Definitive Analysis
| Stable Growth | $580.57 - $1,138.97 | $1,067.38 |
| Multi-Stage | $183.55 - $200.55 | $191.89 |
| Blended Fair Value | $629.64 | |
| Current Price | $50.45 | |
| Upside | 1,148.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.11% | 0.92% | 2.82 | 2.82 | 2.82 | 2.82 | 2.80 | 2.80 | 8.81 | 15.31 | 2.72 | 2.69 |
| YoY Growth | - | - | 0.02% | -0.17% | 0.00% | 0.72% | 0.00% | -68.18% | -42.44% | 462.14% | 1.11% | 4.67% |
| Dividend Yield | - | - | 5.20% | 6.22% | 6.61% | 5.81% | 6.68% | 4.92% | 16.17% | 23.17% | 4.74% | 4.49% |
| Net Income To Common (M) | 12,205.00 |
| (-) Cash Dividends Paid (M) | 12,020.00 |
| (=) Cash Retained (M) | 185.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,441.00 | 1,525.63 | 915.38 |
| Cash Retained (M) | 185.00 | 185.00 | 185.00 |
| (-) Cash Required (M) | -2,441.00 | -1,525.63 | -915.38 |
| (=) Excess Retained (M) | -2,256.00 | -1,340.63 | -730.38 |
| (/) Shares Outstanding (M) | 2,131.11 | 2,131.11 | 2,131.11 |
| (=) Excess Retained per Share | -1.06 | -0.63 | -0.34 |
| LTM Dividend per Share | 5.64 | 5.64 | 5.64 |
| (+) Excess Retained per Share | -1.06 | -0.63 | -0.34 |
| (=) Adjusted Dividend | 4.58 | 5.01 | 5.30 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $580.57 | $1,067.38 | $1,138.97 |
| Upside / Downside | 1,050.78% | 2,015.73% | 2,157.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 12,205.00 | 12,998.33 | 13,843.22 | 14,743.03 | 15,701.32 | 16,721.91 | 17,223.56 |
| Payout Ratio | 98.48% | 96.79% | 95.09% | 93.39% | 91.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 12,020.00 | 12,580.74 | 13,163.59 | 13,769.06 | 14,397.62 | 15,049.72 | 15,931.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 11,720.41 | 11,831.50 | 11,942.59 |
| Year 2 PV (M) | 11,424.77 | 11,642.38 | 11,862.04 |
| Year 3 PV (M) | 11,133.04 | 11,452.63 | 11,778.28 |
| Year 4 PV (M) | 10,845.18 | 11,262.25 | 11,691.24 |
| Year 5 PV (M) | 10,561.14 | 11,071.25 | 11,600.88 |
| PV of Terminal Value (M) | 335,480.57 | 351,684.41 | 368,508.41 |
| Equity Value (M) | 391,165.11 | 408,944.42 | 427,383.44 |
| Shares Outstanding (M) | 2,131.11 | 2,131.11 | 2,131.11 |
| Fair Value | $183.55 | $191.89 | $200.55 |
| Upside / Downside | 263.83% | 280.36% | 297.51% |
| 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% |