Definitive Analysis
| Stable Growth | $1,055.52 - $3,808.21 | $3,359.52 |
| Multi-Stage | $485.72 - $531.26 | $508.07 |
| Blended Fair Value | $1,933.80 | |
| Current Price | $75.29 | |
| Upside | 2,468.47% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 54.07% | 19.98% | 6.62 | 0.00 | 3.62 | 1.37 | 1.90 | 0.76 | 0.00 | 0.00 | 1.64 | 1.54 |
| YoY Growth | - | - | 0.00% | -100.00% | 163.68% | -27.59% | 148.98% | 0.00% | 0.00% | -100.00% | 6.59% | 44.16% |
| Dividend Yield | - | - | 7.56% | 0.00% | 5.18% | 2.95% | 4.72% | 2.63% | 0.00% | 0.00% | 5.63% | 5.99% |
| Net Income To Common (M) | 1,073.45 |
| (-) Cash Dividends Paid (M) | 448.64 |
| (=) Cash Retained (M) | 624.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 214.69 | 134.18 | 80.51 |
| Cash Retained (M) | 624.80 | 624.80 | 624.80 |
| (-) Cash Required (M) | -214.69 | -134.18 | -80.51 |
| (=) Excess Retained (M) | 410.11 | 490.62 | 544.30 |
| (/) Shares Outstanding (M) | 56.06 | 56.06 | 56.06 |
| (=) Excess Retained per Share | 7.32 | 8.75 | 9.71 |
| LTM Dividend per Share | 8.00 | 8.00 | 8.00 |
| (+) Excess Retained per Share | 7.32 | 8.75 | 9.71 |
| (=) Adjusted Dividend | 15.32 | 16.76 | 17.71 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,055.52 | $3,359.52 | $3,808.21 |
| Upside / Downside | 1,301.93% | 4,362.11% | 4,958.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,073.45 | 1,143.22 | 1,217.53 | 1,296.67 | 1,380.95 | 1,470.72 | 1,514.84 |
| Payout Ratio | 41.79% | 51.44% | 61.08% | 70.72% | 80.36% | 90.00% | 92.50% |
| Projected Dividends (M) | 448.64 | 588.02 | 743.63 | 916.98 | 1,109.72 | 1,323.65 | 1,401.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 544.24 | 549.40 | 554.55 |
| Year 2 PV (M) | 637.00 | 649.14 | 661.38 |
| Year 3 PV (M) | 727.00 | 747.87 | 769.14 |
| Year 4 PV (M) | 814.30 | 845.62 | 877.83 |
| Year 5 PV (M) | 898.95 | 942.37 | 987.45 |
| PV of Terminal Value (M) | 23,607.05 | 24,747.28 | 25,931.15 |
| Equity Value (M) | 27,228.55 | 28,481.67 | 29,781.50 |
| Shares Outstanding (M) | 56.06 | 56.06 | 56.06 |
| Fair Value | $485.72 | $508.07 | $531.26 |
| Upside / Downside | 545.13% | 574.82% | 605.62% |
| 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% |