Definitive Analysis
| Stable Growth | $881.71 - $2,112.22 | $1,979.46 |
| Multi-Stage | $320.05 - $349.72 | $334.61 |
| Blended Fair Value | $1,157.04 | |
| Current Price | $126.34 | |
| Upside | 815.81% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 34.56% | 0.00% | 6.75 | 2.49 | 1.59 | 1.63 | 1.98 | 1.53 | 1.08 | 0.00 | 0.00 | 0.14 |
| YoY Growth | - | - | 170.47% | 56.63% | -2.27% | -17.91% | 29.79% | 41.96% | 0.00% | 0.00% | -100.00% | 0.00% |
| Dividend Yield | - | - | 4.71% | 1.57% | 0.81% | 1.01% | 1.09% | 0.70% | 0.53% | 0.00% | 0.00% | 0.07% |
| Net Income To Common (M) | 8,824.80 |
| (-) Cash Dividends Paid (M) | 7,661.00 |
| (=) Cash Retained (M) | 1,163.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,764.96 | 1,103.10 | 661.86 |
| Cash Retained (M) | 1,163.80 | 1,163.80 | 1,163.80 |
| (-) Cash Required (M) | -1,764.96 | -1,103.10 | -661.86 |
| (=) Excess Retained (M) | -601.16 | 60.70 | 501.94 |
| (/) Shares Outstanding (M) | 830.89 | 830.89 | 830.89 |
| (=) Excess Retained per Share | -0.72 | 0.07 | 0.60 |
| LTM Dividend per Share | 9.22 | 9.22 | 9.22 |
| (+) Excess Retained per Share | -0.72 | 0.07 | 0.60 |
| (=) Adjusted Dividend | 8.50 | 9.29 | 9.82 |
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $881.71 | $1,979.46 | $2,112.22 |
| Upside / Downside | 597.89% | 1,466.77% | 1,571.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,824.80 | 9,398.41 | 10,009.31 | 10,659.91 | 11,352.80 | 12,090.74 | 12,453.46 |
| Payout Ratio | 86.81% | 87.45% | 88.09% | 88.72% | 89.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,661.00 | 8,218.89 | 8,816.93 | 9,457.99 | 10,145.14 | 10,881.66 | 11,519.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 7,643.61 | 7,716.06 | 7,788.51 |
| Year 2 PV (M) | 7,625.85 | 7,771.10 | 7,917.72 |
| Year 3 PV (M) | 7,607.73 | 7,826.12 | 8,048.65 |
| Year 4 PV (M) | 7,589.26 | 7,881.12 | 8,181.32 |
| Year 5 PV (M) | 7,570.45 | 7,936.11 | 8,315.76 |
| PV of Terminal Value (M) | 227,891.81 | 238,899.07 | 250,327.60 |
| Equity Value (M) | 265,928.70 | 278,029.57 | 290,579.56 |
| Shares Outstanding (M) | 830.89 | 830.89 | 830.89 |
| Fair Value | $320.05 | $334.61 | $349.72 |
| Upside / Downside | 153.33% | 164.85% | 176.81% |
| 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% |