Definitive Analysis
| Stable Growth | $7,044.40 - $10,618.01 | $8,731.91 |
| Multi-Stage | $14,323.76 - $15,744.43 | $15,020.25 |
| Blended Fair Value | $11,876.08 | |
| Current Price | $4,000.00 | |
| Upside | 196.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 117.00 | 10.00 | 55.00 | 91.00 | 93.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 1,070.00% | -81.82% | -39.56% | -2.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.95% | 0.44% | 1.51% | 3.01% | 3.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,276,000.15 |
| (-) Cash Dividends Paid (M) | 1,762,360.76 |
| (=) Cash Retained (M) | 1,513,639.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 655,200.03 | 409,500.02 | 245,700.01 |
| Cash Retained (M) | 1,513,639.39 | 1,513,639.39 | 1,513,639.39 |
| (-) Cash Required (M) | -655,200.03 | -409,500.02 | -245,700.01 |
| (=) Excess Retained (M) | 858,439.36 | 1,104,139.37 | 1,267,939.38 |
| (/) Shares Outstanding (M) | 3,960.36 | 3,960.36 | 3,960.36 |
| (=) Excess Retained per Share | 216.76 | 278.80 | 320.16 |
| LTM Dividend per Share | 445.00 | 445.00 | 445.00 |
| (+) Excess Retained per Share | 216.76 | 278.80 | 320.16 |
| (=) Adjusted Dividend | 661.76 | 723.80 | 765.16 |
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $7,044.40 | $8,731.91 | $10,618.01 |
| Upside / Downside | 76.11% | 118.30% | 165.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,276,000.15 | 3,243,240.15 | 3,210,807.75 | 3,178,699.67 | 3,146,912.67 | 3,115,443.54 | 3,208,906.85 |
| Payout Ratio | 53.80% | 61.04% | 68.28% | 75.52% | 82.76% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,762,360.76 | 1,979,572.95 | 2,192,264.65 | 2,400,504.57 | 2,604,360.47 | 2,803,899.19 | 2,968,238.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.21% | 7.21% | 7.21% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 1,827,857.75 | 1,846,509.36 | 1,865,160.97 |
| Year 2 PV (M) | 1,869,109.53 | 1,907,449.24 | 1,946,178.19 |
| Year 3 PV (M) | 1,889,797.16 | 1,948,240.42 | 2,007,876.36 |
| Year 4 PV (M) | 1,893,148.29 | 1,971,610.44 | 2,052,486.60 |
| Year 5 PV (M) | 1,881,987.87 | 1,979,987.35 | 2,082,027.41 |
| PV of Terminal Value (M) | 47,365,373.03 | 49,831,797.90 | 52,399,915.12 |
| Equity Value (M) | 56,727,273.64 | 59,485,594.71 | 62,353,644.64 |
| Shares Outstanding (M) | 3,960.36 | 3,960.36 | 3,960.36 |
| Fair Value | $14,323.76 | $15,020.25 | $15,744.43 |
| Upside / Downside | 258.09% | 275.51% | 293.61% |
| 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% |