Definitive Analysis
| Stable Growth | $32.49 - $54.70 | $42.21 |
| Multi-Stage | $39.58 - $43.19 | $41.35 |
| Blended Fair Value | $41.78 | |
| Current Price | $31.27 | |
| Upside | 33.61% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.28% | 5.51% | 2.06 | 1.96 | 1.87 | 1.80 | 1.78 | 1.75 | 1.70 | 1.63 | 1.51 | 1.34 |
| YoY Growth | - | - | 4.91% | 5.03% | 4.19% | 1.01% | 1.33% | 3.03% | 4.40% | 8.16% | 12.12% | 11.58% |
| Dividend Yield | - | - | 6.04% | 6.69% | 7.22% | 6.96% | 8.07% | 12.27% | 5.80% | 6.66% | 5.46% | 5.46% |
| Net Income To Common (M) | 5,792.00 |
| (-) Cash Dividends Paid (M) | 4,637.00 |
| (=) Cash Retained (M) | 1,155.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,158.40 | 724.00 | 434.40 |
| Cash Retained (M) | 1,155.00 | 1,155.00 | 1,155.00 |
| (-) Cash Required (M) | -1,158.40 | -724.00 | -434.40 |
| (=) Excess Retained (M) | -3.40 | 431.00 | 720.60 |
| (/) Shares Outstanding (M) | 2,189.25 | 2,189.25 | 2,189.25 |
| (=) Excess Retained per Share | 0.00 | 0.20 | 0.33 |
| LTM Dividend per Share | 2.12 | 2.12 | 2.12 |
| (+) Excess Retained per Share | 0.00 | 0.20 | 0.33 |
| (=) Adjusted Dividend | 2.12 | 2.31 | 2.45 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.43% | 3.43% | 4.43% |
| Fair Value | $32.49 | $42.21 | $54.70 |
| Upside / Downside | 3.91% | 34.99% | 74.92% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,792.00 | 5,990.43 | 6,195.66 | 6,407.93 | 6,627.46 | 6,854.52 | 7,060.15 |
| Payout Ratio | 80.06% | 82.05% | 84.04% | 86.02% | 88.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,637.00 | 4,914.97 | 5,206.54 | 5,512.32 | 5,832.94 | 6,169.07 | 6,530.64 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.43% | 3.43% | 4.43% |
| Year 1 PV (M) | 4,461.54 | 4,505.09 | 4,548.65 |
| Year 2 PV (M) | 4,290.19 | 4,374.37 | 4,459.37 |
| Year 3 PV (M) | 4,123.12 | 4,245.06 | 4,369.39 |
| Year 4 PV (M) | 3,960.43 | 4,117.38 | 4,278.94 |
| Year 5 PV (M) | 3,802.23 | 3,991.49 | 4,188.23 |
| PV of Terminal Value (M) | 66,006.53 | 69,292.22 | 72,707.48 |
| Equity Value (M) | 86,644.03 | 90,525.62 | 94,552.06 |
| Shares Outstanding (M) | 2,189.25 | 2,189.25 | 2,189.25 |
| Fair Value | $39.58 | $41.35 | $43.19 |
| Upside / Downside | 26.57% | 32.24% | 38.12% |
| 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% |