Definitive Analysis
| Stable Growth | $104.89 - $173.20 | $135.19 |
| Multi-Stage | $209.10 - $229.95 | $219.32 |
| Blended Fair Value | $177.26 | |
| Current Price | $66.66 | |
| Upside | 165.91% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.69% | 3.92% | 1.84 | 1.84 | 1.90 | 1.90 | 1.90 | 1.90 | 1.84 | 1.66 | 1.51 | 1.35 |
| YoY Growth | - | - | 0.00% | -3.02% | -0.38% | 0.00% | 0.00% | 3.37% | 10.60% | 10.27% | 12.23% | 7.43% |
| Dividend Yield | - | - | 2.17% | 2.51% | 2.92% | 2.68% | 2.06% | 2.06% | 1.92% | 1.53% | 1.33% | 1.30% |
| Net Income To Common (M) | 3,871.00 |
| (-) Cash Dividends Paid (M) | 1,621.00 |
| (=) Cash Retained (M) | 2,250.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 774.20 | 483.88 | 290.33 |
| Cash Retained (M) | 2,250.00 | 2,250.00 | 2,250.00 |
| (-) Cash Required (M) | -774.20 | -483.88 | -290.33 |
| (=) Excess Retained (M) | 1,475.80 | 1,766.13 | 1,959.68 |
| (/) Shares Outstanding (M) | 419.27 | 419.27 | 419.27 |
| (=) Excess Retained per Share | 3.52 | 4.21 | 4.67 |
| LTM Dividend per Share | 3.87 | 3.87 | 3.87 |
| (+) Excess Retained per Share | 3.52 | 4.21 | 4.67 |
| (=) Adjusted Dividend | 7.39 | 8.08 | 8.54 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -0.58% | 0.42% | 1.42% |
| Fair Value | $104.89 | $135.19 | $173.20 |
| Upside / Downside | 57.36% | 102.81% | 159.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,871.00 | 3,887.36 | 3,903.79 | 3,920.28 | 3,936.85 | 3,953.49 | 4,072.09 |
| Payout Ratio | 41.88% | 51.50% | 61.13% | 70.75% | 80.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,621.00 | 2,002.00 | 2,386.20 | 2,773.61 | 3,164.25 | 3,558.14 | 3,766.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -0.58% | 0.42% | 1.42% |
| Year 1 PV (M) | 1,862.44 | 1,881.17 | 1,899.90 |
| Year 2 PV (M) | 2,065.09 | 2,106.84 | 2,149.01 |
| Year 3 PV (M) | 2,233.03 | 2,301.09 | 2,370.51 |
| Year 4 PV (M) | 2,369.93 | 2,466.72 | 2,566.46 |
| Year 5 PV (M) | 2,479.16 | 2,606.37 | 2,738.75 |
| PV of Terminal Value (M) | 76,660.64 | 80,594.27 | 84,687.74 |
| Equity Value (M) | 87,670.28 | 91,956.46 | 96,412.37 |
| Shares Outstanding (M) | 419.27 | 419.27 | 419.27 |
| Fair Value | $209.10 | $219.32 | $229.95 |
| Upside / Downside | 213.68% | 229.02% | 244.96% |
| 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% |