Definitive Analysis
| Stable Growth | $1,502.19 - $2,584.56 | $1,969.11 |
| Multi-Stage | $2,722.91 - $2,985.65 | $2,851.78 |
| Blended Fair Value | $2,410.44 | |
| Current Price | $1,702.00 | |
| Upside | 41.62% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.59% | 14.82% | 106.60 | 167.66 | 173.72 | 79.25 | 70.04 | 128.01 | 57.83 | 44.78 | 46.95 | 46.46 |
| YoY Growth | - | - | -36.42% | -3.49% | 119.19% | 13.16% | -45.29% | 121.37% | 29.13% | -4.63% | 1.06% | 73.58% |
| Dividend Yield | - | - | 6.06% | 8.50% | 7.80% | 4.16% | 4.71% | 10.76% | 4.26% | 2.88% | 3.72% | 5.21% |
| Net Income To Common (M) | 1,669.33 |
| (-) Cash Dividends Paid (M) | 1,466.26 |
| (=) Cash Retained (M) | 203.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 333.87 | 208.67 | 125.20 |
| Cash Retained (M) | 203.08 | 203.08 | 203.08 |
| (-) Cash Required (M) | -333.87 | -208.67 | -125.20 |
| (=) Excess Retained (M) | -130.79 | -5.59 | 77.88 |
| (/) Shares Outstanding (M) | 14.02 | 14.02 | 14.02 |
| (=) Excess Retained per Share | -9.33 | -0.40 | 5.55 |
| LTM Dividend per Share | 104.55 | 104.55 | 104.55 |
| (+) Excess Retained per Share | -9.33 | -0.40 | 5.55 |
| (=) Adjusted Dividend | 95.22 | 104.15 | 110.10 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.30% | 1.30% | 2.30% |
| Fair Value | $1,502.19 | $1,969.11 | $2,584.56 |
| Upside / Downside | -11.74% | 15.69% | 51.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,669.33 | 1,691.02 | 1,713.00 | 1,735.26 | 1,757.81 | 1,780.65 | 1,834.07 |
| Payout Ratio | 87.83% | 88.27% | 88.70% | 89.13% | 89.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,466.26 | 1,492.63 | 1,519.45 | 1,546.70 | 1,574.41 | 1,602.58 | 1,696.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.30% | 1.30% | 2.30% |
| Year 1 PV (M) | 1,385.65 | 1,399.46 | 1,413.28 |
| Year 2 PV (M) | 1,309.44 | 1,335.68 | 1,362.19 |
| Year 3 PV (M) | 1,237.40 | 1,274.78 | 1,312.91 |
| Year 4 PV (M) | 1,169.29 | 1,216.62 | 1,265.38 |
| Year 5 PV (M) | 1,104.90 | 1,161.09 | 1,219.55 |
| PV of Terminal Value (M) | 31,981.37 | 33,607.78 | 35,299.69 |
| Equity Value (M) | 38,188.06 | 39,995.42 | 41,872.98 |
| Shares Outstanding (M) | 14.02 | 14.02 | 14.02 |
| Fair Value | $2,722.91 | $2,851.78 | $2,985.65 |
| Upside / Downside | 59.98% | 67.55% | 75.42% |
| 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% |