Definitive Analysis
| Stable Growth | $142,935.72 - $235,044.19 | $183,904.58 |
| Multi-Stage | $294,751.45 - $323,401.40 | $308,801.27 |
| Blended Fair Value | $246,352.93 | |
| Current Price | $148,000.00 | |
| Upside | 66.45% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.03% | 4.70% | 6,082.68 | 6,058.77 | 5,869.36 | 6,015.17 | 6,213.07 | 6,073.11 | 5,179.11 | 4,593.34 | 4,633.59 | 4,387.67 |
| YoY Growth | - | - | 0.39% | 3.23% | -2.42% | -3.19% | 2.30% | 17.26% | 12.75% | -0.87% | 5.60% | 14.16% |
| Dividend Yield | - | - | 5.15% | 4.29% | 3.84% | 3.80% | 5.16% | 3.52% | 3.52% | 3.51% | 3.11% | 3.43% |
| Net Income To Common (M) | 8,839.47 |
| (-) Cash Dividends Paid (M) | 8,467.47 |
| (=) Cash Retained (M) | 372.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,767.89 | 1,104.93 | 662.96 |
| Cash Retained (M) | 372.00 | 372.00 | 372.00 |
| (-) Cash Required (M) | -1,767.89 | -1,104.93 | -662.96 |
| (=) Excess Retained (M) | -1,395.90 | -732.94 | -290.96 |
| (/) Shares Outstanding (M) | 0.70 | 0.70 | 0.70 |
| (=) Excess Retained per Share | -2,007.91 | -1,054.28 | -418.53 |
| LTM Dividend per Share | 12,179.91 | 12,179.91 | 12,179.91 |
| (+) Excess Retained per Share | -2,007.91 | -1,054.28 | -418.53 |
| (=) Adjusted Dividend | 10,172.00 | 11,125.63 | 11,761.38 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.59% | 0.41% | 1.41% |
| Fair Value | $142,935.72 | $183,904.58 | $235,044.19 |
| Upside / Downside | -3.42% | 24.26% | 58.81% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,839.47 | 8,875.53 | 8,911.73 | 8,948.08 | 8,984.58 | 9,021.23 | 9,291.87 |
| Payout Ratio | 95.79% | 94.63% | 93.47% | 92.32% | 91.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 8,467.47 | 8,399.20 | 8,330.24 | 8,260.57 | 8,190.20 | 8,119.11 | 8,594.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.59% | 0.41% | 1.41% |
| Year 1 PV (M) | 7,809.33 | 7,887.89 | 7,966.45 |
| Year 2 PV (M) | 7,201.27 | 7,346.88 | 7,493.95 |
| Year 3 PV (M) | 6,639.53 | 6,841.92 | 7,048.39 |
| Year 4 PV (M) | 6,120.65 | 6,370.67 | 6,628.28 |
| Year 5 PV (M) | 5,641.40 | 5,930.92 | 6,232.20 |
| PV of Terminal Value (M) | 171,499.04 | 180,300.36 | 189,459.39 |
| Equity Value (M) | 204,911.21 | 214,678.65 | 224,828.65 |
| Shares Outstanding (M) | 0.70 | 0.70 | 0.70 |
| Fair Value | $294,751.45 | $308,801.27 | $323,401.40 |
| Upside / Downside | 99.16% | 108.65% | 118.51% |
| 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% |