,129.00 | 4,397.39 | 4,683.22 | 4,987.62 | 5,311.82 | 5,657.09 | 5,826.80 |
| Payout Ratio | 28.09% | 40.48% | 52.86% | 65.24% | 77.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,160.00 | 1,779.85 | 2,475.38 | 3,253.81 | 4,122.97 | 5,091.38 | 5,389.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.77% | 7.77% | 7.77% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,636.00 | 1,651.50 | 1,667.01 |
| Year 2 PV (M) | 2,091.42 | 2,131.25 | 2,171.46 |
| Year 3 PV (M) | 2,526.91 | 2,599.45 | 2,673.36 |
| Year 4 PV (M) | 2,943.12 | 3,056.30 | 3,172.72 |
| Year 5 PV (M) | 3,340.66 | 3,502.02 | 3,669.55 |
| PV of Terminal Value (M) | 74,118.10 | 77,698.03 | 81,414.98 |
| Equity Value (M) | 86,656.20 | 90,638.55 | 94,769.08 |
| Shares Outstanding (M) | 307.55 | 307.55 | 307.55 |
| Fair Value | $281.76 | $294.71 | $308.14 |
| Upside / Downside | -42.11% | -39.45% | -36.69% |
| 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% |