Definitive Analysis
| Stable Growth | $156,616.69 - $285,373.70 | $210,057.74 |
| Multi-Stage | $266,017.35 - $291,933.76 | $278,728.33 |
| Blended Fair Value | $244,393.03 | |
| Current Price | $88,400.00 | |
| Upside | 176.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.29% | 36.82% | 4,619.34 | 4,318.94 | 5,135.15 | 5,741.60 | 4,542.69 | 4,553.59 | 3,869.83 | 3,501.88 | 3,291.91 | 1,753.87 |
| YoY Growth | - | - | 6.96% | -15.89% | -10.56% | 26.39% | -0.24% | 17.67% | 10.51% | 6.38% | 87.69% | 772.98% |
| Dividend Yield | - | - | 6.07% | 5.14% | 5.91% | 5.60% | 4.90% | 3.81% | 4.25% | 4.33% | 4.62% | 2.44% |
| Net Income To Common (M) | 19,723.24 |
| (-) Cash Dividends Paid (M) | 12,570.48 |
| (=) Cash Retained (M) | 7,152.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,944.65 | 2,465.40 | 1,479.24 |
| Cash Retained (M) | 7,152.75 | 7,152.75 | 7,152.75 |
| (-) Cash Required (M) | -3,944.65 | -2,465.40 | -1,479.24 |
| (=) Excess Retained (M) | 3,208.10 | 4,687.35 | 5,673.51 |
| (/) Shares Outstanding (M) | 1.79 | 1.79 | 1.79 |
| (=) Excess Retained per Share | 1,790.35 | 2,615.87 | 3,166.22 |
| LTM Dividend per Share | 7,015.23 | 7,015.23 | 7,015.23 |
| (+) Excess Retained per Share | 1,790.35 | 2,615.87 | 3,166.22 |
| (=) Adjusted Dividend | 8,805.58 | 9,631.10 | 10,181.45 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 0.81% | 1.81% | 2.81% |
| Fair Value | $156,616.69 | $210,057.74 | $285,373.70 |
| Upside / Downside | 77.17% | 137.62% | 222.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 19,723.24 | 20,081.16 | 20,445.58 | 20,816.61 | 21,194.38 | 21,579.00 | 22,226.37 |
| Payout Ratio | 63.73% | 68.99% | 74.24% | 79.49% | 84.75% | 90.00% | 92.50% |
| Projected Dividends (M) | 12,570.48 | 13,853.49 | 15,178.93 | 16,547.91 | 17,961.57 | 19,421.10 | 20,559.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 0.81% | 1.81% | 2.81% |
| Year 1 PV (M) | 12,882.28 | 13,010.06 | 13,137.84 |
| Year 2 PV (M) | 13,125.26 | 13,386.94 | 13,651.19 |
| Year 3 PV (M) | 13,305.87 | 13,705.76 | 14,113.59 |
| Year 4 PV (M) | 13,430.06 | 13,970.91 | 14,527.92 |
| Year 5 PV (M) | 13,503.33 | 14,186.46 | 14,896.96 |
| PV of Terminal Value (M) | 410,425.69 | 431,188.98 | 452,784.22 |
| Equity Value (M) | 476,672.50 | 499,449.11 | 523,111.73 |
| Shares Outstanding (M) | 1.79 | 1.79 | 1.79 |
| Fair Value | $266,017.35 | $278,728.33 | $291,933.76 |
| Upside / Downside | 200.92% | 215.30% | 230.24% |
| 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% |