Definitive Analysis
| Stable Growth | $17,908.14 - $77,975.36 | $43,093.39 |
| Multi-Stage | $9,247.13 - $10,107.56 | $9,669.51 |
| Blended Fair Value | $26,381.45 | |
| Current Price | $3,070.00 | |
| Upside | 759.33% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.25% | 12.18% | 207.15 | 88.11 | 63.47 | 63.74 | 63.33 | 72.83 | 72.38 | 62.95 | 59.13 | 56.38 |
| YoY Growth | - | - | 135.09% | 38.82% | -0.42% | 0.64% | -13.05% | 0.63% | 14.98% | 6.47% | 4.87% | -14.11% |
| Dividend Yield | - | - | 7.17% | 2.28% | 2.23% | 3.85% | 3.89% | 4.47% | 3.58% | 2.41% | 2.39% | 2.67% |
| Net Income To Common (M) | 7,231.68 |
| (-) Cash Dividends Paid (M) | 3,592.38 |
| (=) Cash Retained (M) | 3,639.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,446.34 | 903.96 | 542.38 |
| Cash Retained (M) | 3,639.30 | 3,639.30 | 3,639.30 |
| (-) Cash Required (M) | -1,446.34 | -903.96 | -542.38 |
| (=) Excess Retained (M) | 2,192.97 | 2,735.34 | 3,096.93 |
| (/) Shares Outstanding (M) | 18.44 | 18.44 | 18.44 |
| (=) Excess Retained per Share | 118.90 | 148.30 | 167.91 |
| LTM Dividend per Share | 194.77 | 194.77 | 194.77 |
| (+) Excess Retained per Share | 118.90 | 148.30 | 167.91 |
| (=) Adjusted Dividend | 313.67 | 343.07 | 362.68 |
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $17,908.14 | $43,093.39 | $77,975.36 |
| Upside / Downside | 483.33% | 1,303.69% | 2,439.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,231.68 | 7,701.74 | 8,202.35 | 8,735.51 | 9,303.31 | 9,908.03 | 10,205.27 |
| Payout Ratio | 49.68% | 57.74% | 65.81% | 73.87% | 81.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,592.38 | 4,447.02 | 5,397.59 | 6,452.94 | 7,622.68 | 8,917.23 | 9,439.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 4,103.73 | 4,142.63 | 4,181.52 |
| Year 2 PV (M) | 4,596.41 | 4,683.96 | 4,772.33 |
| Year 3 PV (M) | 5,070.91 | 5,216.48 | 5,364.80 |
| Year 4 PV (M) | 5,527.71 | 5,740.29 | 5,958.95 |
| Year 5 PV (M) | 5,967.29 | 6,255.51 | 6,554.77 |
| PV of Terminal Value (M) | 145,290.77 | 152,308.36 | 159,594.54 |
| Equity Value (M) | 170,556.82 | 178,347.23 | 186,426.92 |
| Shares Outstanding (M) | 18.44 | 18.44 | 18.44 |
| Fair Value | $9,247.13 | $9,669.51 | $10,107.56 |
| Upside / Downside | 201.21% | 214.97% | 229.24% |
| 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% |