Definitive Analysis
| Stable Growth | $169,089.08 - $401,952.39 | $249,672.94 |
| Multi-Stage | $187,753.63 - $205,332.32 | $196,380.31 |
| Blended Fair Value | $223,026.62 | |
| Current Price | $93,300.00 | |
| Upside | 139.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.15% | 0.00% | 5,464.34 | 5,525.18 | 5,482.65 | 4,601.54 | 3,987.17 | 4,251.48 | 3,682.84 | 1,795.06 | 1,764.15 | 696.62 |
| YoY Growth | - | - | -1.10% | 0.78% | 19.15% | 15.41% | -6.22% | 15.44% | 105.17% | 1.75% | 153.24% | 0.00% |
| Dividend Yield | - | - | 5.86% | 5.39% | 4.71% | 3.71% | 3.13% | 4.54% | 3.14% | 1.97% | 2.11% | 0.78% |
| Net Income To Common (M) | 6,837.83 |
| (-) Cash Dividends Paid (M) | 5,784.41 |
| (=) Cash Retained (M) | 1,053.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,367.57 | 854.73 | 512.84 |
| Cash Retained (M) | 1,053.42 | 1,053.42 | 1,053.42 |
| (-) Cash Required (M) | -1,367.57 | -854.73 | -512.84 |
| (=) Excess Retained (M) | -314.15 | 198.69 | 540.58 |
| (/) Shares Outstanding (M) | 0.84 | 0.84 | 0.84 |
| (=) Excess Retained per Share | -373.45 | 236.20 | 642.63 |
| LTM Dividend per Share | 6,876.39 | 6,876.39 | 6,876.39 |
| (+) Excess Retained per Share | -373.45 | 236.20 | 642.63 |
| (=) Adjusted Dividend | 6,502.94 | 7,112.59 | 7,519.02 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 3.15% | 4.15% | 5.15% |
| Fair Value | $169,089.08 | $249,672.94 | $401,952.39 |
| Upside / Downside | 81.23% | 167.60% | 330.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,837.83 | 7,121.43 | 7,416.80 | 7,724.42 | 8,044.80 | 8,378.47 | 8,629.83 |
| Payout Ratio | 84.59% | 85.68% | 86.76% | 87.84% | 88.92% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,784.41 | 6,101.32 | 6,434.56 | 6,784.96 | 7,153.35 | 7,540.62 | 7,982.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 3.15% | 4.15% | 5.15% |
| Year 1 PV (M) | 5,641.37 | 5,696.07 | 5,750.76 |
| Year 2 PV (M) | 5,501.00 | 5,608.18 | 5,716.40 |
| Year 3 PV (M) | 5,363.29 | 5,520.80 | 5,681.36 |
| Year 4 PV (M) | 5,228.24 | 5,433.95 | 5,645.68 |
| Year 5 PV (M) | 5,095.83 | 5,347.68 | 5,609.39 |
| PV of Terminal Value (M) | 131,108.39 | 137,588.19 | 144,321.70 |
| Equity Value (M) | 157,938.12 | 165,194.87 | 172,725.29 |
| Shares Outstanding (M) | 0.84 | 0.84 | 0.84 |
| Fair Value | $187,753.63 | $196,380.31 | $205,332.32 |
| Upside / Downside | 101.24% | 110.48% | 120.08% |
| 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% |