Definitive Analysis
| Stable Growth | $69.53 - $184.43 | $106.31 |
| Multi-Stage | $50.84 - $55.36 | $53.06 |
| Blended Fair Value | $79.69 | |
| Current Price | $45.10 | |
| Upside | 76.69% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.66% | 7.33% | 2.39 | 2.33 | 2.27 | 2.16 | 2.00 | 1.31 | 1.28 | 1.26 | 1.25 | 1.22 |
| YoY Growth | - | - | 2.51% | 2.37% | 5.41% | 7.88% | 52.11% | 2.53% | 1.40% | 1.18% | 2.83% | 3.29% |
| Dividend Yield | - | - | 3.91% | 4.39% | 3.28% | 2.95% | 3.17% | 2.36% | 2.72% | 2.00% | 2.30% | 1.90% |
| Net Income To Common (M) | 6,039.00 |
| (-) Cash Dividends Paid (M) | 5,001.00 |
| (=) Cash Retained (M) | 1,038.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,207.80 | 754.88 | 452.93 |
| Cash Retained (M) | 1,038.00 | 1,038.00 | 1,038.00 |
| (-) Cash Required (M) | -1,207.80 | -754.88 | -452.93 |
| (=) Excess Retained (M) | -169.80 | 283.13 | 585.08 |
| (/) Shares Outstanding (M) | 2,037.49 | 2,037.49 | 2,037.49 |
| (=) Excess Retained per Share | -0.08 | 0.14 | 0.29 |
| LTM Dividend per Share | 2.45 | 2.45 | 2.45 |
| (+) Excess Retained per Share | -0.08 | 0.14 | 0.29 |
| (=) Adjusted Dividend | 2.37 | 2.59 | 2.74 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $69.53 | $106.31 | $184.43 |
| Upside / Downside | 54.16% | 135.73% | 308.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,039.00 | 6,431.54 | 6,849.58 | 7,294.81 | 7,768.97 | 8,273.95 | 8,522.17 |
| Payout Ratio | 82.81% | 84.25% | 85.69% | 87.12% | 88.56% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,001.00 | 5,418.53 | 5,869.21 | 6,355.58 | 6,880.38 | 7,446.56 | 7,883.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 4,920.03 | 4,966.66 | 5,013.30 |
| Year 2 PV (M) | 4,838.95 | 4,931.12 | 5,024.16 |
| Year 3 PV (M) | 4,757.88 | 4,894.46 | 5,033.63 |
| Year 4 PV (M) | 4,676.89 | 4,856.75 | 5,041.74 |
| Year 5 PV (M) | 4,596.06 | 4,818.05 | 5,048.54 |
| PV of Terminal Value (M) | 79,787.51 | 83,641.28 | 87,642.54 |
| Equity Value (M) | 103,577.32 | 108,108.32 | 112,803.91 |
| Shares Outstanding (M) | 2,037.49 | 2,037.49 | 2,037.49 |
| Fair Value | $50.84 | $53.06 | $55.36 |
| Upside / Downside | 12.72% | 17.65% | 22.76% |
| 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% |