Definitive Analysis
| Stable Growth | $570.57 - $1,513.56 | $872.46 |
| Multi-Stage | $392.04 - $428.25 | $409.81 |
| Blended Fair Value | $641.14 | |
| Current Price | $323.12 | |
| Upside | 98.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.01% | 12.11% | 6.63 | 6.13 | 5.40 | 4.85 | 4.19 | 3.60 | 3.41 | 3.10 | 3.01 | 2.89 |
| YoY Growth | - | - | 8.10% | 13.51% | 11.32% | 15.72% | 16.63% | 5.41% | 10.09% | 3.06% | 4.17% | 36.59% |
| Dividend Yield | - | - | 1.52% | 1.19% | 1.18% | 0.99% | 1.17% | 1.58% | 1.18% | 1.41% | 1.82% | 2.08% |
| Net Income To Common (M) | 5,533.00 |
| (-) Cash Dividends Paid (M) | 1,525.00 |
| (=) Cash Retained (M) | 4,008.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,106.60 | 691.63 | 414.98 |
| Cash Retained (M) | 4,008.00 | 4,008.00 | 4,008.00 |
| (-) Cash Required (M) | -1,106.60 | -691.63 | -414.98 |
| (=) Excess Retained (M) | 2,901.40 | 3,316.38 | 3,593.03 |
| (/) Shares Outstanding (M) | 227.48 | 227.48 | 227.48 |
| (=) Excess Retained per Share | 12.75 | 14.58 | 15.80 |
| LTM Dividend per Share | 6.70 | 6.70 | 6.70 |
| (+) Excess Retained per Share | 12.75 | 14.58 | 15.80 |
| (=) Adjusted Dividend | 19.46 | 21.28 | 22.50 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $570.57 | $872.46 | $1,513.56 |
| Upside / Downside | 76.58% | 170.01% | 368.42% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,533.00 | 5,892.65 | 6,275.67 | 6,683.59 | 7,118.02 | 7,580.69 | 7,808.11 |
| Payout Ratio | 27.56% | 40.05% | 52.54% | 65.02% | 77.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,525.00 | 2,359.98 | 3,297.06 | 4,345.99 | 5,517.35 | 6,822.62 | 7,222.50 |
| 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) | 2,142.86 | 2,163.17 | 2,183.48 |
| Year 2 PV (M) | 2,718.31 | 2,770.08 | 2,822.35 |
| Year 3 PV (M) | 3,253.47 | 3,346.86 | 3,442.03 |
| Year 4 PV (M) | 3,750.37 | 3,894.60 | 4,042.95 |
| Year 5 PV (M) | 4,210.96 | 4,414.36 | 4,625.53 |
| PV of Terminal Value (M) | 73,102.22 | 76,633.08 | 80,299.08 |
| Equity Value (M) | 89,178.19 | 93,222.16 | 97,415.42 |
| Shares Outstanding (M) | 227.48 | 227.48 | 227.48 |
| Fair Value | $392.04 | $409.81 | $428.25 |
| Upside / Downside | 21.33% | 26.83% | 32.53% |
| 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% |