Definitive Analysis
| Stable Growth | $10,023.80 - $54,967.15 | $19,412.22 |
| Multi-Stage | $7,867.77 - $8,612.15 | $8,233.07 |
| Blended Fair Value | $13,822.64 | |
| Current Price | $2,300.00 | |
| Upside | 500.98% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.02% | 0.00% | 166.00 | 205.00 | 205.00 | 200.00 | 90.00 | 90.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| YoY Growth | - | - | -19.02% | 0.00% | 2.50% | 122.22% | 0.00% | 1,700.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.76% | 8.47% | 7.48% | 7.33% | 4.19% | 3.83% | 0.23% | 0.25% | 0.18% | 0.19% |
| Net Income To Common (M) | 758,020.29 |
| (-) Cash Dividends Paid (M) | 485,126.56 |
| (=) Cash Retained (M) | 272,893.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 151,604.06 | 94,752.54 | 56,851.52 |
| Cash Retained (M) | 272,893.73 | 272,893.73 | 272,893.73 |
| (-) Cash Required (M) | -151,604.06 | -94,752.54 | -56,851.52 |
| (=) Excess Retained (M) | 121,289.67 | 178,141.19 | 216,042.21 |
| (/) Shares Outstanding (M) | 2,708.64 | 2,708.64 | 2,708.64 |
| (=) Excess Retained per Share | 44.78 | 65.77 | 79.76 |
| LTM Dividend per Share | 179.10 | 179.10 | 179.10 |
| (+) Excess Retained per Share | 44.78 | 65.77 | 79.76 |
| (=) Adjusted Dividend | 223.88 | 244.87 | 258.86 |
| WACC / Discount Rate | 6.50% | 6.50% | 6.50% |
| Growth Rate | 4.17% | 5.17% | 6.17% |
| Fair Value | $10,023.80 | $19,412.22 | $54,967.15 |
| Upside / Downside | 335.82% | 744.01% | 2,289.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 758,020.29 | 797,210.23 | 838,426.31 | 881,773.28 | 927,361.31 | 975,306.25 | 1,004,565.43 |
| Payout Ratio | 64.00% | 69.20% | 74.40% | 79.60% | 84.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 485,126.56 | 551,664.08 | 623,784.91 | 701,888.54 | 786,400.82 | 877,775.62 | 929,223.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.50% | 6.50% | 6.50% |
| Growth Rate | 4.17% | 5.17% | 6.17% |
| Year 1 PV (M) | 513,085.11 | 518,010.57 | 522,936.03 |
| Year 2 PV (M) | 539,590.49 | 550,000.01 | 560,508.99 |
| Year 3 PV (M) | 564,692.84 | 581,112.08 | 597,846.55 |
| Year 4 PV (M) | 588,440.82 | 611,363.66 | 634,949.80 |
| Year 5 PV (M) | 610,881.62 | 640,771.37 | 671,819.81 |
| PV of Terminal Value (M) | 18,494,269.24 | 19,399,173.04 | 20,339,155.96 |
| Equity Value (M) | 21,310,960.11 | 22,300,430.73 | 23,327,217.14 |
| Shares Outstanding (M) | 2,708.64 | 2,708.64 | 2,708.64 |
| Fair Value | $7,867.77 | $8,233.07 | $8,612.15 |
| Upside / Downside | 242.08% | 257.96% | 274.44% |
| 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% |