Definitive Analysis
| Stable Growth | $680.01 - $1,624.74 | $1,522.62 |
| Multi-Stage | $244.22 - $266.97 | $255.39 |
| Blended Fair Value | $889.01 | |
| Current Price | $70.00 | |
| Upside | 1,170.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 28.43% | 29.32% | 6.49 | 13.16 | 13.44 | 2.90 | 1.10 | 1.86 | 1.10 | 0.68 | 1.50 | 1.06 |
| YoY Growth | - | - | -50.68% | -2.11% | 363.78% | 164.10% | -40.91% | 69.23% | 62.50% | -55.10% | 42.14% | 113.23% |
| Dividend Yield | - | - | 8.71% | 14.07% | 17.19% | 2.37% | 2.02% | 9.98% | 4.21% | 2.77% | 7.55% | 4.01% |
| Net Income To Common (M) | 1,120.49 |
| (-) Cash Dividends Paid (M) | 821.77 |
| (=) Cash Retained (M) | 298.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 224.10 | 140.06 | 84.04 |
| Cash Retained (M) | 298.72 | 298.72 | 298.72 |
| (-) Cash Required (M) | -224.10 | -140.06 | -84.04 |
| (=) Excess Retained (M) | 74.62 | 158.66 | 214.69 |
| (/) Shares Outstanding (M) | 137.15 | 137.15 | 137.15 |
| (=) Excess Retained per Share | 0.54 | 1.16 | 1.57 |
| LTM Dividend per Share | 5.99 | 5.99 | 5.99 |
| (+) Excess Retained per Share | 0.54 | 1.16 | 1.57 |
| (=) Adjusted Dividend | 6.54 | 7.15 | 7.56 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $680.01 | $1,522.62 | $1,624.74 |
| Upside / Downside | 871.44% | 2,075.18% | 2,221.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,120.49 | 1,193.32 | 1,270.89 | 1,353.50 | 1,441.47 | 1,535.17 | 1,581.22 |
| Payout Ratio | 73.34% | 76.67% | 80.00% | 83.34% | 86.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 821.77 | 914.94 | 1,016.76 | 1,127.95 | 1,249.30 | 1,381.65 | 1,462.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 850.92 | 858.99 | 867.06 |
| Year 2 PV (M) | 879.45 | 896.20 | 913.11 |
| Year 3 PV (M) | 907.36 | 933.40 | 959.94 |
| Year 4 PV (M) | 934.65 | 970.60 | 1,007.57 |
| Year 5 PV (M) | 961.35 | 1,007.78 | 1,055.99 |
| PV of Terminal Value (M) | 28,961.14 | 30,359.97 | 31,812.34 |
| Equity Value (M) | 33,494.87 | 35,026.94 | 36,616.01 |
| Shares Outstanding (M) | 137.15 | 137.15 | 137.15 |
| Fair Value | $244.22 | $255.39 | $266.97 |
| Upside / Downside | 248.88% | 264.84% | 281.39% |
| 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% |