Definitive Analysis
| Stable Growth | $272.94 - $724.03 | $417.35 |
| Multi-Stage | $184.54 - $201.75 | $192.99 |
| Blended Fair Value | $305.17 | |
| Current Price | $169.47 | |
| Upside | 80.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.09% | 18.37% | 1.61 | 1.28 | 1.11 | 1.03 | 0.94 | 0.83 | 0.73 | 0.61 | 0.49 | 0.39 |
| YoY Growth | - | - | 25.20% | 15.83% | 7.80% | 9.40% | 13.01% | 14.59% | 18.58% | 25.94% | 26.03% | 29.59% |
| Dividend Yield | - | - | 0.95% | 0.92% | 0.73% | 1.15% | 0.87% | 1.21% | 1.37% | 1.76% | 0.95% | 1.41% |
| Net Income To Common (M) | 3,585.20 |
| (-) Cash Dividends Paid (M) | 494.80 |
| (=) Cash Retained (M) | 3,090.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 717.04 | 448.15 | 268.89 |
| Cash Retained (M) | 3,090.40 | 3,090.40 | 3,090.40 |
| (-) Cash Required (M) | -717.04 | -448.15 | -268.89 |
| (=) Excess Retained (M) | 2,373.36 | 2,642.25 | 2,821.51 |
| (/) Shares Outstanding (M) | 308.13 | 308.13 | 308.13 |
| (=) Excess Retained per Share | 7.70 | 8.58 | 9.16 |
| LTM Dividend per Share | 1.61 | 1.61 | 1.61 |
| (+) Excess Retained per Share | 7.70 | 8.58 | 9.16 |
| (=) Adjusted Dividend | 9.31 | 10.18 | 10.76 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $272.94 | $417.35 | $724.03 |
| Upside / Downside | 61.05% | 146.27% | 327.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,585.20 | 3,818.24 | 4,066.42 | 4,330.74 | 4,612.24 | 4,912.03 | 5,059.40 |
| Payout Ratio | 13.80% | 29.04% | 44.28% | 59.52% | 74.76% | 90.00% | 92.50% |
| Projected Dividends (M) | 494.80 | 1,108.85 | 1,800.64 | 2,577.68 | 3,448.12 | 4,420.83 | 4,679.94 |
| 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) | 1,006.84 | 1,016.38 | 1,025.93 |
| Year 2 PV (M) | 1,484.57 | 1,512.84 | 1,541.39 |
| Year 3 PV (M) | 1,929.69 | 1,985.08 | 2,041.53 |
| Year 4 PV (M) | 2,343.83 | 2,433.97 | 2,526.68 |
| Year 5 PV (M) | 2,728.56 | 2,860.36 | 2,997.19 |
| PV of Terminal Value (M) | 47,367.81 | 49,655.69 | 52,031.14 |
| Equity Value (M) | 56,861.30 | 59,464.32 | 62,163.84 |
| Shares Outstanding (M) | 308.13 | 308.13 | 308.13 |
| Fair Value | $184.54 | $192.99 | $201.75 |
| Upside / Downside | 8.89% | 13.88% | 19.05% |
| 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% |