Definitive Analysis
| Stable Growth | $174.31 - $630.39 | $552.37 |
| Multi-Stage | $82.15 - $89.76 | $85.89 |
| Blended Fair Value | $319.13 | |
| Current Price | $44.49 | |
| Upside | 617.30% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.50% | 16.58% | 2.11 | 1.85 | 2.35 | 0.82 | 0.93 | 0.83 | 0.74 | 0.60 | 0.36 | 0.60 |
| YoY Growth | - | - | 13.83% | -21.01% | 187.13% | -12.02% | 11.88% | 11.59% | 24.76% | 65.17% | -39.41% | 30.99% |
| Dividend Yield | - | - | 4.76% | 3.56% | 6.27% | 2.11% | 4.79% | 8.71% | 3.99% | 3.01% | 1.65% | 3.44% |
| Net Income To Common (M) | 6,655.00 |
| (-) Cash Dividends Paid (M) | 4,755.00 |
| (=) Cash Retained (M) | 1,900.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,331.00 | 831.88 | 499.13 |
| Cash Retained (M) | 1,900.00 | 1,900.00 | 1,900.00 |
| (-) Cash Required (M) | -1,331.00 | -831.88 | -499.13 |
| (=) Excess Retained (M) | 569.00 | 1,068.13 | 1,400.88 |
| (/) Shares Outstanding (M) | 2,099.52 | 2,099.52 | 2,099.52 |
| (=) Excess Retained per Share | 0.27 | 0.51 | 0.67 |
| LTM Dividend per Share | 2.26 | 2.26 | 2.26 |
| (+) Excess Retained per Share | 0.27 | 0.51 | 0.67 |
| (=) Adjusted Dividend | 2.54 | 2.77 | 2.93 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $174.31 | $552.37 | $630.39 |
| Upside / Downside | 291.80% | 1,141.56% | 1,316.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,655.00 | 7,087.58 | 7,548.27 | 8,038.90 | 8,561.43 | 9,117.93 | 9,391.46 |
| Payout Ratio | 71.45% | 75.16% | 78.87% | 82.58% | 86.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,755.00 | 5,327.02 | 5,953.32 | 6,638.53 | 7,387.66 | 8,206.13 | 8,687.10 |
| 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) | 4,930.18 | 4,976.91 | 5,023.64 |
| Year 2 PV (M) | 5,099.36 | 5,196.48 | 5,294.53 |
| Year 3 PV (M) | 5,262.67 | 5,413.74 | 5,567.68 |
| Year 4 PV (M) | 5,420.25 | 5,628.69 | 5,843.10 |
| Year 5 PV (M) | 5,572.23 | 5,841.37 | 6,120.81 |
| PV of Terminal Value (M) | 146,200.17 | 153,261.69 | 160,593.48 |
| Equity Value (M) | 172,484.84 | 180,318.89 | 188,443.23 |
| Shares Outstanding (M) | 2,099.52 | 2,099.52 | 2,099.52 |
| Fair Value | $82.15 | $85.89 | $89.76 |
| Upside / Downside | 84.66% | 93.04% | 101.74% |
| 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% |