Definitive Analysis
| Stable Growth | $241.10 - $512.26 | $342.50 |
| Multi-Stage | $210.94 - $229.98 | $220.29 |
| Blended Fair Value | $281.39 | |
| Current Price | $282.20 | |
| Upside | -0.29% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.61% | 10.07% | 8.92 | 8.41 | 7.75 | 7.41 | 6.93 | 6.48 | 6.48 | 6.21 | 5.54 | 4.42 |
| YoY Growth | - | - | 6.06% | 8.58% | 4.56% | 6.87% | 7.01% | 0.06% | 4.22% | 12.24% | 25.13% | 29.44% |
| Dividend Yield | - | - | 2.86% | 2.97% | 3.21% | 3.06% | 2.79% | 3.20% | 3.38% | 3.65% | 3.37% | 2.95% |
| Net Income To Common (M) | 7,005.00 |
| (-) Cash Dividends Paid (M) | 5,046.00 |
| (=) Cash Retained (M) | 1,959.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,401.00 | 875.63 | 525.38 |
| Cash Retained (M) | 1,959.00 | 1,959.00 | 1,959.00 |
| (-) Cash Required (M) | -1,401.00 | -875.63 | -525.38 |
| (=) Excess Retained (M) | 558.00 | 1,083.38 | 1,433.63 |
| (/) Shares Outstanding (M) | 541.50 | 541.50 | 541.50 |
| (=) Excess Retained per Share | 1.03 | 2.00 | 2.65 |
| LTM Dividend per Share | 9.32 | 9.32 | 9.32 |
| (+) Excess Retained per Share | 1.03 | 2.00 | 2.65 |
| (=) Adjusted Dividend | 10.35 | 11.32 | 11.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.61% | 5.61% | 6.61% |
| Fair Value | $241.10 | $342.50 | $512.26 |
| Upside / Downside | -14.57% | 21.37% | 81.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,005.00 | 7,397.82 | 7,812.67 | 8,250.79 | 8,713.47 | 9,202.10 | 9,478.16 |
| Payout Ratio | 72.03% | 75.63% | 79.22% | 82.81% | 86.41% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,046.00 | 5,594.78 | 6,189.24 | 6,832.78 | 7,529.03 | 8,281.89 | 8,767.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.61% | 5.61% | 6.61% |
| Year 1 PV (M) | 5,079.66 | 5,128.22 | 5,176.77 |
| Year 2 PV (M) | 5,102.00 | 5,200.01 | 5,298.95 |
| Year 3 PV (M) | 5,113.89 | 5,261.96 | 5,412.85 |
| Year 4 PV (M) | 5,116.16 | 5,314.62 | 5,518.79 |
| Year 5 PV (M) | 5,109.59 | 5,358.53 | 5,617.08 |
| PV of Terminal Value (M) | 88,702.26 | 93,023.86 | 97,512.28 |
| Equity Value (M) | 114,223.55 | 119,287.18 | 124,536.72 |
| Shares Outstanding (M) | 541.50 | 541.50 | 541.50 |
| Fair Value | $210.94 | $220.29 | $229.98 |
| Upside / Downside | -25.25% | -21.94% | -18.50% |
| 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% |