Definitive Analysis
| Stable Growth | $6,351.22 - $16,152.29 | $15,137.06 |
| Multi-Stage | $2,371.18 - $2,592.54 | $2,479.83 |
| Blended Fair Value | $8,808.45 | |
| Current Price | $923.89 | |
| Upside | 853.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.41% | 23.91% | 46.04 | 25.05 | 15.03 | 5.01 | 30.06 | 28.06 | 14.20 | 28.04 | 8.21 | 6.78 |
| YoY Growth | - | - | 83.78% | 66.67% | 200.00% | -83.33% | 7.14% | 97.56% | -49.36% | 241.67% | 20.99% | 25.75% |
| Dividend Yield | - | - | 6.74% | 3.99% | 3.02% | 0.79% | 6.03% | 5.72% | 1.77% | 3.80% | 1.55% | 1.54% |
| Net Income To Common (M) | 6,465.08 |
| (-) Cash Dividends Paid (M) | 4,275.77 |
| (=) Cash Retained (M) | 2,189.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,293.02 | 808.14 | 484.88 |
| Cash Retained (M) | 2,189.31 | 2,189.31 | 2,189.31 |
| (-) Cash Required (M) | -1,293.02 | -808.14 | -484.88 |
| (=) Excess Retained (M) | 896.29 | 1,381.17 | 1,704.43 |
| (/) Shares Outstanding (M) | 79.60 | 79.60 | 79.60 |
| (=) Excess Retained per Share | 11.26 | 17.35 | 21.41 |
| LTM Dividend per Share | 53.71 | 53.71 | 53.71 |
| (+) Excess Retained per Share | 11.26 | 17.35 | 21.41 |
| (=) Adjusted Dividend | 64.97 | 71.07 | 75.13 |
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $6,351.22 | $15,137.06 | $16,152.29 |
| Upside / Downside | 587.44% | 1,538.41% | 1,648.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,465.08 | 6,885.31 | 7,332.86 | 7,809.49 | 8,317.11 | 8,857.72 | 9,123.45 |
| Payout Ratio | 66.14% | 70.91% | 75.68% | 80.45% | 85.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,275.77 | 4,882.31 | 5,549.64 | 6,283.09 | 7,088.45 | 7,971.95 | 8,439.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.58% | 6.58% | 6.58% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 4,537.91 | 4,580.92 | 4,623.94 |
| Year 2 PV (M) | 4,794.30 | 4,885.61 | 4,977.79 |
| Year 3 PV (M) | 5,045.03 | 5,189.85 | 5,337.42 |
| Year 4 PV (M) | 5,290.19 | 5,493.63 | 5,702.89 |
| Year 5 PV (M) | 5,529.87 | 5,796.96 | 6,074.28 |
| PV of Terminal Value (M) | 163,551.25 | 171,450.84 | 179,652.76 |
| Equity Value (M) | 188,748.54 | 197,397.82 | 206,369.08 |
| Shares Outstanding (M) | 79.60 | 79.60 | 79.60 |
| Fair Value | $2,371.18 | $2,479.83 | $2,592.54 |
| Upside / Downside | 156.65% | 168.41% | 180.61% |
| 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% |