Definitive Analysis
| Stable Growth | $338.39 - $1,383.94 | $580.16 |
| Multi-Stage | $271.03 - $296.00 | $283.29 |
| Blended Fair Value | $431.72 | |
| Current Price | $85.44 | |
| Upside | 405.29% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.83% | 8.23% | 6.13 | 8.80 | 6.20 | 2.03 | 2.71 | 3.84 | 4.26 | 3.77 | 3.44 | 3.11 |
| YoY Growth | - | - | -30.37% | 41.89% | 205.43% | -25.01% | -29.37% | -10.04% | 13.17% | 9.57% | 10.64% | 11.78% |
| Dividend Yield | - | - | 8.32% | 8.25% | 6.15% | 2.58% | 3.06% | 8.14% | 6.12% | 4.27% | 4.02% | 3.85% |
| Net Income To Common (M) | 7,020.00 |
| (-) Cash Dividends Paid (M) | 6,430.00 |
| (=) Cash Retained (M) | 590.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,404.00 | 877.50 | 526.50 |
| Cash Retained (M) | 590.00 | 590.00 | 590.00 |
| (-) Cash Required (M) | -1,404.00 | -877.50 | -526.50 |
| (=) Excess Retained (M) | -814.00 | -287.50 | 63.50 |
| (/) Shares Outstanding (M) | 616.94 | 616.94 | 616.94 |
| (=) Excess Retained per Share | -1.32 | -0.47 | 0.10 |
| LTM Dividend per Share | 10.42 | 10.42 | 10.42 |
| (+) Excess Retained per Share | -1.32 | -0.47 | 0.10 |
| (=) Adjusted Dividend | 9.10 | 9.96 | 10.53 |
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 4.44% | 5.44% | 6.44% |
| Fair Value | $338.39 | $580.16 | $1,383.94 |
| Upside / Downside | 296.06% | 579.03% | 1,519.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,020.00 | 7,401.94 | 7,804.66 | 8,229.29 | 8,677.03 | 9,149.12 | 9,423.60 |
| Payout Ratio | 91.60% | 91.28% | 90.96% | 90.64% | 90.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,430.00 | 6,756.22 | 7,098.91 | 7,458.88 | 7,837.01 | 8,234.21 | 8,716.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.25% | 7.25% | 7.25% |
| Growth Rate | 4.44% | 5.44% | 6.44% |
| Year 1 PV (M) | 6,239.75 | 6,299.49 | 6,359.24 |
| Year 2 PV (M) | 6,055.05 | 6,171.56 | 6,289.17 |
| Year 3 PV (M) | 5,875.75 | 6,046.15 | 6,219.81 |
| Year 4 PV (M) | 5,701.68 | 5,923.21 | 6,151.13 |
| Year 5 PV (M) | 5,532.71 | 5,802.70 | 6,083.13 |
| PV of Terminal Value (M) | 137,802.75 | 144,527.47 | 151,512.20 |
| Equity Value (M) | 167,207.68 | 174,770.57 | 182,614.67 |
| Shares Outstanding (M) | 616.94 | 616.94 | 616.94 |
| Fair Value | $271.03 | $283.29 | $296.00 |
| Upside / Downside | 217.21% | 231.56% | 246.44% |
| 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% |