Definitive Analysis
| Stable Growth | $440.33 - $2,030.64 | $994.15 |
| Multi-Stage | $230.80 - $252.46 | $241.43 |
| Blended Fair Value | $617.79 | |
| Current Price | $346.26 | |
| Upside | 78.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.44% | 12.89% | 2.87 | 2.48 | 2.46 | 2.33 | 1.94 | 1.67 | 1.28 | 1.27 | 1.24 | 0.99 |
| YoY Growth | - | - | 15.99% | 0.84% | 5.35% | 20.31% | 15.97% | 30.32% | 1.22% | 2.22% | 25.01% | 15.97% |
| Dividend Yield | - | - | 0.82% | 0.73% | 1.09% | 0.93% | 0.79% | 1.09% | 0.89% | 0.97% | 1.20% | 1.04% |
| Net Income To Common (M) | 2,571.80 |
| (-) Cash Dividends Paid (M) | 773.80 |
| (=) Cash Retained (M) | 1,798.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 514.36 | 321.48 | 192.89 |
| Cash Retained (M) | 1,798.00 | 1,798.00 | 1,798.00 |
| (-) Cash Required (M) | -514.36 | -321.48 | -192.89 |
| (=) Excess Retained (M) | 1,283.64 | 1,476.53 | 1,605.12 |
| (/) Shares Outstanding (M) | 251.88 | 251.88 | 251.88 |
| (=) Excess Retained per Share | 5.10 | 5.86 | 6.37 |
| LTM Dividend per Share | 3.07 | 3.07 | 3.07 |
| (+) Excess Retained per Share | 5.10 | 5.86 | 6.37 |
| (=) Adjusted Dividend | 8.17 | 8.93 | 9.44 |
| WACC / Discount Rate | 7.46% | 7.46% | 7.46% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $440.33 | $994.15 | $2,030.64 |
| Upside / Downside | 27.17% | 187.11% | 486.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,571.80 | 2,738.97 | 2,917.00 | 3,106.60 | 3,308.53 | 3,523.59 | 3,629.30 |
| Payout Ratio | 30.09% | 42.07% | 54.05% | 66.04% | 78.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 773.80 | 1,152.29 | 1,576.72 | 2,051.45 | 2,581.24 | 3,171.23 | 3,357.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.46% | 7.46% | 7.46% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,062.26 | 1,072.33 | 1,082.40 |
| Year 2 PV (M) | 1,339.95 | 1,365.48 | 1,391.24 |
| Year 3 PV (M) | 1,607.18 | 1,653.32 | 1,700.33 |
| Year 4 PV (M) | 1,864.23 | 1,935.92 | 2,009.66 |
| Year 5 PV (M) | 2,111.38 | 2,213.36 | 2,319.24 |
| PV of Terminal Value (M) | 50,147.60 | 52,569.75 | 55,084.60 |
| Equity Value (M) | 58,132.60 | 60,810.15 | 63,587.47 |
| Shares Outstanding (M) | 251.88 | 251.88 | 251.88 |
| Fair Value | $230.80 | $241.43 | $252.46 |
| Upside / Downside | -33.35% | -30.27% | -27.09% |
| 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% |