Definitive Analysis
| Stable Growth | $8,172.54 - $11,687.23 | $9,895.95 |
| Multi-Stage | $21,779.30 - $24,013.30 | $22,873.82 |
| Blended Fair Value | $16,384.88 | |
| Current Price | $8,925.00 | |
| Upside | 83.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.37% | -9.71% | 972.04 | 803.03 | 607.02 | 513.02 | 1,054.54 | 908.04 | 704.53 | 505.02 | 332.51 | 396.02 |
| YoY Growth | - | - | 21.05% | 32.29% | 18.32% | -51.35% | 16.13% | 28.89% | 39.50% | 51.88% | -16.04% | -85.33% |
| Dividend Yield | - | - | 10.57% | 5.90% | 5.92% | 5.98% | 12.67% | 12.66% | 6.65% | 8.28% | 4.84% | 12.24% |
| Net Income To Common (M) | 1,230,852.00 |
| (-) Cash Dividends Paid (M) | 703,000.00 |
| (=) Cash Retained (M) | 527,852.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 246,170.40 | 153,856.50 | 92,313.90 |
| Cash Retained (M) | 527,852.00 | 527,852.00 | 527,852.00 |
| (-) Cash Required (M) | -246,170.40 | -153,856.50 | -92,313.90 |
| (=) Excess Retained (M) | 281,681.60 | 373,995.50 | 435,538.10 |
| (/) Shares Outstanding (M) | 999.96 | 999.96 | 999.96 |
| (=) Excess Retained per Share | 281.69 | 374.01 | 435.56 |
| LTM Dividend per Share | 703.03 | 703.03 | 703.03 |
| (+) Excess Retained per Share | 281.69 | 374.01 | 435.56 |
| (=) Adjusted Dividend | 984.72 | 1,077.04 | 1,138.58 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -4.86% | -3.86% | -2.86% |
| Fair Value | $8,172.54 | $9,895.95 | $11,687.23 |
| Upside / Downside | -8.43% | 10.88% | 30.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,230,852.00 | 1,183,311.67 | 1,137,607.54 | 1,093,668.67 | 1,051,426.90 | 1,010,816.67 | 1,041,141.17 |
| Payout Ratio | 57.11% | 63.69% | 70.27% | 76.85% | 83.42% | 90.00% | 92.50% |
| Projected Dividends (M) | 703,000.00 | 753,674.01 | 799,384.82 | 840,440.23 | 877,131.67 | 909,735.01 | 963,055.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -4.86% | -3.86% | -2.86% |
| Year 1 PV (M) | 699,651.41 | 707,005.51 | 714,359.61 |
| Year 2 PV (M) | 688,893.76 | 703,451.92 | 718,162.31 |
| Year 3 PV (M) | 672,359.23 | 693,784.55 | 715,660.26 |
| Year 4 PV (M) | 651,414.63 | 679,237.80 | 707,942.88 |
| Year 5 PV (M) | 627,199.64 | 660,862.67 | 695,955.84 |
| PV of Terminal Value (M) | 18,438,906.33 | 19,428,558.50 | 20,460,255.01 |
| Equity Value (M) | 21,778,425.00 | 22,872,900.96 | 24,012,335.90 |
| Shares Outstanding (M) | 999.96 | 999.96 | 999.96 |
| Fair Value | $21,779.30 | $22,873.82 | $24,013.30 |
| Upside / Downside | 144.03% | 156.29% | 169.06% |
| 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% |