Definitive Analysis
| Stable Growth | $1,071.52 - $1,511.68 | $1,289.52 |
| Multi-Stage | $3,074.62 - $3,393.70 | $3,230.92 |
| Blended Fair Value | $2,260.22 | |
| Current Price | $1,165.00 | |
| Upside | 94.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -6.71% | -2.60% | 53.00 | 34.00 | 27.00 | 16.00 | 54.00 | 74.99 | 80.99 | 73.99 | 119.99 | 76.99 |
| YoY Growth | - | - | 55.88% | 25.92% | 68.75% | -70.37% | -28.00% | -7.41% | 9.46% | -38.33% | 55.84% | 11.59% |
| Dividend Yield | - | - | 6.46% | 4.00% | 2.83% | 1.84% | 6.71% | 9.20% | 5.83% | 4.71% | 6.22% | 4.02% |
| Net Income To Common (M) | 235,362.00 |
| (-) Cash Dividends Paid (M) | 133,529.00 |
| (=) Cash Retained (M) | 101,833.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 47,072.40 | 29,420.25 | 17,652.15 |
| Cash Retained (M) | 101,833.00 | 101,833.00 | 101,833.00 |
| (-) Cash Required (M) | -47,072.40 | -29,420.25 | -17,652.15 |
| (=) Excess Retained (M) | 54,760.60 | 72,412.75 | 84,180.85 |
| (/) Shares Outstanding (M) | 1,348.89 | 1,348.89 | 1,348.89 |
| (=) Excess Retained per Share | 40.60 | 53.68 | 62.41 |
| LTM Dividend per Share | 98.99 | 98.99 | 98.99 |
| (+) Excess Retained per Share | 40.60 | 53.68 | 62.41 |
| (=) Adjusted Dividend | 139.59 | 152.67 | 161.40 |
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | -5.82% | -4.82% | -3.82% |
| Fair Value | $1,071.52 | $1,289.52 | $1,511.68 |
| Upside / Downside | -8.02% | 10.69% | 29.76% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 235,362.00 | 224,014.12 | 213,213.37 | 202,933.37 | 193,149.02 | 183,836.42 | 189,351.51 |
| Payout Ratio | 56.73% | 63.39% | 70.04% | 76.69% | 83.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 133,529.00 | 141,995.30 | 149,334.80 | 155,636.47 | 160,983.32 | 165,452.78 | 175,150.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | -5.82% | -4.82% | -3.82% |
| Year 1 PV (M) | 131,993.34 | 133,394.86 | 134,796.38 |
| Year 2 PV (M) | 129,037.84 | 131,792.67 | 134,576.59 |
| Year 3 PV (M) | 125,010.20 | 129,034.75 | 133,144.77 |
| Year 4 PV (M) | 120,196.82 | 125,383.77 | 130,736.81 |
| Year 5 PV (M) | 114,832.33 | 121,059.70 | 127,554.36 |
| PV of Terminal Value (M) | 3,526,257.88 | 3,717,487.32 | 3,916,924.52 |
| Equity Value (M) | 4,147,328.40 | 4,358,153.06 | 4,577,733.44 |
| Shares Outstanding (M) | 1,348.89 | 1,348.89 | 1,348.89 |
| Fair Value | $3,074.62 | $3,230.92 | $3,393.70 |
| Upside / Downside | 163.92% | 177.33% | 191.30% |
| 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% |