Definitive Analysis
| Stable Growth | $68.14 - $180.75 | $104.19 |
| Multi-Stage | $47.00 - $51.33 | $49.12 |
| Blended Fair Value | $76.66 | |
| Current Price | $48.72 | |
| Upside | 57.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.18% | 11.60% | 0.84 | 0.79 | 0.73 | 0.59 | 0.49 | 0.40 | 0.32 | 0.16 | 0.00 | 0.30 |
| YoY Growth | - | - | 6.36% | 8.26% | 22.64% | 21.31% | 23.54% | 25.40% | 103.23% | 0.00% | -100.00% | 6.45% |
| Dividend Yield | - | - | 1.91% | 2.36% | 2.53% | 1.63% | 2.27% | 3.78% | 1.14% | 0.56% | 0.00% | 0.97% |
| Net Income To Common (M) | 2,891.00 |
| (-) Cash Dividends Paid (M) | 891.00 |
| (=) Cash Retained (M) | 2,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 578.20 | 361.38 | 216.83 |
| Cash Retained (M) | 2,000.00 | 2,000.00 | 2,000.00 |
| (-) Cash Required (M) | -578.20 | -361.38 | -216.83 |
| (=) Excess Retained (M) | 1,421.80 | 1,638.63 | 1,783.18 |
| (/) Shares Outstanding (M) | 995.25 | 995.25 | 995.25 |
| (=) Excess Retained per Share | 1.43 | 1.65 | 1.79 |
| LTM Dividend per Share | 0.90 | 0.90 | 0.90 |
| (+) Excess Retained per Share | 1.43 | 1.65 | 1.79 |
| (=) Adjusted Dividend | 2.32 | 2.54 | 2.69 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $68.14 | $104.19 | $180.75 |
| Upside / Downside | 39.86% | 113.86% | 271.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,891.00 | 3,078.92 | 3,279.04 | 3,492.18 | 3,719.17 | 3,960.92 | 4,079.75 |
| Payout Ratio | 30.82% | 42.66% | 54.49% | 66.33% | 78.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 891.00 | 1,313.34 | 1,786.81 | 2,316.29 | 2,907.05 | 3,564.83 | 3,773.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,192.51 | 1,203.81 | 1,215.12 |
| Year 2 PV (M) | 1,473.16 | 1,501.22 | 1,529.55 |
| Year 3 PV (M) | 1,734.01 | 1,783.79 | 1,834.51 |
| Year 4 PV (M) | 1,976.05 | 2,052.04 | 2,130.20 |
| Year 5 PV (M) | 2,200.23 | 2,306.51 | 2,416.85 |
| PV of Terminal Value (M) | 38,196.01 | 40,040.89 | 41,956.38 |
| Equity Value (M) | 46,771.97 | 48,888.26 | 51,082.60 |
| Shares Outstanding (M) | 995.25 | 995.25 | 995.25 |
| Fair Value | $47.00 | $49.12 | $51.33 |
| Upside / Downside | -3.54% | 0.82% | 5.35% |
| 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% |