Definitive Analysis
| Stable Growth | $305.20 - $809.62 | $466.68 |
| Multi-Stage | $204.62 - $223.79 | $214.03 |
| Blended Fair Value | $340.36 | |
| Current Price | $132.13 | |
| Upside | 157.59% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.51% | 8.29% | 0.83 | 0.70 | 0.71 | 0.73 | 0.64 | 0.61 | 0.51 | 0.56 | 0.62 | 0.57 |
| YoY Growth | - | - | 17.72% | -1.15% | -2.52% | 13.56% | 6.40% | 17.62% | -7.74% | -9.56% | 7.51% | 53.29% |
| Dividend Yield | - | - | 0.81% | 0.60% | 1.22% | 1.75% | 1.23% | 2.71% | 1.84% | 1.89% | 2.62% | 3.07% |
| Net Income To Common (M) | 2,630.36 |
| (-) Cash Dividends Paid (M) | 175.39 |
| (=) Cash Retained (M) | 2,454.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 526.07 | 328.79 | 197.28 |
| Cash Retained (M) | 2,454.96 | 2,454.96 | 2,454.96 |
| (-) Cash Required (M) | -526.07 | -328.79 | -197.28 |
| (=) Excess Retained (M) | 1,928.89 | 2,126.17 | 2,257.69 |
| (/) Shares Outstanding (M) | 202.17 | 202.17 | 202.17 |
| (=) Excess Retained per Share | 9.54 | 10.52 | 11.17 |
| LTM Dividend per Share | 0.87 | 0.87 | 0.87 |
| (+) Excess Retained per Share | 9.54 | 10.52 | 11.17 |
| (=) Adjusted Dividend | 10.41 | 11.38 | 12.04 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $305.20 | $466.68 | $809.62 |
| Upside / Downside | 130.99% | 253.20% | 512.74% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,630.36 | 2,801.33 | 2,983.41 | 3,177.34 | 3,383.86 | 3,603.81 | 3,711.93 |
| Payout Ratio | 6.67% | 23.33% | 40.00% | 56.67% | 73.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 175.39 | 653.67 | 1,193.39 | 1,800.51 | 2,481.51 | 3,243.43 | 3,433.53 |
| 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) | 593.53 | 599.16 | 604.79 |
| Year 2 PV (M) | 983.91 | 1,002.65 | 1,021.57 |
| Year 3 PV (M) | 1,347.89 | 1,386.58 | 1,426.00 |
| Year 4 PV (M) | 1,686.79 | 1,751.66 | 1,818.38 |
| Year 5 PV (M) | 2,001.87 | 2,098.56 | 2,198.95 |
| PV of Terminal Value (M) | 34,752.36 | 36,430.91 | 38,173.70 |
| Equity Value (M) | 41,366.34 | 43,269.51 | 45,243.39 |
| Shares Outstanding (M) | 202.17 | 202.17 | 202.17 |
| Fair Value | $204.62 | $214.03 | $223.79 |
| Upside / Downside | 54.86% | 61.98% | 69.37% |
| 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% |