Definitive Analysis
| Stable Growth | $369.27 - $715.42 | $670.45 |
| Multi-Stage | $113.22 - $123.83 | $118.43 |
| Blended Fair Value | $394.44 | |
| Current Price | $20.05 | |
| Upside | 1,867.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.19% | 18.03% | 1.26 | 1.05 | 1.27 | 0.93 | 0.87 | 0.74 | 0.53 | 0.43 | 0.36 | 0.29 |
| YoY Growth | - | - | 19.70% | -17.32% | 36.56% | 6.90% | 17.65% | 40.00% | 22.22% | 18.54% | 26.74% | 20.11% |
| Dividend Yield | - | - | 4.08% | 4.06% | 4.33% | 2.11% | 2.11% | 1.73% | 1.70% | 1.54% | 1.67% | 1.24% |
| Net Income To Common (M) | 8,169.37 |
| (-) Cash Dividends Paid (M) | 5,232.55 |
| (=) Cash Retained (M) | 2,936.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,633.87 | 1,021.17 | 612.70 |
| Cash Retained (M) | 2,936.83 | 2,936.83 | 2,936.83 |
| (-) Cash Required (M) | -1,633.87 | -1,021.17 | -612.70 |
| (=) Excess Retained (M) | 1,302.95 | 1,915.65 | 2,324.12 |
| (/) Shares Outstanding (M) | 2,270.95 | 2,270.95 | 2,270.95 |
| (=) Excess Retained per Share | 0.57 | 0.84 | 1.02 |
| LTM Dividend per Share | 2.30 | 2.30 | 2.30 |
| (+) Excess Retained per Share | 0.57 | 0.84 | 1.02 |
| (=) Adjusted Dividend | 2.88 | 3.15 | 3.33 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $369.27 | $670.45 | $715.42 |
| Upside / Downside | 1,741.73% | 3,243.90% | 3,468.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,169.37 | 8,700.38 | 9,265.90 | 9,868.19 | 10,509.62 | 11,192.75 | 11,528.53 |
| Payout Ratio | 64.05% | 69.24% | 74.43% | 79.62% | 84.81% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,232.55 | 6,024.20 | 6,896.66 | 7,857.08 | 8,913.23 | 10,073.47 | 10,663.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 5,612.78 | 5,665.98 | 5,719.18 |
| Year 2 PV (M) | 5,986.82 | 6,100.85 | 6,215.96 |
| Year 3 PV (M) | 6,354.74 | 6,537.16 | 6,723.04 |
| Year 4 PV (M) | 6,716.61 | 6,974.91 | 7,240.60 |
| Year 5 PV (M) | 7,072.51 | 7,414.11 | 7,768.79 |
| PV of Terminal Value (M) | 225,362.96 | 236,248.08 | 247,549.79 |
| Equity Value (M) | 257,106.43 | 268,941.10 | 281,217.37 |
| Shares Outstanding (M) | 2,270.95 | 2,270.95 | 2,270.95 |
| Fair Value | $113.22 | $118.43 | $123.83 |
| Upside / Downside | 464.66% | 490.66% | 517.62% |
| 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% |