Definitive Analysis
| Stable Growth | $352.71 - $671.42 | $481.12 |
| Multi-Stage | $305.76 - $334.71 | $319.97 |
| Blended Fair Value | $400.54 | |
| Current Price | $86.45 | |
| Upside | 363.32% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.70% | 0.00% | 0.74 | 0.75 | 0.57 | 0.00 | 0.09 | 0.34 | 0.29 | 0.13 | 0.00 | 0.00 |
| YoY Growth | - | - | -1.49% | 32.07% | 0.00% | -100.00% | -73.03% | 17.06% | 119.12% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.13% | 1.11% | 0.89% | 0.00% | 0.16% | 2.38% | 1.03% | 0.42% | 0.00% | 0.00% |
| Net Income To Common (M) | 1,872.30 |
| (-) Cash Dividends Paid (M) | 60.30 |
| (=) Cash Retained (M) | 1,812.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 374.46 | 234.04 | 140.42 |
| Cash Retained (M) | 1,812.01 | 1,812.01 | 1,812.01 |
| (-) Cash Required (M) | -374.46 | -234.04 | -140.42 |
| (=) Excess Retained (M) | 1,437.54 | 1,577.97 | 1,671.58 |
| (/) Shares Outstanding (M) | 84.33 | 84.33 | 84.33 |
| (=) Excess Retained per Share | 17.05 | 18.71 | 19.82 |
| LTM Dividend per Share | 0.72 | 0.72 | 0.72 |
| (+) Excess Retained per Share | 17.05 | 18.71 | 19.82 |
| (=) Adjusted Dividend | 17.76 | 19.43 | 20.54 |
| WACC / Discount Rate | 9.51% | 9.51% | 9.51% |
| Growth Rate | 4.26% | 5.26% | 6.26% |
| Fair Value | $352.71 | $481.12 | $671.42 |
| Upside / Downside | 307.99% | 456.52% | 676.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,872.30 | 1,970.71 | 2,074.30 | 2,183.33 | 2,298.09 | 2,418.88 | 2,491.45 |
| Payout Ratio | 3.22% | 20.58% | 37.93% | 55.29% | 72.64% | 90.00% | 92.50% |
| Projected Dividends (M) | 60.30 | 405.50 | 786.83 | 1,207.12 | 1,669.43 | 2,176.99 | 2,304.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.51% | 9.51% | 9.51% |
| Growth Rate | 4.26% | 5.26% | 6.26% |
| Year 1 PV (M) | 366.78 | 370.30 | 373.82 |
| Year 2 PV (M) | 643.74 | 656.15 | 668.68 |
| Year 3 PV (M) | 893.30 | 919.25 | 945.70 |
| Year 4 PV (M) | 1,117.45 | 1,160.94 | 1,205.69 |
| Year 5 PV (M) | 1,318.05 | 1,382.49 | 1,449.42 |
| PV of Terminal Value (M) | 21,445.39 | 22,493.80 | 23,582.82 |
| Equity Value (M) | 25,784.70 | 26,982.93 | 28,226.13 |
| Shares Outstanding (M) | 84.33 | 84.33 | 84.33 |
| Fair Value | $305.76 | $319.97 | $334.71 |
| Upside / Downside | 253.68% | 270.12% | 287.17% |
| 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% |