Definitive Analysis
| Stable Growth | $559.47 - $2,087.40 | $1,676.56 |
| Multi-Stage | $264.06 - $288.72 | $276.17 |
| Blended Fair Value | $976.36 | |
| Current Price | $26.54 | |
| Upside | 3,578.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.47% | 10.53% | 5.10 | 4.29 | 3.93 | 3.46 | 2.88 | 3.40 | 2.59 | 2.40 | 2.21 | 1.57 |
| YoY Growth | - | - | 19.02% | 9.12% | 13.43% | 20.35% | -15.31% | 31.05% | 8.06% | 8.51% | 41.00% | -16.32% |
| Dividend Yield | - | - | 19.22% | 16.19% | 15.37% | 13.37% | 11.35% | 13.56% | 11.84% | 10.57% | 8.70% | 6.29% |
| Net Income To Common (M) | 4,017.00 |
| (-) Cash Dividends Paid (M) | 1,952.00 |
| (=) Cash Retained (M) | 2,065.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 803.40 | 502.13 | 301.28 |
| Cash Retained (M) | 2,065.00 | 2,065.00 | 2,065.00 |
| (-) Cash Required (M) | -803.40 | -502.13 | -301.28 |
| (=) Excess Retained (M) | 1,261.60 | 1,562.88 | 1,763.73 |
| (/) Shares Outstanding (M) | 382.72 | 382.72 | 382.72 |
| (=) Excess Retained per Share | 3.30 | 4.08 | 4.61 |
| LTM Dividend per Share | 5.10 | 5.10 | 5.10 |
| (+) Excess Retained per Share | 3.30 | 4.08 | 4.61 |
| (=) Adjusted Dividend | 8.40 | 9.18 | 9.71 |
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $559.47 | $1,676.56 | $2,087.40 |
| Upside / Downside | 2,008.03% | 6,217.09% | 7,765.12% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,017.00 | 4,278.11 | 4,556.18 | 4,852.33 | 5,167.74 | 5,503.64 | 5,668.75 |
| Payout Ratio | 48.59% | 56.87% | 65.16% | 73.44% | 81.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,952.00 | 2,433.16 | 2,968.63 | 3,563.43 | 4,223.01 | 4,953.27 | 5,243.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,250.88 | 2,272.21 | 2,293.55 |
| Year 2 PV (M) | 2,540.49 | 2,588.88 | 2,637.72 |
| Year 3 PV (M) | 2,821.04 | 2,902.03 | 2,984.54 |
| Year 4 PV (M) | 3,092.75 | 3,211.69 | 3,334.02 |
| Year 5 PV (M) | 3,355.80 | 3,517.88 | 3,686.17 |
| PV of Terminal Value (M) | 86,998.24 | 91,200.29 | 95,563.16 |
| Equity Value (M) | 101,059.20 | 105,692.98 | 110,499.17 |
| Shares Outstanding (M) | 382.72 | 382.72 | 382.72 |
| Fair Value | $264.06 | $276.17 | $288.72 |
| Upside / Downside | 894.95% | 940.57% | 987.88% |
| 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% |