Definitive Analysis
| Stable Growth | $546.22 - $2,077.04 | $1,585.68 |
| Multi-Stage | $265.38 - $289.91 | $277.42 |
| Blended Fair Value | $931.55 | |
| Current Price | $202.00 | |
| Upside | 361.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 44.19% | 0.00% | 6.98 | 5.64 | 4.48 | 3.76 | 1.79 | 1.12 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 23.67% | 26.00% | 19.05% | 110.00% | 60.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.52% | 2.04% | 1.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 887.85 |
| (-) Cash Dividends Paid (M) | 635.44 |
| (=) Cash Retained (M) | 252.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 177.57 | 110.98 | 66.59 |
| Cash Retained (M) | 252.42 | 252.42 | 252.42 |
| (-) Cash Required (M) | -177.57 | -110.98 | -66.59 |
| (=) Excess Retained (M) | 74.85 | 141.43 | 185.83 |
| (/) Shares Outstanding (M) | 85.01 | 85.01 | 85.01 |
| (=) Excess Retained per Share | 0.88 | 1.66 | 2.19 |
| LTM Dividend per Share | 7.47 | 7.47 | 7.47 |
| (+) Excess Retained per Share | 0.88 | 1.66 | 2.19 |
| (=) Adjusted Dividend | 8.36 | 9.14 | 9.66 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $546.22 | $1,585.68 | $2,077.04 |
| Upside / Downside | 170.40% | 684.99% | 928.24% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 887.85 | 945.56 | 1,007.03 | 1,072.48 | 1,142.19 | 1,216.44 | 1,252.93 |
| Payout Ratio | 71.57% | 75.26% | 78.94% | 82.63% | 86.31% | 90.00% | 92.50% |
| Projected Dividends (M) | 635.44 | 711.59 | 794.97 | 886.17 | 985.87 | 1,094.79 | 1,158.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 658.10 | 664.33 | 670.57 |
| Year 2 PV (M) | 679.93 | 692.88 | 705.95 |
| Year 3 PV (M) | 700.95 | 721.08 | 741.58 |
| Year 4 PV (M) | 721.19 | 748.93 | 777.45 |
| Year 5 PV (M) | 740.66 | 776.43 | 813.58 |
| PV of Terminal Value (M) | 19,059.68 | 19,980.27 | 20,936.09 |
| Equity Value (M) | 22,560.51 | 23,583.92 | 24,645.23 |
| Shares Outstanding (M) | 85.01 | 85.01 | 85.01 |
| Fair Value | $265.38 | $277.42 | $289.91 |
| Upside / Downside | 31.38% | 37.34% | 43.52% |
| 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% |