Definitive Analysis
| Stable Growth | $14,783.08 - $29,358.08 | $27,512.82 |
| Multi-Stage | $4,639.97 - $5,073.67 | $4,852.85 |
| Blended Fair Value | $16,182.84 | |
| Current Price | $655.00 | |
| Upside | 2,370.66% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.62% | 8.41% | 64.93 | 30.00 | 14.50 | 23.49 | 23.49 | 22.49 | 23.38 | 21.20 | 18.56 | 14.55 |
| YoY Growth | - | - | 116.42% | 106.96% | -38.28% | 0.00% | 4.43% | -3.80% | 10.29% | 14.21% | 27.57% | -49.74% |
| Dividend Yield | - | - | 11.83% | 4.50% | 2.01% | 2.85% | 4.19% | 4.14% | 5.06% | 5.20% | 5.75% | 8.87% |
| Net Income To Common (M) | 10,968.00 |
| (-) Cash Dividends Paid (M) | 7,908.00 |
| (=) Cash Retained (M) | 3,060.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,193.60 | 1,371.00 | 822.60 |
| Cash Retained (M) | 3,060.00 | 3,060.00 | 3,060.00 |
| (-) Cash Required (M) | -2,193.60 | -1,371.00 | -822.60 |
| (=) Excess Retained (M) | 866.40 | 1,689.00 | 2,237.40 |
| (/) Shares Outstanding (M) | 74.30 | 74.30 | 74.30 |
| (=) Excess Retained per Share | 11.66 | 22.73 | 30.11 |
| LTM Dividend per Share | 106.44 | 106.44 | 106.44 |
| (+) Excess Retained per Share | 11.66 | 22.73 | 30.11 |
| (=) Adjusted Dividend | 118.10 | 129.17 | 136.55 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $14,783.08 | $27,512.82 | $29,358.08 |
| Upside / Downside | 2,156.96% | 4,100.43% | 4,382.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10,968.00 | 11,680.92 | 12,440.18 | 13,248.79 | 14,109.96 | 15,027.11 | 15,477.92 |
| Payout Ratio | 72.10% | 75.68% | 79.26% | 82.84% | 86.42% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,908.00 | 8,840.18 | 9,860.14 | 10,975.33 | 12,193.85 | 13,524.40 | 14,317.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 8,234.85 | 8,312.91 | 8,390.97 |
| Year 2 PV (M) | 8,556.03 | 8,719.00 | 8,883.51 |
| Year 3 PV (M) | 8,871.60 | 9,126.27 | 9,385.77 |
| Year 4 PV (M) | 9,181.63 | 9,534.73 | 9,897.92 |
| Year 5 PV (M) | 9,486.19 | 9,944.38 | 10,420.10 |
| PV of Terminal Value (M) | 300,412.30 | 314,922.33 | 329,987.69 |
| Equity Value (M) | 344,742.61 | 360,559.62 | 376,965.95 |
| Shares Outstanding (M) | 74.30 | 74.30 | 74.30 |
| Fair Value | $4,639.97 | $4,852.85 | $5,073.67 |
| Upside / Downside | 608.39% | 640.89% | 674.61% |
| 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% |