Definitive Analysis
| Stable Growth | $341.29 - $625.74 | $458.82 |
| Multi-Stage | $259.98 - $283.91 | $271.73 |
| Blended Fair Value | $365.27 | |
| Current Price | $734.38 | |
| Upside | -50.26% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 1.96 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.34% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 58,528.00 |
| (-) Cash Dividends Paid (M) | 5,256.00 |
| (=) Cash Retained (M) | 53,272.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 11,705.60 | 7,316.00 | 4,389.60 |
| Cash Retained (M) | 53,272.00 | 53,272.00 | 53,272.00 |
| (-) Cash Required (M) | -11,705.60 | -7,316.00 | -4,389.60 |
| (=) Excess Retained (M) | 41,566.40 | 45,956.00 | 48,882.40 |
| (/) Shares Outstanding (M) | 2,586.50 | 2,586.50 | 2,586.50 |
| (=) Excess Retained per Share | 16.07 | 17.77 | 18.90 |
| LTM Dividend per Share | 2.03 | 2.03 | 2.03 |
| (+) Excess Retained per Share | 16.07 | 17.77 | 18.90 |
| (=) Adjusted Dividend | 18.10 | 19.80 | 20.93 |
| WACC / Discount Rate | 11.10% | 11.10% | 11.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $341.29 | $458.82 | $625.74 |
| Upside / Downside | -53.53% | -37.52% | -14.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 58,528.00 | 62,332.32 | 66,383.92 | 70,698.88 | 75,294.30 | 80,188.43 | 82,594.09 |
| Payout Ratio | 8.98% | 25.18% | 41.39% | 57.59% | 73.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,256.00 | 15,697.93 | 27,475.10 | 40,716.99 | 55,564.23 | 72,169.59 | 76,399.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 11.10% | 11.10% | 11.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 13,997.39 | 14,130.07 | 14,262.75 |
| Year 2 PV (M) | 21,844.84 | 22,260.93 | 22,680.94 |
| Year 3 PV (M) | 28,866.23 | 29,694.88 | 30,539.23 |
| Year 4 PV (M) | 35,124.86 | 36,475.66 | 37,865.05 |
| Year 5 PV (M) | 40,679.75 | 42,644.60 | 44,684.65 |
| PV of Terminal Value (M) | 531,923.93 | 557,616.06 | 584,291.48 |
| Equity Value (M) | 672,437.01 | 702,822.19 | 734,324.10 |
| Shares Outstanding (M) | 2,586.50 | 2,586.50 | 2,586.50 |
| Fair Value | $259.98 | $271.73 | $283.91 |
| Upside / Downside | -64.60% | -63.00% | -61.34% |
| 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% |