Definitive Analysis
| Stable Growth | $1,301.70 - $4,696.44 | $4,143.10 |
| Multi-Stage | $624.73 - $681.88 | $652.79 |
| Blended Fair Value | $2,397.94 | |
| Current Price | $283.89 | |
| Upside | 744.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.22% | 0.00% | 18.54 | 19.10 | 15.04 | 10.94 | 10.24 | 11.40 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -2.92% | 27.00% | 37.46% | 6.88% | -10.21% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.55% | 6.95% | 9.45% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 94,349.97 |
| (-) Cash Dividends Paid (M) | 92,319.29 |
| (=) Cash Retained (M) | 2,030.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,869.99 | 11,793.75 | 7,076.25 |
| Cash Retained (M) | 2,030.68 | 2,030.68 | 2,030.68 |
| (-) Cash Required (M) | -18,869.99 | -11,793.75 | -7,076.25 |
| (=) Excess Retained (M) | -16,839.31 | -9,763.06 | -5,045.56 |
| (/) Shares Outstanding (M) | 3,995.34 | 3,995.34 | 3,995.34 |
| (=) Excess Retained per Share | -4.21 | -2.44 | -1.26 |
| LTM Dividend per Share | 23.11 | 23.11 | 23.11 |
| (+) Excess Retained per Share | -4.21 | -2.44 | -1.26 |
| (=) Adjusted Dividend | 18.89 | 20.66 | 21.84 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,301.70 | $4,143.10 | $4,696.44 |
| Upside / Downside | 358.52% | 1,359.40% | 1,554.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 94,349.97 | 100,482.72 | 107,014.10 | 113,970.02 | 121,378.07 | 129,267.64 | 133,145.67 |
| Payout Ratio | 97.85% | 96.28% | 94.71% | 93.14% | 91.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 92,319.29 | 96,742.93 | 101,351.58 | 106,150.63 | 111,145.34 | 116,340.88 | 123,159.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 89,538.92 | 90,387.63 | 91,236.34 |
| Year 2 PV (M) | 86,819.21 | 88,472.87 | 90,142.13 |
| Year 3 PV (M) | 84,158.99 | 86,574.89 | 89,036.59 |
| Year 4 PV (M) | 81,557.11 | 84,693.57 | 87,919.63 |
| Year 5 PV (M) | 79,012.45 | 82,828.78 | 86,791.17 |
| PV of Terminal Value (M) | 2,074,925.74 | 2,175,145.43 | 2,279,200.77 |
| Equity Value (M) | 2,496,012.42 | 2,608,103.17 | 2,724,326.63 |
| Shares Outstanding (M) | 3,995.34 | 3,995.34 | 3,995.34 |
| Fair Value | $624.73 | $652.79 | $681.88 |
| Upside / Downside | 120.06% | 129.94% | 140.19% |
| 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% |