Definitive Analysis
| Stable Growth | $3,132.36 - $5,160.88 | $4,836.50 |
| Multi-Stage | $859.95 - $940.13 | $899.31 |
| Blended Fair Value | $2,867.90 | |
| Current Price | $320.00 | |
| Upside | 796.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 36.31% | 0.00% | 21.14 | 15.58 | 8.35 | 8.71 | 5.15 | 4.49 | 3.99 | 2.82 | 10.99 | 0.00 |
| YoY Growth | - | - | 35.70% | 86.59% | -4.15% | 69.13% | 14.64% | 12.57% | 41.73% | -74.38% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.33% | 4.24% | 2.74% | 2.88% | 2.59% | 5.55% | 4.93% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 265,991.40 |
| (-) Cash Dividends Paid (M) | 227,716.54 |
| (=) Cash Retained (M) | 38,274.86 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 53,198.28 | 33,248.92 | 19,949.35 |
| Cash Retained (M) | 38,274.86 | 38,274.86 | 38,274.86 |
| (-) Cash Required (M) | -53,198.28 | -33,248.92 | -19,949.35 |
| (=) Excess Retained (M) | -14,923.42 | 5,025.93 | 18,325.50 |
| (/) Shares Outstanding (M) | 10,250.00 | 10,250.00 | 10,250.00 |
| (=) Excess Retained per Share | -1.46 | 0.49 | 1.79 |
| LTM Dividend per Share | 22.22 | 22.22 | 22.22 |
| (+) Excess Retained per Share | -1.46 | 0.49 | 1.79 |
| (=) Adjusted Dividend | 20.76 | 22.71 | 24.00 |
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $3,132.36 | $4,836.50 | $5,160.88 |
| Upside / Downside | 878.86% | 1,411.41% | 1,512.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 265,991.40 | 283,280.84 | 301,694.09 | 321,304.21 | 342,188.98 | 364,431.26 | 375,364.20 |
| Payout Ratio | 85.61% | 86.49% | 87.37% | 88.24% | 89.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 227,716.54 | 245,005.04 | 263,578.95 | 283,532.32 | 304,966.00 | 327,988.14 | 347,211.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 228,537.01 | 230,703.24 | 232,869.47 |
| Year 2 PV (M) | 229,336.81 | 233,705.03 | 238,114.46 |
| Year 3 PV (M) | 230,116.16 | 236,721.97 | 243,453.00 |
| Year 4 PV (M) | 230,875.31 | 239,754.13 | 248,886.60 |
| Year 5 PV (M) | 231,614.49 | 242,801.56 | 254,416.78 |
| PV of Terminal Value (M) | 7,664,041.67 | 8,034,217.74 | 8,418,561.33 |
| Equity Value (M) | 8,814,521.45 | 9,217,903.66 | 9,636,301.64 |
| Shares Outstanding (M) | 10,250.00 | 10,250.00 | 10,250.00 |
| Fair Value | $859.95 | $899.31 | $940.13 |
| Upside / Downside | 168.74% | 181.03% | 193.79% |
| 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% |