Definitive Analysis
| Stable Growth | $1,307.74 - $3,619.63 | $3,392.12 |
| Multi-Stage | $515.49 - $563.64 | $539.13 |
| Blended Fair Value | $1,965.63 | |
| Current Price | $173.30 | |
| Upside | 1,034.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.63% | 12.42% | 3.72 | 4.05 | 2.60 | 2.40 | 2.20 | 1.80 | 1.95 | 1.65 | 1.50 | 1.49 |
| YoY Growth | - | - | -8.14% | 55.83% | 8.37% | 9.14% | 22.11% | -7.68% | 18.00% | 10.24% | 0.76% | 28.90% |
| Dividend Yield | - | - | 2.48% | 2.71% | 2.06% | 2.02% | 2.22% | 2.52% | 2.73% | 2.85% | 3.04% | 3.92% |
| Net Income To Common (M) | 960.30 |
| (-) Cash Dividends Paid (M) | 588.40 |
| (=) Cash Retained (M) | 371.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 192.06 | 120.04 | 72.02 |
| Cash Retained (M) | 371.90 | 371.90 | 371.90 |
| (-) Cash Required (M) | -192.06 | -120.04 | -72.02 |
| (=) Excess Retained (M) | 179.84 | 251.86 | 299.88 |
| (/) Shares Outstanding (M) | 52.76 | 52.76 | 52.76 |
| (=) Excess Retained per Share | 3.41 | 4.77 | 5.68 |
| LTM Dividend per Share | 11.15 | 11.15 | 11.15 |
| (+) Excess Retained per Share | 3.41 | 4.77 | 5.68 |
| (=) Adjusted Dividend | 14.56 | 15.93 | 16.84 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,307.74 | $3,392.12 | $3,619.63 |
| Upside / Downside | 654.61% | 1,857.37% | 1,988.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 960.30 | 1,022.72 | 1,089.20 | 1,159.99 | 1,235.39 | 1,315.69 | 1,355.17 |
| Payout Ratio | 61.27% | 67.02% | 72.76% | 78.51% | 84.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 588.40 | 685.41 | 792.54 | 910.70 | 1,040.87 | 1,184.12 | 1,253.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 636.49 | 642.52 | 648.55 |
| Year 2 PV (M) | 683.44 | 696.46 | 709.60 |
| Year 3 PV (M) | 729.29 | 750.23 | 771.56 |
| Year 4 PV (M) | 774.04 | 803.81 | 834.43 |
| Year 5 PV (M) | 817.72 | 857.22 | 898.23 |
| PV of Terminal Value (M) | 23,557.41 | 24,695.24 | 25,876.62 |
| Equity Value (M) | 27,198.39 | 28,445.48 | 29,738.99 |
| Shares Outstanding (M) | 52.76 | 52.76 | 52.76 |
| Fair Value | $515.49 | $539.13 | $563.64 |
| Upside / Downside | 197.46% | 211.09% | 225.24% |
| 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% |