Definitive Analysis
| Stable Growth | $140.58 - $293.37 | $198.42 |
| Multi-Stage | $119.01 - $130.10 | $124.46 |
| Blended Fair Value | $161.44 | |
| Current Price | $101.50 | |
| Upside | 59.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.93% | 23.44% | 2.73 | 2.74 | 2.63 | 2.73 | 2.81 | 2.86 | 2.64 | 2.00 | 1.20 | 0.66 |
| YoY Growth | - | - | -0.25% | 4.18% | -3.75% | -2.88% | -1.74% | 8.51% | 32.21% | 66.03% | 82.52% | 97.95% |
| Dividend Yield | - | - | 3.85% | 4.32% | 5.61% | 5.12% | 3.87% | 6.80% | 4.10% | 2.96% | 2.01% | 1.58% |
| Net Income To Common (M) | 14,691.00 |
| (-) Cash Dividends Paid (M) | 3,965.00 |
| (=) Cash Retained (M) | 10,726.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,938.20 | 1,836.38 | 1,101.83 |
| Cash Retained (M) | 10,726.00 | 10,726.00 | 10,726.00 |
| (-) Cash Required (M) | -2,938.20 | -1,836.38 | -1,101.83 |
| (=) Excess Retained (M) | 7,787.80 | 8,889.63 | 9,624.18 |
| (/) Shares Outstanding (M) | 1,901.58 | 1,901.58 | 1,901.58 |
| (=) Excess Retained per Share | 4.10 | 4.67 | 5.06 |
| LTM Dividend per Share | 2.09 | 2.09 | 2.09 |
| (+) Excess Retained per Share | 4.10 | 4.67 | 5.06 |
| (=) Adjusted Dividend | 6.18 | 6.76 | 7.15 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.50% | 5.50% | 6.50% |
| Fair Value | $140.58 | $198.42 | $293.37 |
| Upside / Downside | 38.51% | 95.49% | 189.03% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 14,691.00 | 15,499.54 | 16,352.58 | 17,252.56 | 18,202.08 | 19,203.86 | 19,779.98 |
| Payout Ratio | 26.99% | 39.59% | 52.19% | 64.80% | 77.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,965.00 | 6,136.49 | 8,535.00 | 11,178.92 | 14,088.02 | 17,283.47 | 18,296.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.50% | 5.50% | 6.50% |
| Year 1 PV (M) | 5,571.44 | 5,624.75 | 5,678.07 |
| Year 2 PV (M) | 7,035.55 | 7,170.84 | 7,307.42 |
| Year 3 PV (M) | 8,366.46 | 8,608.94 | 8,856.06 |
| Year 4 PV (M) | 9,572.80 | 9,944.50 | 10,326.92 |
| Year 5 PV (M) | 10,662.69 | 11,182.71 | 11,722.82 |
| PV of Terminal Value (M) | 185,104.09 | 194,131.56 | 203,507.85 |
| Equity Value (M) | 226,313.02 | 236,663.30 | 247,399.14 |
| Shares Outstanding (M) | 1,901.58 | 1,901.58 | 1,901.58 |
| Fair Value | $119.01 | $124.46 | $130.10 |
| Upside / Downside | 17.25% | 22.62% | 28.18% |
| 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% |