Definitive Analysis
| Stable Growth | $1,305.33 - $3,197.55 | $2,996.57 |
| Multi-Stage | $458.14 - $501.86 | $479.60 |
| Blended Fair Value | $1,738.08 | |
| Current Price | $42.00 | |
| Upside | 4,038.30% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.31% | 17.82% | 2.14 | 1.35 | 1.08 | 1.07 | 1.20 | 1.10 | 1.05 | 0.96 | 0.82 | 0.56 |
| YoY Growth | - | - | 59.31% | 25.18% | 0.14% | -10.80% | 9.58% | 4.41% | 9.32% | 17.80% | 46.26% | 34.20% |
| Dividend Yield | - | - | 5.11% | 2.12% | 2.40% | 3.11% | 2.61% | 6.49% | 3.05% | 2.22% | 1.76% | 1.97% |
| Net Income To Common (M) | 1,039.20 |
| (-) Cash Dividends Paid (M) | 138.20 |
| (=) Cash Retained (M) | 901.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 207.84 | 129.90 | 77.94 |
| Cash Retained (M) | 901.00 | 901.00 | 901.00 |
| (-) Cash Required (M) | -207.84 | -129.90 | -77.94 |
| (=) Excess Retained (M) | 693.16 | 771.10 | 823.06 |
| (/) Shares Outstanding (M) | 64.63 | 64.63 | 64.63 |
| (=) Excess Retained per Share | 10.72 | 11.93 | 12.73 |
| LTM Dividend per Share | 2.14 | 2.14 | 2.14 |
| (+) Excess Retained per Share | 10.72 | 11.93 | 12.73 |
| (=) Adjusted Dividend | 12.86 | 14.07 | 14.87 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,305.33 | $2,996.57 | $3,197.55 |
| Upside / Downside | 3,007.93% | 7,034.69% | 7,513.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,039.20 | 1,106.75 | 1,178.69 | 1,255.30 | 1,336.90 | 1,423.79 | 1,466.51 |
| Payout Ratio | 13.30% | 28.64% | 43.98% | 59.32% | 74.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 138.20 | 316.96 | 518.38 | 744.64 | 998.12 | 1,281.41 | 1,356.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 294.71 | 297.51 | 300.30 |
| Year 2 PV (M) | 448.16 | 456.69 | 465.31 |
| Year 3 PV (M) | 598.58 | 615.76 | 633.27 |
| Year 4 PV (M) | 746.02 | 774.71 | 804.22 |
| Year 5 PV (M) | 890.53 | 933.54 | 978.20 |
| PV of Terminal Value (M) | 26,633.82 | 27,920.25 | 29,255.91 |
| Equity Value (M) | 29,611.82 | 30,998.46 | 32,437.21 |
| Shares Outstanding (M) | 64.63 | 64.63 | 64.63 |
| Fair Value | $458.14 | $479.60 | $501.86 |
| Upside / Downside | 990.82% | 1,041.90% | 1,094.90% |
| 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% |