Definitive Analysis
| Stable Growth | $394.60 - $1,046.76 | $603.38 |
| Multi-Stage | $272.96 - $298.07 | $285.29 |
| Blended Fair Value | $444.34 | |
| Current Price | $195.46 | |
| Upside | 127.33% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.14% | 9.20% | 5.43 | 5.27 | 4.76 | 3.52 | 3.45 | 3.35 | 3.10 | 2.78 | 2.68 | 2.28 |
| YoY Growth | - | - | 3.11% | 10.70% | 35.13% | 2.14% | 2.89% | 8.18% | 11.58% | 3.51% | 17.83% | 1.03% |
| Dividend Yield | - | - | 3.08% | 3.70% | 4.01% | 2.06% | 2.34% | 3.37% | 1.92% | 1.54% | 1.85% | 1.57% |
| Net Income To Common (M) | 2,771.00 |
| (-) Cash Dividends Paid (M) | 925.00 |
| (=) Cash Retained (M) | 1,846.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 554.20 | 346.38 | 207.83 |
| Cash Retained (M) | 1,846.00 | 1,846.00 | 1,846.00 |
| (-) Cash Required (M) | -554.20 | -346.38 | -207.83 |
| (=) Excess Retained (M) | 1,291.80 | 1,499.63 | 1,638.18 |
| (/) Shares Outstanding (M) | 164.73 | 164.73 | 164.73 |
| (=) Excess Retained per Share | 7.84 | 9.10 | 9.94 |
| LTM Dividend per Share | 5.62 | 5.62 | 5.62 |
| (+) Excess Retained per Share | 7.84 | 9.10 | 9.94 |
| (=) Adjusted Dividend | 13.46 | 14.72 | 15.56 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $394.60 | $603.38 | $1,046.76 |
| Upside / Downside | 101.88% | 208.70% | 435.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,771.00 | 2,951.12 | 3,142.94 | 3,347.23 | 3,564.80 | 3,796.51 | 3,910.41 |
| Payout Ratio | 33.38% | 44.71% | 56.03% | 67.35% | 78.68% | 90.00% | 92.50% |
| Projected Dividends (M) | 925.00 | 1,319.30 | 1,760.95 | 2,254.44 | 2,804.65 | 3,416.86 | 3,617.13 |
| 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) | 1,197.93 | 1,209.28 | 1,220.64 |
| Year 2 PV (M) | 1,451.84 | 1,479.50 | 1,507.41 |
| Year 3 PV (M) | 1,687.71 | 1,736.16 | 1,785.52 |
| Year 4 PV (M) | 1,906.44 | 1,979.76 | 2,055.17 |
| Year 5 PV (M) | 2,108.91 | 2,210.77 | 2,316.53 |
| PV of Terminal Value (M) | 36,610.56 | 38,378.87 | 40,214.85 |
| Equity Value (M) | 44,963.39 | 46,994.33 | 49,100.11 |
| Shares Outstanding (M) | 164.73 | 164.73 | 164.73 |
| Fair Value | $272.96 | $285.29 | $298.07 |
| Upside / Downside | 39.65% | 45.96% | 52.50% |
| 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% |