Definitive Analysis
| Stable Growth | $393.06 - $1,887.54 | $852.08 |
| Multi-Stage | $222.50 - $242.69 | $232.41 |
| Blended Fair Value | $542.25 | |
| Current Price | $133.50 | |
| Upside | 306.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.26% | 21.45% | 7.85 | 5.88 | 8.83 | 5.88 | 3.24 | 2.65 | 2.46 | 2.88 | 1.88 | 1.92 |
| YoY Growth | - | - | 33.33% | -33.33% | 50.00% | 81.82% | 22.20% | 7.86% | -14.85% | 53.42% | -2.27% | 71.20% |
| Dividend Yield | - | - | 5.62% | 3.51% | 9.83% | 5.25% | 3.33% | 6.76% | 6.99% | 7.39% | 5.32% | 6.70% |
| Net Income To Common (M) | 1,558.89 |
| (-) Cash Dividends Paid (M) | 1,494.32 |
| (=) Cash Retained (M) | 64.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 311.78 | 194.86 | 116.92 |
| Cash Retained (M) | 64.57 | 64.57 | 64.57 |
| (-) Cash Required (M) | -311.78 | -194.86 | -116.92 |
| (=) Excess Retained (M) | -247.21 | -130.29 | -52.35 |
| (/) Shares Outstanding (M) | 164.25 | 164.25 | 164.25 |
| (=) Excess Retained per Share | -1.51 | -0.79 | -0.32 |
| LTM Dividend per Share | 9.10 | 9.10 | 9.10 |
| (+) Excess Retained per Share | -1.51 | -0.79 | -0.32 |
| (=) Adjusted Dividend | 7.59 | 8.30 | 8.78 |
| WACC / Discount Rate | 7.54% | 7.54% | 7.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $393.06 | $852.08 | $1,887.54 |
| Upside / Downside | 194.43% | 538.26% | 1,313.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,558.89 | 1,660.21 | 1,768.13 | 1,883.05 | 2,005.45 | 2,135.81 | 2,199.88 |
| Payout Ratio | 95.86% | 94.69% | 93.51% | 92.34% | 91.17% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,494.32 | 1,572.00 | 1,653.46 | 1,738.87 | 1,828.40 | 1,922.23 | 2,034.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.54% | 7.54% | 7.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,448.08 | 1,461.81 | 1,475.53 |
| Year 2 PV (M) | 1,403.06 | 1,429.78 | 1,456.76 |
| Year 3 PV (M) | 1,359.22 | 1,398.24 | 1,438.00 |
| Year 4 PV (M) | 1,316.55 | 1,367.18 | 1,419.25 |
| Year 5 PV (M) | 1,275.00 | 1,336.58 | 1,400.52 |
| PV of Terminal Value (M) | 29,742.84 | 31,179.43 | 32,671.00 |
| Equity Value (M) | 36,544.74 | 38,173.01 | 39,861.06 |
| Shares Outstanding (M) | 164.25 | 164.25 | 164.25 |
| Fair Value | $222.50 | $232.41 | $242.69 |
| Upside / Downside | 66.67% | 74.09% | 81.79% |
| 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% |