Definitive Analysis
| Stable Growth | $680.64 - $1,235.96 | $911.65 |
| Multi-Stage | $996.28 - $1,091.43 | $1,042.96 |
| Blended Fair Value | $977.30 | |
| Current Price | $496.00 | |
| Upside | 97.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.47% | 18.82% | 33.48 | 31.04 | 20.58 | 32.13 | 18.05 | 28.23 | 22.73 | 16.41 | 15.34 | 15.92 |
| YoY Growth | - | - | 7.86% | 50.85% | -35.96% | 77.96% | -36.04% | 24.20% | 38.49% | 6.95% | -3.59% | 166.67% |
| Dividend Yield | - | - | 6.70% | 3.41% | 4.30% | 3.13% | 1.18% | 2.17% | 1.26% | 1.23% | 1.86% | 1.78% |
| Net Income To Common (M) | 819,151.31 |
| (-) Cash Dividends Paid (M) | 573,533.06 |
| (=) Cash Retained (M) | 245,618.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 163,830.26 | 102,393.91 | 61,436.35 |
| Cash Retained (M) | 245,618.26 | 245,618.26 | 245,618.26 |
| (-) Cash Required (M) | -163,830.26 | -102,393.91 | -61,436.35 |
| (=) Excess Retained (M) | 81,788.00 | 143,224.34 | 184,181.91 |
| (/) Shares Outstanding (M) | 17,131.49 | 17,131.49 | 17,131.49 |
| (=) Excess Retained per Share | 4.77 | 8.36 | 10.75 |
| LTM Dividend per Share | 33.48 | 33.48 | 33.48 |
| (+) Excess Retained per Share | 4.77 | 8.36 | 10.75 |
| (=) Adjusted Dividend | 38.25 | 41.84 | 44.23 |
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Fair Value | $680.64 | $911.65 | $1,235.96 |
| Upside / Downside | 37.23% | 83.80% | 149.19% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 819,151.31 | 839,397.55 | 860,144.19 | 881,403.61 | 903,188.48 | 925,511.78 | 953,277.14 |
| Payout Ratio | 70.02% | 74.01% | 78.01% | 82.01% | 86.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 573,533.06 | 621,258.41 | 670,992.57 | 722,805.68 | 776,770.13 | 832,960.61 | 881,781.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 1.47% | 2.47% | 3.47% |
| Year 1 PV (M) | 574,013.68 | 579,670.57 | 585,327.46 |
| Year 2 PV (M) | 572,819.30 | 584,165.17 | 595,622.30 |
| Year 3 PV (M) | 570,126.79 | 587,149.21 | 604,507.12 |
| Year 4 PV (M) | 566,098.99 | 588,746.60 | 612,067.05 |
| Year 5 PV (M) | 560,885.60 | 589,073.29 | 618,383.03 |
| PV of Terminal Value (M) | 14,223,863.22 | 14,938,693.27 | 15,681,978.16 |
| Equity Value (M) | 17,067,807.58 | 17,867,498.10 | 18,697,885.12 |
| Shares Outstanding (M) | 17,131.49 | 17,131.49 | 17,131.49 |
| Fair Value | $996.28 | $1,042.96 | $1,091.43 |
| Upside / Downside | 100.86% | 110.27% | 120.05% |
| 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% |