Definitive Analysis
| Stable Growth | $545.18 - $1,056.23 | $989.84 |
| Multi-Stage | $167.20 - $182.88 | $174.90 |
| Blended Fair Value | $582.37 | |
| Current Price | $38.32 | |
| Upside | 1,419.75% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 37.04% | 0.00% | 3.35 | 2.14 | 1.24 | 0.32 | 0.80 | 0.69 | 1.04 | 0.46 | 0.00 | 0.00 |
| YoY Growth | - | - | 56.62% | 72.32% | 282.98% | -59.44% | 15.27% | -33.40% | 127.78% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 12.38% | 11.64% | 9.65% | 2.35% | 8.26% | 7.16% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,717.72 |
| (-) Cash Dividends Paid (M) | 2,400.17 |
| (=) Cash Retained (M) | 1,317.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 743.54 | 464.72 | 278.83 |
| Cash Retained (M) | 1,317.55 | 1,317.55 | 1,317.55 |
| (-) Cash Required (M) | -743.54 | -464.72 | -278.83 |
| (=) Excess Retained (M) | 574.00 | 852.83 | 1,038.72 |
| (/) Shares Outstanding (M) | 700.00 | 700.00 | 700.00 |
| (=) Excess Retained per Share | 0.82 | 1.22 | 1.48 |
| LTM Dividend per Share | 3.43 | 3.43 | 3.43 |
| (+) Excess Retained per Share | 0.82 | 1.22 | 1.48 |
| (=) Adjusted Dividend | 4.25 | 4.65 | 4.91 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $545.18 | $989.84 | $1,056.23 |
| Upside / Downside | 1,322.70% | 2,483.10% | 2,656.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,717.72 | 3,959.37 | 4,216.73 | 4,490.82 | 4,782.72 | 5,093.60 | 5,246.41 |
| Payout Ratio | 64.56% | 69.65% | 74.74% | 79.82% | 84.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,400.17 | 2,757.63 | 3,151.42 | 3,584.76 | 4,061.11 | 4,584.24 | 4,852.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,569.30 | 2,593.66 | 2,618.01 |
| Year 2 PV (M) | 2,735.68 | 2,787.78 | 2,840.38 |
| Year 3 PV (M) | 2,899.32 | 2,982.55 | 3,067.36 |
| Year 4 PV (M) | 3,060.27 | 3,177.96 | 3,299.01 |
| Year 5 PV (M) | 3,218.56 | 3,374.02 | 3,535.42 |
| PV of Terminal Value (M) | 102,558.27 | 107,511.87 | 112,655.06 |
| Equity Value (M) | 117,041.40 | 122,427.84 | 128,015.25 |
| Shares Outstanding (M) | 700.00 | 700.00 | 700.00 |
| Fair Value | $167.20 | $174.90 | $182.88 |
| Upside / Downside | 336.33% | 356.41% | 377.24% |
| 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% |