Definitive Analysis
| Stable Growth | $66.60 - $120.35 | $89.02 |
| Multi-Stage | $51.94 - $56.67 | $54.26 |
| Blended Fair Value | $71.64 | |
| Current Price | $131.09 | |
| Upside | -45.35% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.84% | 25.77% | 0.90 | 0.80 | 0.71 | 0.64 | 0.57 | 0.51 | 0.53 | 0.24 | 0.19 | 0.15 |
| YoY Growth | - | - | 12.82% | 12.23% | 11.36% | 12.15% | 10.68% | -3.17% | 120.52% | 26.33% | 27.88% | 64.06% |
| Dividend Yield | - | - | 0.68% | 0.97% | 1.14% | 1.71% | 0.92% | 1.52% | 2.29% | 1.55% | 1.12% | 1.63% |
| Net Income To Common (M) | 5,810.43 |
| (-) Cash Dividends Paid (M) | 1,180.54 |
| (=) Cash Retained (M) | 4,629.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,162.09 | 726.30 | 435.78 |
| Cash Retained (M) | 4,629.90 | 4,629.90 | 4,629.90 |
| (-) Cash Required (M) | -1,162.09 | -726.30 | -435.78 |
| (=) Excess Retained (M) | 3,467.81 | 3,903.59 | 4,194.11 |
| (/) Shares Outstanding (M) | 1,281.45 | 1,281.45 | 1,281.45 |
| (=) Excess Retained per Share | 2.71 | 3.05 | 3.27 |
| LTM Dividend per Share | 0.92 | 0.92 | 0.92 |
| (+) Excess Retained per Share | 2.71 | 3.05 | 3.27 |
| (=) Adjusted Dividend | 3.63 | 3.97 | 4.19 |
| WACC / Discount Rate | 11.25% | 11.25% | 11.25% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $66.60 | $89.02 | $120.35 |
| Upside / Downside | -49.20% | -32.09% | -8.19% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,810.43 | 6,188.11 | 6,590.34 | 7,018.71 | 7,474.93 | 7,960.80 | 8,199.62 |
| Payout Ratio | 20.32% | 34.25% | 48.19% | 62.13% | 76.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,180.54 | 2,119.68 | 3,175.92 | 4,360.52 | 5,685.69 | 7,164.72 | 7,584.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 11.25% | 11.25% | 11.25% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,887.50 | 1,905.39 | 1,923.28 |
| Year 2 PV (M) | 2,518.28 | 2,566.24 | 2,614.66 |
| Year 3 PV (M) | 3,078.85 | 3,167.24 | 3,257.29 |
| Year 4 PV (M) | 3,574.80 | 3,712.27 | 3,853.68 |
| Year 5 PV (M) | 4,011.29 | 4,205.04 | 4,406.20 |
| PV of Terminal Value (M) | 51,494.19 | 53,981.37 | 56,563.75 |
| Equity Value (M) | 66,564.90 | 69,537.56 | 72,618.87 |
| Shares Outstanding (M) | 1,281.45 | 1,281.45 | 1,281.45 |
| Fair Value | $51.94 | $54.26 | $56.67 |
| Upside / Downside | -60.37% | -58.61% | -56.77% |
| 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% |