Definitive Analysis
| Stable Growth | $582.86 - $1,325.84 | $1,242.50 |
| Multi-Stage | $202.06 - $220.91 | $211.31 |
| Blended Fair Value | $726.91 | |
| Current Price | $27.42 | |
| Upside | 2,551.02% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.81% | 14.46% | 2.72 | 1.90 | 1.84 | 0.81 | 0.80 | 1.49 | 1.63 | 1.28 | 1.20 | 0.81 |
| YoY Growth | - | - | 42.91% | 3.38% | 128.60% | 0.29% | -46.07% | -8.71% | 27.26% | 6.49% | 48.81% | 14.73% |
| Dividend Yield | - | - | 11.39% | 8.46% | 7.49% | 3.07% | 2.12% | 2.72% | 3.48% | 2.18% | 3.07% | 2.31% |
| Net Income To Common (M) | 691.64 |
| (-) Cash Dividends Paid (M) | 503.00 |
| (=) Cash Retained (M) | 188.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 138.33 | 86.45 | 51.87 |
| Cash Retained (M) | 188.64 | 188.64 | 188.64 |
| (-) Cash Required (M) | -138.33 | -86.45 | -51.87 |
| (=) Excess Retained (M) | 50.31 | 102.18 | 136.77 |
| (/) Shares Outstanding (M) | 103.74 | 103.74 | 103.74 |
| (=) Excess Retained per Share | 0.48 | 0.98 | 1.32 |
| LTM Dividend per Share | 4.85 | 4.85 | 4.85 |
| (+) Excess Retained per Share | 0.48 | 0.98 | 1.32 |
| (=) Adjusted Dividend | 5.33 | 5.83 | 6.17 |
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $582.86 | $1,242.50 | $1,325.84 |
| Upside / Downside | 2,025.68% | 4,431.38% | 4,735.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 691.64 | 736.59 | 784.47 | 835.46 | 889.77 | 947.60 | 976.03 |
| Payout Ratio | 72.73% | 76.18% | 79.64% | 83.09% | 86.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 503.00 | 561.14 | 624.72 | 694.19 | 770.05 | 852.84 | 902.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 522.11 | 527.06 | 532.01 |
| Year 2 PV (M) | 540.84 | 551.15 | 561.54 |
| Year 3 PV (M) | 559.19 | 575.24 | 591.60 |
| Year 4 PV (M) | 577.16 | 599.36 | 622.19 |
| Year 5 PV (M) | 594.76 | 623.48 | 653.31 |
| PV of Terminal Value (M) | 18,168.91 | 19,046.47 | 19,957.62 |
| Equity Value (M) | 20,962.97 | 21,922.76 | 22,918.28 |
| Shares Outstanding (M) | 103.74 | 103.74 | 103.74 |
| Fair Value | $202.06 | $211.31 | $220.91 |
| Upside / Downside | 636.92% | 670.66% | 705.65% |
| 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% |