Definitive Analysis
| Stable Growth | $1,139,759.10 - $2,639,774.29 | $2,473,855.11 |
| Multi-Stage | $397,681.51 - $434,905.64 | $415,953.05 |
| Blended Fair Value | $1,444,904.08 | |
| Current Price | $107,500.00 | |
| Upside | 1,244.10% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.05% | 0.00% | 6,626.82 | 6,218.96 | 5,216.64 | 4,251.77 | 4,172.06 | 3,588.68 | 3,001.11 | 2,457.84 | 0.00 | 0.00 |
| YoY Growth | - | - | 6.56% | 19.21% | 22.69% | 1.91% | 16.26% | 19.58% | 22.10% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.31% | 5.10% | 3.99% | 3.22% | 3.76% | 2.77% | 2.88% | 2.20% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,391.51 |
| (-) Cash Dividends Paid (M) | 2,133.46 |
| (=) Cash Retained (M) | 1,258.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 678.30 | 423.94 | 254.36 |
| Cash Retained (M) | 1,258.05 | 1,258.05 | 1,258.05 |
| (-) Cash Required (M) | -678.30 | -423.94 | -254.36 |
| (=) Excess Retained (M) | 579.75 | 834.11 | 1,003.69 |
| (/) Shares Outstanding (M) | 0.26 | 0.26 | 0.26 |
| (=) Excess Retained per Share | 2,269.00 | 3,264.51 | 3,928.19 |
| LTM Dividend per Share | 8,349.83 | 8,349.83 | 8,349.83 |
| (+) Excess Retained per Share | 2,269.00 | 3,264.51 | 3,928.19 |
| (=) Adjusted Dividend | 10,618.83 | 11,614.34 | 12,278.02 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,139,759.10 | $2,473,855.11 | $2,639,774.29 |
| Upside / Downside | 960.24% | 2,201.26% | 2,355.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,391.51 | 3,611.96 | 3,846.74 | 4,096.77 | 4,363.06 | 4,646.66 | 4,786.06 |
| Payout Ratio | 62.91% | 68.32% | 73.74% | 79.16% | 84.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,133.46 | 2,467.86 | 2,836.72 | 3,243.10 | 3,690.33 | 4,182.00 | 4,427.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,295.85 | 2,317.61 | 2,339.37 |
| Year 2 PV (M) | 2,455.06 | 2,501.82 | 2,549.02 |
| Year 3 PV (M) | 2,611.14 | 2,686.09 | 2,762.47 |
| Year 4 PV (M) | 2,764.12 | 2,870.42 | 2,979.76 |
| Year 5 PV (M) | 2,914.06 | 3,054.81 | 3,200.95 |
| PV of Terminal Value (M) | 88,571.08 | 92,849.10 | 97,290.84 |
| Equity Value (M) | 101,611.31 | 106,279.85 | 111,122.41 |
| Shares Outstanding (M) | 0.26 | 0.26 | 0.26 |
| Fair Value | $397,681.51 | $415,953.05 | $434,905.64 |
| Upside / Downside | 269.94% | 286.93% | 304.56% |
| 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% |