Definitive Analysis
| Stable Growth | $120.05 - $231.05 | $164.44 |
| Multi-Stage | $110.06 - $120.46 | $115.17 |
| Blended Fair Value | $139.80 | |
| Current Price | $255.46 | |
| Upside | -45.27% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.83% | 2.92% | 1.03 | 1.01 | 1.00 | 0.99 | 0.96 | 0.94 | 0.94 | 0.91 | 0.85 | 0.81 |
| YoY Growth | - | - | 1.23% | 1.39% | 1.24% | 2.59% | 2.74% | -0.27% | 2.97% | 7.39% | 5.09% | 5.09% |
| Dividend Yield | - | - | 0.40% | 0.40% | 0.52% | 0.66% | 0.55% | 0.71% | 1.30% | 2.33% | 2.01% | 2.87% |
| Net Income To Common (M) | 112,010.00 |
| (-) Cash Dividends Paid (M) | 15,421.00 |
| (=) Cash Retained (M) | 96,589.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 22,402.00 | 14,001.25 | 8,400.75 |
| Cash Retained (M) | 96,589.00 | 96,589.00 | 96,589.00 |
| (-) Cash Required (M) | -22,402.00 | -14,001.25 | -8,400.75 |
| (=) Excess Retained (M) | 74,187.00 | 82,587.75 | 88,188.25 |
| (/) Shares Outstanding (M) | 15,039.97 | 15,039.97 | 15,039.97 |
| (=) Excess Retained per Share | 4.93 | 5.49 | 5.86 |
| LTM Dividend per Share | 1.03 | 1.03 | 1.03 |
| (+) Excess Retained per Share | 4.93 | 5.49 | 5.86 |
| (=) Adjusted Dividend | 5.96 | 6.52 | 6.89 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.94% | 4.94% | 5.94% |
| Fair Value | $120.05 | $164.44 | $231.05 |
| Upside / Downside | -53.01% | -35.63% | -9.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 112,010.00 | 117,542.61 | 123,348.51 | 129,441.17 | 135,834.78 | 142,544.19 | 146,820.52 |
| Payout Ratio | 13.77% | 29.01% | 44.26% | 59.51% | 74.75% | 90.00% | 92.50% |
| Projected Dividends (M) | 15,421.00 | 34,103.83 | 54,594.68 | 77,026.57 | 101,541.26 | 128,289.77 | 135,808.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.94% | 4.94% | 5.94% |
| Year 1 PV (M) | 30,961.93 | 31,259.82 | 31,557.70 |
| Year 2 PV (M) | 44,998.70 | 45,868.73 | 46,747.09 |
| Year 3 PV (M) | 57,638.82 | 59,318.50 | 61,030.51 |
| Year 4 PV (M) | 68,982.97 | 71,676.27 | 74,447.67 |
| Year 5 PV (M) | 79,125.46 | 83,005.73 | 87,036.77 |
| PV of Terminal Value (M) | 1,373,615.76 | 1,440,977.24 | 1,510,955.89 |
| Equity Value (M) | 1,655,323.64 | 1,732,106.30 | 1,811,775.63 |
| Shares Outstanding (M) | 15,039.97 | 15,039.97 | 15,039.97 |
| Fair Value | $110.06 | $115.17 | $120.46 |
| Upside / Downside | -56.92% | -54.92% | -52.84% |
| 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% |