Definitive Analysis
| Stable Growth | $284.73 - $535.28 | $501.64 |
| Multi-Stage | $85.66 - $93.68 | $89.60 |
| Blended Fair Value | $295.62 | |
| Current Price | $62.47 | |
| Upside | 373.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.78% | 9.32% | 1.79 | 1.65 | 1.51 | 1.39 | 1.28 | 1.18 | 1.04 | 0.91 | 0.83 | 0.77 |
| YoY Growth | - | - | 8.75% | 8.82% | 8.71% | 8.82% | 8.82% | 13.47% | 13.44% | 9.51% | 8.53% | 4.56% |
| Dividend Yield | - | - | 2.64% | 2.36% | 2.17% | 2.22% | 2.19% | 2.35% | 2.08% | 2.19% | 1.94% | 1.92% |
| Net Income To Common (M) | 3,531.00 |
| (-) Cash Dividends Paid (M) | 2,469.00 |
| (=) Cash Retained (M) | 1,062.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 706.20 | 441.38 | 264.83 |
| Cash Retained (M) | 1,062.00 | 1,062.00 | 1,062.00 |
| (-) Cash Required (M) | -706.20 | -441.38 | -264.83 |
| (=) Excess Retained (M) | 355.80 | 620.63 | 797.18 |
| (/) Shares Outstanding (M) | 1,311.88 | 1,311.88 | 1,311.88 |
| (=) Excess Retained per Share | 0.27 | 0.47 | 0.61 |
| LTM Dividend per Share | 1.88 | 1.88 | 1.88 |
| (+) Excess Retained per Share | 0.27 | 0.47 | 0.61 |
| (=) Adjusted Dividend | 2.15 | 2.36 | 2.49 |
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $284.73 | $501.64 | $535.28 |
| Upside / Downside | 355.79% | 703.01% | 756.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,531.00 | 3,760.52 | 4,004.95 | 4,265.27 | 4,542.51 | 4,837.78 | 4,982.91 |
| Payout Ratio | 69.92% | 73.94% | 77.95% | 81.97% | 85.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,469.00 | 2,780.48 | 3,122.02 | 3,496.22 | 3,905.87 | 4,354.00 | 4,609.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.30% | 6.30% | 6.30% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,591.18 | 2,615.75 | 2,640.31 |
| Year 2 PV (M) | 2,711.40 | 2,763.04 | 2,815.17 |
| Year 3 PV (M) | 2,829.66 | 2,910.89 | 2,993.65 |
| Year 4 PV (M) | 2,945.99 | 3,059.28 | 3,175.81 |
| Year 5 PV (M) | 3,060.42 | 3,208.23 | 3,361.71 |
| PV of Terminal Value (M) | 98,239.85 | 102,984.88 | 107,911.50 |
| Equity Value (M) | 112,378.49 | 117,542.06 | 122,898.16 |
| Shares Outstanding (M) | 1,311.88 | 1,311.88 | 1,311.88 |
| Fair Value | $85.66 | $89.60 | $93.68 |
| Upside / Downside | 37.13% | 43.43% | 49.96% |
| 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% |