Definitive Analysis
| Stable Growth | $95.85 - $240.53 | $144.04 |
| Multi-Stage | $66.56 - $72.72 | $69.59 |
| Blended Fair Value | $106.81 | |
| Current Price | $35.06 | |
| Upside | 204.66% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 46.26% | 9.27% | 1.48 | 2.93 | 5.32 | 2.07 | 0.40 | 0.22 | 0.23 | 0.20 | 0.35 | 0.62 |
| YoY Growth | - | - | -49.57% | -45.01% | 156.96% | 411.67% | 83.57% | -6.04% | 17.32% | -42.53% | -44.19% | 2.59% |
| Dividend Yield | - | - | 3.95% | 5.74% | 10.51% | 3.50% | 1.85% | 3.19% | 0.74% | 0.63% | 0.83% | 2.27% |
| Net Income To Common (M) | 2,719.00 |
| (-) Cash Dividends Paid (M) | 613.00 |
| (=) Cash Retained (M) | 2,106.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 543.80 | 339.88 | 203.93 |
| Cash Retained (M) | 2,106.00 | 2,106.00 | 2,106.00 |
| (-) Cash Required (M) | -543.80 | -339.88 | -203.93 |
| (=) Excess Retained (M) | 1,562.20 | 1,766.13 | 1,902.08 |
| (/) Shares Outstanding (M) | 635.00 | 635.00 | 635.00 |
| (=) Excess Retained per Share | 2.46 | 2.78 | 3.00 |
| LTM Dividend per Share | 0.97 | 0.97 | 0.97 |
| (+) Excess Retained per Share | 2.46 | 2.78 | 3.00 |
| (=) Adjusted Dividend | 3.43 | 3.75 | 3.96 |
| WACC / Discount Rate | 9.27% | 9.27% | 9.27% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $95.85 | $144.04 | $240.53 |
| Upside / Downside | 173.40% | 310.84% | 586.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,719.00 | 2,895.74 | 3,083.96 | 3,284.42 | 3,497.90 | 3,725.27 | 3,837.02 |
| Payout Ratio | 22.55% | 36.04% | 49.53% | 63.02% | 76.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 613.00 | 1,043.51 | 1,527.39 | 2,069.77 | 2,676.21 | 3,352.74 | 3,549.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.27% | 9.27% | 9.27% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 946.01 | 954.98 | 963.95 |
| Year 2 PV (M) | 1,255.32 | 1,279.23 | 1,303.36 |
| Year 3 PV (M) | 1,542.15 | 1,586.42 | 1,631.53 |
| Year 4 PV (M) | 1,807.69 | 1,877.21 | 1,948.72 |
| Year 5 PV (M) | 2,053.08 | 2,152.24 | 2,255.20 |
| PV of Terminal Value (M) | 34,662.52 | 36,336.73 | 38,075.02 |
| Equity Value (M) | 42,266.77 | 44,186.81 | 46,177.78 |
| Shares Outstanding (M) | 635.00 | 635.00 | 635.00 |
| Fair Value | $66.56 | $69.59 | $72.72 |
| Upside / Downside | 89.85% | 98.48% | 107.42% |
| 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% |