Definitive Analysis
| Stable Growth | $3,018.50 - $15,341.88 | $6,215.03 |
| Multi-Stage | $2,186.15 - $2,392.38 | $2,287.36 |
| Blended Fair Value | $4,251.19 | |
| Current Price | $470.18 | |
| Upside | 804.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.72% | 9.42% | 30.64 | 17.20 | 14.82 | 7.41 | 9.57 | 15.42 | 14.01 | 13.96 | 13.75 | 14.74 |
| YoY Growth | - | - | 78.16% | 16.06% | 99.89% | -22.55% | -37.92% | 10.05% | 0.36% | 1.54% | -6.73% | 18.34% |
| Dividend Yield | - | - | 6.86% | 3.71% | 4.39% | 1.93% | 2.23% | 3.52% | 3.29% | 2.68% | 3.20% | 3.51% |
| Net Income To Common (M) | 73.72 |
| (-) Cash Dividends Paid (M) | 47.94 |
| (=) Cash Retained (M) | 25.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14.74 | 9.22 | 5.53 |
| Cash Retained (M) | 25.79 | 25.79 | 25.79 |
| (-) Cash Required (M) | -14.74 | -9.22 | -5.53 |
| (=) Excess Retained (M) | 11.04 | 16.57 | 20.26 |
| (/) Shares Outstanding (M) | 0.95 | 0.95 | 0.95 |
| (=) Excess Retained per Share | 11.67 | 17.52 | 21.42 |
| LTM Dividend per Share | 50.69 | 50.69 | 50.69 |
| (+) Excess Retained per Share | 11.67 | 17.52 | 21.42 |
| (=) Adjusted Dividend | 62.36 | 68.21 | 72.11 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 4.38% | 5.38% | 6.38% |
| Fair Value | $3,018.50 | $6,215.03 | $15,341.88 |
| Upside / Downside | 541.99% | 1,221.84% | 3,162.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 73.72 | 77.69 | 81.87 | 86.28 | 90.93 | 95.82 | 98.70 |
| Payout Ratio | 65.02% | 70.02% | 75.01% | 80.01% | 85.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 47.94 | 54.40 | 61.42 | 69.03 | 77.29 | 86.24 | 91.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 4.38% | 5.38% | 6.38% |
| Year 1 PV (M) | 50.57 | 51.06 | 51.54 |
| Year 2 PV (M) | 53.09 | 54.11 | 55.14 |
| Year 3 PV (M) | 55.47 | 57.08 | 58.72 |
| Year 4 PV (M) | 57.74 | 59.99 | 62.30 |
| Year 5 PV (M) | 59.90 | 62.82 | 65.86 |
| PV of Terminal Value (M) | 1,790.71 | 1,878.14 | 1,968.96 |
| Equity Value (M) | 2,067.48 | 2,163.20 | 2,262.52 |
| Shares Outstanding (M) | 0.95 | 0.95 | 0.95 |
| Fair Value | $2,186.15 | $2,287.36 | $2,392.38 |
| Upside / Downside | 364.96% | 386.49% | 408.82% |
| 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% |