Definitive Analysis
| Stable Growth | $622.26 - $2,191.12 | $2,053.40 |
| Multi-Stage | $287.11 - $313.77 | $300.19 |
| Blended Fair Value | $1,176.80 | |
| Current Price | $120.50 | |
| Upside | 876.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.49% | 17.44% | 4.99 | 2.54 | 3.20 | 1.95 | 1.80 | 2.65 | 1.82 | 1.51 | 1.57 | 1.07 |
| YoY Growth | - | - | 96.46% | -20.63% | 64.10% | 8.33% | -32.08% | 45.60% | 20.53% | -3.82% | 47.00% | 6.80% |
| Dividend Yield | - | - | 4.50% | 3.00% | 6.41% | 3.55% | 4.50% | 7.87% | 4.68% | 4.84% | 6.13% | 4.49% |
| Net Income To Common (M) | 3,481.47 |
| (-) Cash Dividends Paid (M) | 2,259.14 |
| (=) Cash Retained (M) | 1,222.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 696.29 | 435.18 | 261.11 |
| Cash Retained (M) | 1,222.34 | 1,222.34 | 1,222.34 |
| (-) Cash Required (M) | -696.29 | -435.18 | -261.11 |
| (=) Excess Retained (M) | 526.04 | 787.15 | 961.22 |
| (/) Shares Outstanding (M) | 315.99 | 315.99 | 315.99 |
| (=) Excess Retained per Share | 1.66 | 2.49 | 3.04 |
| LTM Dividend per Share | 7.15 | 7.15 | 7.15 |
| (+) Excess Retained per Share | 1.66 | 2.49 | 3.04 |
| (=) Adjusted Dividend | 8.81 | 9.64 | 10.19 |
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $622.26 | $2,053.40 | $2,191.12 |
| Upside / Downside | 416.40% | 1,604.07% | 1,718.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,481.47 | 3,707.77 | 3,948.77 | 4,205.44 | 4,478.80 | 4,769.92 | 4,913.02 |
| Payout Ratio | 64.89% | 69.91% | 74.93% | 79.96% | 84.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,259.14 | 2,592.18 | 2,958.98 | 3,362.51 | 3,806.00 | 4,292.93 | 4,544.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.99% | 6.99% | 6.99% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,399.98 | 2,422.73 | 2,445.48 |
| Year 2 PV (M) | 2,536.45 | 2,584.76 | 2,633.53 |
| Year 3 PV (M) | 2,668.64 | 2,745.24 | 2,823.30 |
| Year 4 PV (M) | 2,796.64 | 2,904.19 | 3,014.81 |
| Year 5 PV (M) | 2,920.54 | 3,061.60 | 3,208.07 |
| PV of Terminal Value (M) | 77,402.09 | 81,140.64 | 85,022.27 |
| Equity Value (M) | 90,724.33 | 94,859.17 | 99,147.46 |
| Shares Outstanding (M) | 315.99 | 315.99 | 315.99 |
| Fair Value | $287.11 | $300.19 | $313.77 |
| Upside / Downside | 138.26% | 149.12% | 160.39% |
| 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% |