Definitive Analysis
| Stable Growth | $857.61 - $2,489.02 | $2,332.58 |
| Multi-Stage | $345.63 - $378.07 | $361.55 |
| Blended Fair Value | $1,347.07 | |
| Current Price | $90.35 | |
| Upside | 1,390.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 50.07% | 34.88% | 2.41 | 1.21 | 1.05 | 0.86 | 0.67 | 0.32 | 0.41 | 0.34 | 0.24 | 0.14 |
| YoY Growth | - | - | 99.94% | 15.28% | 22.03% | 28.14% | 111.16% | -22.34% | 21.34% | 39.70% | 66.34% | 19.60% |
| Dividend Yield | - | - | 2.67% | 2.81% | 6.56% | 6.67% | 7.13% | 5.97% | 7.45% | 4.51% | 4.76% | 2.71% |
| Net Income To Common (M) | 5,381.67 |
| (-) Cash Dividends Paid (M) | 2,579.03 |
| (=) Cash Retained (M) | 2,802.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,076.33 | 672.71 | 403.63 |
| Cash Retained (M) | 2,802.64 | 2,802.64 | 2,802.64 |
| (-) Cash Required (M) | -1,076.33 | -672.71 | -403.63 |
| (=) Excess Retained (M) | 1,726.31 | 2,129.93 | 2,399.02 |
| (/) Shares Outstanding (M) | 430.00 | 430.00 | 430.00 |
| (=) Excess Retained per Share | 4.01 | 4.95 | 5.58 |
| LTM Dividend per Share | 6.00 | 6.00 | 6.00 |
| (+) Excess Retained per Share | 4.01 | 4.95 | 5.58 |
| (=) Adjusted Dividend | 10.01 | 10.95 | 11.58 |
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $857.61 | $2,332.58 | $2,489.02 |
| Upside / Downside | 849.21% | 2,481.72% | 2,654.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,381.67 | 5,731.48 | 6,104.03 | 6,500.79 | 6,923.34 | 7,373.36 | 7,594.56 |
| Payout Ratio | 47.92% | 56.34% | 64.75% | 73.17% | 81.58% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,579.03 | 3,229.00 | 3,952.57 | 4,756.56 | 5,648.37 | 6,636.02 | 7,024.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.73% | 6.73% | 6.73% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,996.94 | 3,025.35 | 3,053.75 |
| Year 2 PV (M) | 3,404.86 | 3,469.71 | 3,535.17 |
| Year 3 PV (M) | 3,802.96 | 3,912.13 | 4,023.37 |
| Year 4 PV (M) | 4,191.42 | 4,352.61 | 4,518.41 |
| Year 5 PV (M) | 4,570.41 | 4,791.16 | 5,020.37 |
| PV of Terminal Value (M) | 129,654.29 | 135,916.64 | 142,418.66 |
| Equity Value (M) | 148,620.87 | 155,467.60 | 162,569.73 |
| Shares Outstanding (M) | 430.00 | 430.00 | 430.00 |
| Fair Value | $345.63 | $361.55 | $378.07 |
| Upside / Downside | 282.55% | 300.17% | 318.45% |
| 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% |