Definitive Analysis
| Stable Growth | $3,023.85 - $6,296.33 | $4,264.64 |
| Multi-Stage | $2,798.48 - $3,066.86 | $2,930.17 |
| Blended Fair Value | $3,597.41 | |
| Current Price | $1,177.31 | |
| Upside | 205.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.53% | -7.77% | 6.96 | 7.10 | 7.04 | 6.91 | 6.87 | 6.77 | 6.56 | 6.49 | 6.26 | 12.31 |
| YoY Growth | - | - | -1.96% | 0.78% | 1.91% | 0.55% | 1.41% | 3.27% | 1.02% | 3.67% | -49.14% | -21.13% |
| Dividend Yield | - | - | 0.72% | 0.94% | 1.18% | 1.13% | 1.22% | 1.99% | 0.96% | 1.08% | 1.04% | 2.57% |
| Net Income To Common (M) | 732.36 |
| (-) Cash Dividends Paid (M) | 30.93 |
| (=) Cash Retained (M) | 701.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 146.47 | 91.54 | 54.93 |
| Cash Retained (M) | 701.43 | 701.43 | 701.43 |
| (-) Cash Required (M) | -146.47 | -91.54 | -54.93 |
| (=) Excess Retained (M) | 554.96 | 609.89 | 646.50 |
| (/) Shares Outstanding (M) | 4.36 | 4.36 | 4.36 |
| (=) Excess Retained per Share | 127.21 | 139.80 | 148.20 |
| LTM Dividend per Share | 7.09 | 7.09 | 7.09 |
| (+) Excess Retained per Share | 127.21 | 139.80 | 148.20 |
| (=) Adjusted Dividend | 134.30 | 146.89 | 155.29 |
| WACC / Discount Rate | 8.37% | 8.37% | 8.37% |
| Growth Rate | 3.76% | 4.76% | 5.76% |
| Fair Value | $3,023.85 | $4,264.64 | $6,296.33 |
| Upside / Downside | 156.84% | 262.24% | 434.81% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 732.36 | 767.21 | 803.71 | 841.95 | 882.01 | 923.98 | 951.70 |
| Payout Ratio | 4.22% | 21.38% | 38.53% | 55.69% | 72.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 30.93 | 164.02 | 309.70 | 468.88 | 642.50 | 831.58 | 880.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.37% | 8.37% | 8.37% |
| Growth Rate | 3.76% | 4.76% | 5.76% |
| Year 1 PV (M) | 149.91 | 151.35 | 152.80 |
| Year 2 PV (M) | 258.72 | 263.73 | 268.79 |
| Year 3 PV (M) | 358.00 | 368.45 | 379.10 |
| Year 4 PV (M) | 448.36 | 465.90 | 483.95 |
| Year 5 PV (M) | 530.40 | 556.46 | 583.53 |
| PV of Terminal Value (M) | 10,462.97 | 10,976.98 | 11,511.00 |
| Equity Value (M) | 12,208.35 | 12,782.87 | 13,379.16 |
| Shares Outstanding (M) | 4.36 | 4.36 | 4.36 |
| Fair Value | $2,798.48 | $2,930.17 | $3,066.86 |
| Upside / Downside | 137.70% | 148.89% | 160.50% |
| 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% |