Definitive Analysis
| Stable Growth | $244,858.05 - $806,160.99 | $398,214.92 |
| Multi-Stage | $173,946.21 - $190,217.47 | $181,932.98 |
| Blended Fair Value | $290,073.95 | |
| Current Price | $367,000.00 | |
| Upside | -20.96% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.26% | 0.00% | 961.86 | 1,378.63 | 459.06 | 450.56 | 623.63 | 433.79 | 686.13 | 0.00 | 1,564.38 | 0.00 |
| YoY Growth | - | - | -30.23% | 200.32% | 1.89% | -27.75% | 43.76% | -36.78% | 0.00% | -100.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.43% | 0.42% | 0.18% | 0.17% | 0.21% | 0.18% | 0.17% | 0.00% | 0.60% | 0.00% |
| Net Income To Common (M) | 118,530.36 |
| (-) Cash Dividends Paid (M) | 36,941.49 |
| (=) Cash Retained (M) | 81,588.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 23,706.07 | 14,816.30 | 8,889.78 |
| Cash Retained (M) | 81,588.88 | 81,588.88 | 81,588.88 |
| (-) Cash Required (M) | -23,706.07 | -14,816.30 | -8,889.78 |
| (=) Excess Retained (M) | 57,882.80 | 66,772.58 | 72,699.10 |
| (/) Shares Outstanding (M) | 13.05 | 13.05 | 13.05 |
| (=) Excess Retained per Share | 4,434.36 | 5,115.40 | 5,569.43 |
| LTM Dividend per Share | 2,830.06 | 2,830.06 | 2,830.06 |
| (+) Excess Retained per Share | 4,434.36 | 5,115.40 | 5,569.43 |
| (=) Adjusted Dividend | 7,264.42 | 7,945.46 | 8,399.49 |
| WACC / Discount Rate | 8.10% | 8.10% | 8.10% |
| Growth Rate | 4.99% | 5.99% | 6.99% |
| Fair Value | $244,858.05 | $398,214.92 | $806,160.99 |
| Upside / Downside | -33.28% | 8.51% | 119.66% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 118,530.36 | 125,624.80 | 133,143.87 | 141,112.98 | 149,559.06 | 158,510.68 | 163,266.00 |
| Payout Ratio | 31.17% | 42.93% | 54.70% | 66.47% | 78.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,941.49 | 53,934.51 | 72,829.38 | 93,792.87 | 117,004.92 | 142,659.61 | 151,021.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.10% | 8.10% | 8.10% |
| Growth Rate | 4.99% | 5.99% | 6.99% |
| Year 1 PV (M) | 49,422.40 | 49,893.15 | 50,363.91 |
| Year 2 PV (M) | 61,153.41 | 62,323.95 | 63,505.59 |
| Year 3 PV (M) | 72,167.39 | 74,249.30 | 76,370.88 |
| Year 4 PV (M) | 82,495.90 | 85,684.23 | 88,964.10 |
| Year 5 PV (M) | 92,169.30 | 96,643.35 | 101,289.48 |
| PV of Terminal Value (M) | 1,913,154.91 | 2,006,022.64 | 2,102,462.22 |
| Equity Value (M) | 2,270,563.31 | 2,374,816.63 | 2,482,956.18 |
| Shares Outstanding (M) | 13.05 | 13.05 | 13.05 |
| Fair Value | $173,946.21 | $181,932.98 | $190,217.47 |
| Upside / Downside | -52.60% | -50.43% | -48.17% |
| 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% |