Definitive Analysis
| Stable Growth | $112,188.54 - $177,913.69 | $142,153.65 |
| Multi-Stage | $247,054.12 - $271,300.41 | $258,942.50 |
| Blended Fair Value | $200,548.07 | |
| Current Price | $85,300.00 | |
| Upside | 135.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.60% | 0.00% | 4,721.37 | 4,515.44 | 4,243.38 | 3,697.21 | 4,343.62 | 1,571.99 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 4.56% | 6.41% | 14.77% | -14.88% | 176.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.02% | 4.69% | 3.96% | 3.28% | 5.12% | 1.32% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 8,504.09 |
| (-) Cash Dividends Paid (M) | 7,493.51 |
| (=) Cash Retained (M) | 1,010.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,700.82 | 1,063.01 | 637.81 |
| Cash Retained (M) | 1,010.58 | 1,010.58 | 1,010.58 |
| (-) Cash Required (M) | -1,700.82 | -1,063.01 | -637.81 |
| (=) Excess Retained (M) | -690.23 | -52.43 | 372.78 |
| (/) Shares Outstanding (M) | 0.77 | 0.77 | 0.77 |
| (=) Excess Retained per Share | -900.78 | -68.42 | 486.49 |
| LTM Dividend per Share | 9,779.29 | 9,779.29 | 9,779.29 |
| (+) Excess Retained per Share | -900.78 | -68.42 | 486.49 |
| (=) Adjusted Dividend | 8,878.51 | 9,710.87 | 10,265.78 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.33% | -0.33% | 0.67% |
| Fair Value | $112,188.54 | $142,153.65 | $177,913.69 |
| Upside / Downside | 31.52% | 66.65% | 108.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,504.09 | 8,476.37 | 8,448.73 | 8,421.18 | 8,393.72 | 8,366.35 | 8,617.34 |
| Payout Ratio | 88.12% | 88.49% | 88.87% | 89.25% | 89.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,493.51 | 7,501.01 | 7,508.38 | 7,515.62 | 7,522.73 | 7,529.72 | 7,971.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.33% | -0.33% | 0.67% |
| Year 1 PV (M) | 6,973.66 | 7,044.33 | 7,115.00 |
| Year 2 PV (M) | 6,489.75 | 6,621.95 | 6,755.49 |
| Year 3 PV (M) | 6,039.31 | 6,224.79 | 6,414.03 |
| Year 4 PV (M) | 5,620.04 | 5,851.35 | 6,089.72 |
| Year 5 PV (M) | 5,229.78 | 5,500.21 | 5,781.71 |
| PV of Terminal Value (M) | 158,955.96 | 167,175.49 | 175,731.58 |
| Equity Value (M) | 189,308.49 | 198,418.12 | 207,887.54 |
| Shares Outstanding (M) | 0.77 | 0.77 | 0.77 |
| Fair Value | $247,054.12 | $258,942.50 | $271,300.41 |
| Upside / Downside | 189.63% | 203.57% | 218.05% |
| 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% |