Definitive Analysis
| Stable Growth | $90.37 - $239.74 | $138.19 |
| Multi-Stage | $63.94 - $69.75 | $66.79 |
| Blended Fair Value | $102.49 | |
| Current Price | $45.72 | |
| Upside | 124.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.17% | 15.32% | 2.10 | 2.10 | 2.02 | 1.89 | 1.84 | 0.99 | 0.91 | 0.76 | 0.70 | 0.60 |
| YoY Growth | - | - | 0.00% | 4.29% | 6.88% | 2.52% | 85.18% | 8.72% | 19.80% | 8.65% | 17.24% | 18.47% |
| Dividend Yield | - | - | 5.11% | 5.48% | 5.91% | 3.33% | 3.16% | 3.22% | 1.90% | 1.47% | 1.57% | 1.80% |
| Net Income To Common (M) | 5,074.00 |
| (-) Cash Dividends Paid (M) | 2,699.00 |
| (=) Cash Retained (M) | 2,375.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,014.80 | 634.25 | 380.55 |
| Cash Retained (M) | 2,375.00 | 2,375.00 | 2,375.00 |
| (-) Cash Required (M) | -1,014.80 | -634.25 | -380.55 |
| (=) Excess Retained (M) | 1,360.20 | 1,740.75 | 1,994.45 |
| (/) Shares Outstanding (M) | 1,317.01 | 1,317.01 | 1,317.01 |
| (=) Excess Retained per Share | 1.03 | 1.32 | 1.51 |
| LTM Dividend per Share | 2.05 | 2.05 | 2.05 |
| (+) Excess Retained per Share | 1.03 | 1.32 | 1.51 |
| (=) Adjusted Dividend | 3.08 | 3.37 | 3.56 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $90.37 | $138.19 | $239.74 |
| Upside / Downside | 97.67% | 202.25% | 424.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,074.00 | 5,403.81 | 5,755.06 | 6,129.14 | 6,527.53 | 6,951.82 | 7,160.37 |
| Payout Ratio | 53.19% | 60.55% | 67.92% | 75.28% | 82.64% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,699.00 | 3,272.23 | 3,908.58 | 4,613.84 | 5,394.26 | 6,256.64 | 6,623.35 |
| 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) | 2,971.19 | 2,999.35 | 3,027.52 |
| Year 2 PV (M) | 3,222.49 | 3,283.87 | 3,345.83 |
| Year 3 PV (M) | 3,453.98 | 3,553.14 | 3,654.17 |
| Year 4 PV (M) | 3,666.70 | 3,807.71 | 3,952.75 |
| Year 5 PV (M) | 3,861.64 | 4,048.15 | 4,241.81 |
| PV of Terminal Value (M) | 67,037.89 | 70,275.85 | 73,637.73 |
| Equity Value (M) | 84,213.90 | 87,968.08 | 91,859.80 |
| Shares Outstanding (M) | 1,317.01 | 1,317.01 | 1,317.01 |
| Fair Value | $63.94 | $66.79 | $69.75 |
| Upside / Downside | 39.86% | 46.09% | 52.56% |
| 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% |