Definitive Analysis
| Stable Growth | $12,378.99 - $28,688.32 | $18,124.25 |
| Multi-Stage | $15,819.33 - $17,338.05 | $16,564.42 |
| Blended Fair Value | $17,344.34 | |
| Current Price | $3,220.00 | |
| Upside | 438.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.90% | 15.35% | 244.42 | 252.54 | 219.49 | 206.14 | 227.79 | 222.49 | 307.22 | 144.50 | 102.54 | 58.23 |
| YoY Growth | - | - | -3.22% | 15.06% | 6.48% | -9.50% | 2.38% | -27.58% | 112.60% | 40.93% | 76.09% | -0.62% |
| Dividend Yield | - | - | 8.23% | 7.97% | 7.36% | 5.21% | 5.41% | 5.11% | 5.12% | 2.05% | 1.53% | 0.86% |
| Net Income To Common (M) | 43,186.21 |
| (-) Cash Dividends Paid (M) | 27,238.20 |
| (=) Cash Retained (M) | 15,948.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,637.24 | 5,398.28 | 3,238.97 |
| Cash Retained (M) | 15,948.01 | 15,948.01 | 15,948.01 |
| (-) Cash Required (M) | -8,637.24 | -5,398.28 | -3,238.97 |
| (=) Excess Retained (M) | 7,310.77 | 10,549.73 | 12,709.05 |
| (/) Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| (=) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| LTM Dividend per Share | 387.73 | 387.73 | 387.73 |
| (+) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| (=) Adjusted Dividend | 491.80 | 537.90 | 568.64 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Fair Value | $12,378.99 | $18,124.25 | $28,688.32 |
| Upside / Downside | 284.44% | 462.87% | 790.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43,186.21 | 44,679.61 | 46,224.66 | 47,823.14 | 49,476.89 | 51,187.83 | 52,723.47 |
| Payout Ratio | 63.07% | 68.46% | 73.84% | 79.23% | 84.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 27,238.20 | 30,586.42 | 34,133.64 | 37,889.61 | 41,864.53 | 46,069.05 | 48,769.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Year 1 PV (M) | 28,434.42 | 28,711.94 | 28,989.46 |
| Year 2 PV (M) | 29,499.46 | 30,078.10 | 30,662.37 |
| Year 3 PV (M) | 30,441.59 | 31,341.65 | 32,259.29 |
| Year 4 PV (M) | 31,268.65 | 32,507.38 | 33,782.55 |
| Year 5 PV (M) | 31,988.06 | 33,579.86 | 35,234.41 |
| PV of Terminal Value (M) | 959,679.92 | 1,007,435.88 | 1,057,074.37 |
| Equity Value (M) | 1,111,312.09 | 1,163,654.82 | 1,218,002.45 |
| Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| Fair Value | $15,819.33 | $16,564.42 | $17,338.05 |
| Upside / Downside | 391.28% | 414.42% | 438.45% |
| 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% |