Definitive Analysis
| Stable Growth | $246,491.61 - $562,728.60 | $359,060.97 |
| Multi-Stage | $322,476.34 - $353,519.83 | $337,705.87 |
| Blended Fair Value | $348,383.42 | |
| Current Price | $134,200.00 | |
| Upside | 159.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.24% | 7.68% | 6,001.31 | 5,760.32 | 6,714.28 | 5,269.20 | 5,105.88 | 5,115.75 | 4,710.91 | 4,557.99 | 4,305.19 | 3,448.54 |
| YoY Growth | - | - | 4.18% | -14.21% | 27.43% | 3.20% | -0.19% | 8.59% | 3.35% | 5.87% | 24.84% | 20.45% |
| Dividend Yield | - | - | 5.50% | 4.62% | 4.61% | 3.49% | 4.45% | 3.16% | 4.04% | 4.54% | 3.19% | 2.90% |
| Net Income To Common (M) | 18,173.89 |
| (-) Cash Dividends Paid (M) | 11,014.00 |
| (=) Cash Retained (M) | 7,159.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,634.78 | 2,271.74 | 1,363.04 |
| Cash Retained (M) | 7,159.88 | 7,159.88 | 7,159.88 |
| (-) Cash Required (M) | -3,634.78 | -2,271.74 | -1,363.04 |
| (=) Excess Retained (M) | 3,525.11 | 4,888.15 | 5,796.84 |
| (/) Shares Outstanding (M) | 1.46 | 1.46 | 1.46 |
| (=) Excess Retained per Share | 2,414.78 | 3,348.49 | 3,970.97 |
| LTM Dividend per Share | 7,544.84 | 7,544.84 | 7,544.84 |
| (+) Excess Retained per Share | 2,414.78 | 3,348.49 | 3,970.97 |
| (=) Adjusted Dividend | 9,959.62 | 10,893.34 | 11,515.82 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 2.35% | 3.35% | 4.35% |
| Fair Value | $246,491.61 | $359,060.97 | $562,728.60 |
| Upside / Downside | 83.67% | 167.56% | 319.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 18,173.89 | 18,782.15 | 19,410.76 | 20,060.42 | 20,731.82 | 21,425.69 | 22,068.46 |
| Payout Ratio | 60.60% | 66.48% | 72.36% | 78.24% | 84.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,014.00 | 12,486.89 | 14,046.03 | 15,695.55 | 17,439.75 | 19,283.12 | 20,413.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 2.35% | 3.35% | 4.35% |
| Year 1 PV (M) | 11,613.26 | 11,726.73 | 11,840.20 |
| Year 2 PV (M) | 12,149.36 | 12,387.94 | 12,628.83 |
| Year 3 PV (M) | 12,626.31 | 13,000.04 | 13,381.07 |
| Year 4 PV (M) | 13,047.88 | 13,565.35 | 14,098.06 |
| Year 5 PV (M) | 13,417.67 | 14,086.10 | 14,780.92 |
| PV of Terminal Value (M) | 407,898.09 | 428,218.56 | 449,340.93 |
| Equity Value (M) | 470,752.58 | 492,984.72 | 516,070.01 |
| Shares Outstanding (M) | 1.46 | 1.46 | 1.46 |
| Fair Value | $322,476.34 | $337,705.87 | $353,519.83 |
| Upside / Downside | 140.30% | 151.64% | 163.43% |
| 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% |