Definitive Analysis
| Stable Growth | $44,641.95 - $81,793.75 | $60,004.84 |
| Multi-Stage | $79,674.36 - $87,343.49 | $83,436.10 |
| Blended Fair Value | $71,720.47 | |
| Current Price | $34,000.00 | |
| Upside | 110.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.87% | 9.27% | 1,335.50 | 1,343.64 | 1,329.39 | 967.68 | 893.90 | 914.25 | 1,061.63 | 1,043.31 | 477.67 | 470.20 |
| YoY Growth | - | - | -0.61% | 1.07% | 37.38% | 8.25% | -2.23% | -13.88% | 1.76% | 118.42% | 1.59% | -14.57% |
| Dividend Yield | - | - | 4.57% | 3.53% | 2.99% | 1.53% | 1.49% | 3.05% | 2.09% | 1.55% | 0.67% | 0.65% |
| Net Income To Common (M) | 96,637.28 |
| (-) Cash Dividends Paid (M) | 95,211.20 |
| (=) Cash Retained (M) | 1,426.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 19,327.46 | 12,079.66 | 7,247.80 |
| Cash Retained (M) | 1,426.08 | 1,426.08 | 1,426.08 |
| (-) Cash Required (M) | -19,327.46 | -12,079.66 | -7,247.80 |
| (=) Excess Retained (M) | -17,901.37 | -10,653.58 | -5,821.71 |
| (/) Shares Outstanding (M) | 31.09 | 31.09 | 31.09 |
| (=) Excess Retained per Share | -575.78 | -342.66 | -187.25 |
| LTM Dividend per Share | 3,062.36 | 3,062.36 | 3,062.36 |
| (+) Excess Retained per Share | -575.78 | -342.66 | -187.25 |
| (=) Adjusted Dividend | 2,486.59 | 2,719.70 | 2,875.12 |
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Fair Value | $44,641.95 | $60,004.84 | $81,793.75 |
| Upside / Downside | 31.30% | 76.48% | 140.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 96,637.28 | 98,323.87 | 100,039.89 | 101,785.86 | 103,562.31 | 105,369.75 | 108,530.85 |
| Payout Ratio | 98.52% | 96.82% | 95.11% | 93.41% | 91.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 95,211.20 | 95,196.61 | 95,152.52 | 95,077.89 | 94,971.67 | 94,832.78 | 100,391.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Year 1 PV (M) | 88,627.08 | 89,506.80 | 90,386.51 |
| Year 2 PV (M) | 82,472.70 | 84,118.07 | 85,779.70 |
| Year 3 PV (M) | 76,721.02 | 79,028.38 | 81,381.54 |
| Year 4 PV (M) | 71,346.70 | 74,221.91 | 77,183.16 |
| Year 5 PV (M) | 66,325.92 | 69,683.68 | 73,176.08 |
| PV of Terminal Value (M) | 2,091,642.14 | 2,197,531.95 | 2,307,667.55 |
| Equity Value (M) | 2,477,135.56 | 2,594,090.80 | 2,715,574.55 |
| Shares Outstanding (M) | 31.09 | 31.09 | 31.09 |
| Fair Value | $79,674.36 | $83,436.10 | $87,343.49 |
| Upside / Downside | 134.34% | 145.40% | 156.89% |
| 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% |