Definitive Analysis
| Stable Growth | $338.30 - $897.42 | $517.30 |
| Multi-Stage | $232.29 - $253.75 | $242.83 |
| Blended Fair Value | $380.06 | |
| Current Price | $143.10 | |
| Upside | 165.59% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 69.74% | 0.00% | 5.42 | 4.96 | 5.40 | 1.07 | 0.81 | 0.38 | 0.13 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 9.28% | -8.14% | 403.85% | 32.20% | 110.71% | 202.70% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.39% | 2.49% | 4.00% | 0.78% | 1.10% | 1.47% | 0.12% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 4,196.00 |
| (-) Cash Dividends Paid (M) | 1,132.00 |
| (=) Cash Retained (M) | 3,064.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 839.20 | 524.50 | 314.70 |
| Cash Retained (M) | 3,064.00 | 3,064.00 | 3,064.00 |
| (-) Cash Required (M) | -839.20 | -524.50 | -314.70 |
| (=) Excess Retained (M) | 2,224.80 | 2,539.50 | 2,749.30 |
| (/) Shares Outstanding (M) | 290.95 | 290.95 | 290.95 |
| (=) Excess Retained per Share | 7.65 | 8.73 | 9.45 |
| LTM Dividend per Share | 3.89 | 3.89 | 3.89 |
| (+) Excess Retained per Share | 7.65 | 8.73 | 9.45 |
| (=) Adjusted Dividend | 11.54 | 12.62 | 13.34 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $338.30 | $517.30 | $897.42 |
| Upside / Downside | 136.41% | 261.49% | 527.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,196.00 | 4,468.74 | 4,759.21 | 5,068.56 | 5,398.01 | 5,748.88 | 5,921.35 |
| Payout Ratio | 26.98% | 39.58% | 52.19% | 64.79% | 77.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,132.00 | 1,768.84 | 2,483.68 | 3,283.98 | 4,177.83 | 5,174.00 | 5,477.25 |
| 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) | 1,606.10 | 1,621.33 | 1,636.55 |
| Year 2 PV (M) | 2,047.71 | 2,086.71 | 2,126.08 |
| Year 3 PV (M) | 2,458.43 | 2,529.01 | 2,600.92 |
| Year 4 PV (M) | 2,839.84 | 2,949.06 | 3,061.39 |
| Year 5 PV (M) | 3,193.42 | 3,347.67 | 3,507.81 |
| PV of Terminal Value (M) | 55,437.72 | 58,115.38 | 60,895.53 |
| Equity Value (M) | 67,583.23 | 70,649.15 | 73,828.28 |
| Shares Outstanding (M) | 290.95 | 290.95 | 290.95 |
| Fair Value | $232.29 | $242.83 | $253.75 |
| Upside / Downside | 62.33% | 69.69% | 77.33% |
| 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% |