Definitive Analysis
| Stable Growth | $409.38 - $666.28 | $524.43 |
| Multi-Stage | $490.95 - $538.11 | $514.09 |
| Blended Fair Value | $519.26 | |
| Current Price | $491.25 | |
| Upside | 5.70% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.64% | 3.03% | 5.77 | 5.53 | 5.37 | 5.14 | 5.00 | 5.07 | 5.09 | 4.94 | 4.82 | 4.68 |
| YoY Growth | - | - | 4.36% | 3.00% | 4.50% | 2.82% | -1.39% | -0.40% | 3.05% | 2.51% | 3.01% | 9.15% |
| Dividend Yield | - | - | 1.19% | 1.27% | 1.75% | 1.71% | 2.15% | 4.95% | 3.83% | 3.34% | 3.71% | 4.97% |
| Net Income To Common (M) | 3,626.00 |
| (-) Cash Dividends Paid (M) | 591.00 |
| (=) Cash Retained (M) | 3,035.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 725.20 | 453.25 | 271.95 |
| Cash Retained (M) | 3,035.00 | 3,035.00 | 3,035.00 |
| (-) Cash Required (M) | -725.20 | -453.25 | -271.95 |
| (=) Excess Retained (M) | 2,309.80 | 2,581.75 | 2,763.05 |
| (/) Shares Outstanding (M) | 99.45 | 99.45 | 99.45 |
| (=) Excess Retained per Share | 23.23 | 25.96 | 27.78 |
| LTM Dividend per Share | 5.94 | 5.94 | 5.94 |
| (+) Excess Retained per Share | 23.23 | 25.96 | 27.78 |
| (=) Adjusted Dividend | 29.17 | 31.90 | 33.73 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.84% | 2.84% | 3.84% |
| Fair Value | $409.38 | $524.43 | $666.28 |
| Upside / Downside | -16.67% | 6.75% | 35.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,626.00 | 3,729.04 | 3,835.01 | 3,943.99 | 4,056.07 | 4,171.33 | 4,296.47 |
| Payout Ratio | 16.30% | 31.04% | 45.78% | 60.52% | 75.26% | 90.00% | 92.50% |
| Projected Dividends (M) | 591.00 | 1,157.46 | 1,755.64 | 2,386.89 | 3,052.59 | 3,754.20 | 3,974.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.84% | 2.84% | 3.84% |
| Year 1 PV (M) | 1,050.62 | 1,060.94 | 1,071.26 |
| Year 2 PV (M) | 1,446.49 | 1,475.04 | 1,503.86 |
| Year 3 PV (M) | 1,785.05 | 1,838.15 | 1,892.30 |
| Year 4 PV (M) | 2,072.18 | 2,154.77 | 2,239.81 |
| Year 5 PV (M) | 2,313.21 | 2,429.03 | 2,549.45 |
| PV of Terminal Value (M) | 40,157.29 | 42,167.95 | 44,258.34 |
| Equity Value (M) | 48,824.85 | 51,125.88 | 53,515.02 |
| Shares Outstanding (M) | 99.45 | 99.45 | 99.45 |
| Fair Value | $490.95 | $514.09 | $538.11 |
| Upside / Downside | -0.06% | 4.65% | 9.54% |
| 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% |