Definitive Analysis
| Stable Growth | $212,104.09 - $479,726.03 | $307,980.38 |
| Multi-Stage | $241,875.55 - $264,792.90 | $253,120.84 |
| Blended Fair Value | $280,550.61 | |
| Current Price | $107,400.00 | |
| Upside | 161.22% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 4,405.75 | 4,073.06 | 3,918.64 | 3,792.47 | 2,776.66 | 2,700.29 | 2,654.71 | 2,460.36 | 2,369.16 |
| YoY Growth | - | - | -100.00% | 8.17% | 3.94% | 3.33% | 36.58% | 2.83% | 1.72% | 7.90% | 3.85% | 12.07% |
| Dividend Yield | - | - | 0.00% | 4.54% | 3.67% | 3.41% | 3.39% | 2.55% | 2.71% | 2.95% | 3.10% | 2.79% |
| Net Income To Common (M) | 25,833.94 |
| (-) Cash Dividends Paid (M) | 16,357.62 |
| (=) Cash Retained (M) | 9,476.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,166.79 | 3,229.24 | 1,937.55 |
| Cash Retained (M) | 9,476.32 | 9,476.32 | 9,476.32 |
| (-) Cash Required (M) | -5,166.79 | -3,229.24 | -1,937.55 |
| (=) Excess Retained (M) | 4,309.53 | 6,247.08 | 7,538.78 |
| (/) Shares Outstanding (M) | 2.40 | 2.40 | 2.40 |
| (=) Excess Retained per Share | 1,794.54 | 2,601.36 | 3,139.24 |
| LTM Dividend per Share | 6,811.51 | 6,811.51 | 6,811.51 |
| (+) Excess Retained per Share | 1,794.54 | 2,601.36 | 3,139.24 |
| (=) Adjusted Dividend | 8,606.05 | 9,412.87 | 9,950.75 |
| WACC / Discount Rate | 7.12% | 7.12% | 7.12% |
| Growth Rate | 2.94% | 3.94% | 4.94% |
| Fair Value | $212,104.09 | $307,980.38 | $479,726.03 |
| Upside / Downside | 97.49% | 186.76% | 346.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 25,833.94 | 26,851.39 | 27,908.90 | 29,008.06 | 30,150.52 | 31,337.96 | 32,278.10 |
| Payout Ratio | 63.32% | 68.65% | 73.99% | 79.33% | 84.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,357.62 | 18,434.73 | 20,650.07 | 23,011.32 | 25,526.53 | 28,204.17 | 29,857.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.12% | 7.12% | 7.12% |
| Growth Rate | 2.94% | 3.94% | 4.94% |
| Year 1 PV (M) | 17,044.63 | 17,210.21 | 17,375.79 |
| Year 2 PV (M) | 17,653.19 | 17,997.84 | 18,345.82 |
| Year 3 PV (M) | 18,188.37 | 18,723.61 | 19,269.25 |
| Year 4 PV (M) | 18,654.98 | 19,390.51 | 20,147.58 |
| Year 5 PV (M) | 19,057.55 | 20,001.38 | 20,982.25 |
| PV of Terminal Value (M) | 490,257.45 | 514,537.78 | 539,770.73 |
| Equity Value (M) | 580,856.16 | 607,861.34 | 635,891.42 |
| Shares Outstanding (M) | 2.40 | 2.40 | 2.40 |
| Fair Value | $241,875.55 | $253,120.84 | $264,792.90 |
| Upside / Downside | 125.21% | 135.68% | 146.55% |
| 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% |