Definitive Analysis
| Stable Growth | $868.01 - $1,937.66 | $1,815.87 |
| Multi-Stage | $287.38 - $314.72 | $300.80 |
| Blended Fair Value | $1,058.33 | |
| Current Price | $143.17 | |
| Upside | 639.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.27% | 7.11% | 3.80 | 3.45 | 2.80 | 2.55 | 3.06 | 2.80 | 2.55 | 2.39 | 2.23 | 1.91 |
| YoY Growth | - | - | 10.12% | 23.25% | 9.86% | -16.67% | 9.09% | 10.00% | 6.65% | 7.15% | 16.66% | 0.00% |
| Dividend Yield | - | - | 2.68% | 3.07% | 3.02% | 2.76% | 2.48% | 3.22% | 2.01% | 2.05% | 1.95% | 1.68% |
| Net Income To Common (M) | 5,582.00 |
| (-) Cash Dividends Paid (M) | 1,289.00 |
| (=) Cash Retained (M) | 4,293.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,116.40 | 697.75 | 418.65 |
| Cash Retained (M) | 4,293.00 | 4,293.00 | 4,293.00 |
| (-) Cash Required (M) | -1,116.40 | -697.75 | -418.65 |
| (=) Excess Retained (M) | 3,176.60 | 3,595.25 | 3,874.35 |
| (/) Shares Outstanding (M) | 572.92 | 572.92 | 572.92 |
| (=) Excess Retained per Share | 5.54 | 6.28 | 6.76 |
| LTM Dividend per Share | 2.25 | 2.25 | 2.25 |
| (+) Excess Retained per Share | 5.54 | 6.28 | 6.76 |
| (=) Adjusted Dividend | 7.79 | 8.53 | 9.01 |
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $868.01 | $1,815.87 | $1,937.66 |
| Upside / Downside | 506.28% | 1,168.33% | 1,253.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,582.00 | 5,944.83 | 6,331.24 | 6,742.77 | 7,181.06 | 7,647.82 | 7,877.26 |
| Payout Ratio | 23.09% | 36.47% | 49.86% | 63.24% | 76.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,289.00 | 2,168.30 | 3,156.46 | 4,263.92 | 5,502.01 | 6,883.04 | 7,286.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.45% | 6.45% | 6.45% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,017.84 | 2,036.97 | 2,056.09 |
| Year 2 PV (M) | 2,733.61 | 2,785.67 | 2,838.23 |
| Year 3 PV (M) | 3,436.47 | 3,535.12 | 3,635.64 |
| Year 4 PV (M) | 4,126.61 | 4,285.31 | 4,448.54 |
| Year 5 PV (M) | 4,804.19 | 5,036.23 | 5,277.16 |
| PV of Terminal Value (M) | 147,526.51 | 154,652.09 | 162,050.39 |
| Equity Value (M) | 164,645.22 | 172,331.39 | 180,306.05 |
| Shares Outstanding (M) | 572.92 | 572.92 | 572.92 |
| Fair Value | $287.38 | $300.80 | $314.72 |
| Upside / Downside | 100.73% | 110.10% | 119.82% |
| 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% |