Definitive Analysis
| Stable Growth | $133.82 - $209.96 | $168.78 |
| Multi-Stage | $171.38 - $188.05 | $179.56 |
| Blended Fair Value | $174.17 | |
| Current Price | $69.49 | |
| Upside | 150.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.60% | 14.72% | 0.85 | 0.80 | 0.69 | 0.64 | 0.48 | 0.45 | 0.29 | 0.25 | 0.25 | 0.26 |
| YoY Growth | - | - | 6.55% | 15.66% | 8.79% | 32.85% | 6.20% | 55.42% | 15.60% | -1.24% | -3.32% | 21.68% |
| Dividend Yield | - | - | 1.23% | 0.89% | 0.82% | 0.98% | 0.82% | 1.14% | 0.78% | 0.70% | 0.72% | 0.96% |
| Net Income To Common (M) | 3,811.00 |
| (-) Cash Dividends Paid (M) | 361.00 |
| (=) Cash Retained (M) | 3,450.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 762.20 | 476.38 | 285.83 |
| Cash Retained (M) | 3,450.00 | 3,450.00 | 3,450.00 |
| (-) Cash Required (M) | -762.20 | -476.38 | -285.83 |
| (=) Excess Retained (M) | 2,687.80 | 2,973.63 | 3,164.18 |
| (/) Shares Outstanding (M) | 285.98 | 285.98 | 285.98 |
| (=) Excess Retained per Share | 9.40 | 10.40 | 11.06 |
| LTM Dividend per Share | 1.26 | 1.26 | 1.26 |
| (+) Excess Retained per Share | 9.40 | 10.40 | 11.06 |
| (=) Adjusted Dividend | 10.66 | 11.66 | 12.33 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.05% | 2.05% | 3.05% |
| Fair Value | $133.82 | $168.78 | $209.96 |
| Upside / Downside | 92.58% | 142.89% | 202.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,811.00 | 3,889.05 | 3,968.71 | 4,049.99 | 4,132.94 | 4,217.58 | 4,344.11 |
| Payout Ratio | 9.47% | 25.58% | 41.68% | 57.79% | 73.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 361.00 | 994.74 | 1,654.30 | 2,340.45 | 3,054.01 | 3,795.83 | 4,018.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.05% | 2.05% | 3.05% |
| Year 1 PV (M) | 902.86 | 911.79 | 920.72 |
| Year 2 PV (M) | 1,362.78 | 1,389.89 | 1,417.26 |
| Year 3 PV (M) | 1,749.92 | 1,802.39 | 1,855.90 |
| Year 4 PV (M) | 2,072.51 | 2,155.78 | 2,241.53 |
| Year 5 PV (M) | 2,337.97 | 2,455.97 | 2,578.68 |
| PV of Terminal Value (M) | 40,587.05 | 42,635.50 | 44,765.83 |
| Equity Value (M) | 49,013.09 | 51,351.31 | 53,779.92 |
| Shares Outstanding (M) | 285.98 | 285.98 | 285.98 |
| Fair Value | $171.38 | $179.56 | $188.05 |
| Upside / Downside | 146.63% | 158.40% | 170.62% |
| 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% |