Definitive Analysis
| Stable Growth | $810.73 - $1,886.67 | $1,768.08 |
| Multi-Stage | $285.12 - $311.74 | $298.19 |
| Blended Fair Value | $1,033.14 | |
| Current Price | $114.05 | |
| Upside | 805.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 24.85% | 0.00% | 2.21 | 2.34 | 1.60 | 1.01 | 0.82 | 0.73 | 0.56 | 0.50 | 0.40 | 0.17 |
| YoY Growth | - | - | -5.48% | 46.44% | 58.67% | 22.81% | 12.50% | 29.03% | 13.06% | 24.86% | 130.97% | 0.00% |
| Dividend Yield | - | - | 1.54% | 1.51% | 1.20% | 0.52% | 0.79% | 0.94% | 1.01% | 0.96% | 0.99% | 0.51% |
| Net Income To Common (M) | 547.53 |
| (-) Cash Dividends Paid (M) | 382.34 |
| (=) Cash Retained (M) | 165.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 109.51 | 68.44 | 41.06 |
| Cash Retained (M) | 165.19 | 165.19 | 165.19 |
| (-) Cash Required (M) | -109.51 | -68.44 | -41.06 |
| (=) Excess Retained (M) | 55.69 | 96.75 | 124.13 |
| (/) Shares Outstanding (M) | 57.72 | 57.72 | 57.72 |
| (=) Excess Retained per Share | 0.96 | 1.68 | 2.15 |
| LTM Dividend per Share | 6.62 | 6.62 | 6.62 |
| (+) Excess Retained per Share | 0.96 | 1.68 | 2.15 |
| (=) Adjusted Dividend | 7.59 | 8.30 | 8.78 |
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $810.73 | $1,768.08 | $1,886.67 |
| Upside / Downside | 610.85% | 1,450.27% | 1,554.25% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 547.53 | 583.12 | 621.02 | 661.39 | 704.38 | 750.16 | 772.67 |
| Payout Ratio | 69.83% | 73.86% | 77.90% | 81.93% | 85.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 382.34 | 430.71 | 483.76 | 541.89 | 605.53 | 675.15 | 714.72 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 400.67 | 404.47 | 408.27 |
| Year 2 PV (M) | 418.64 | 426.61 | 434.66 |
| Year 3 PV (M) | 436.23 | 448.76 | 461.52 |
| Year 4 PV (M) | 453.47 | 470.91 | 488.85 |
| Year 5 PV (M) | 470.35 | 493.06 | 516.65 |
| PV of Terminal Value (M) | 14,276.67 | 14,966.24 | 15,682.20 |
| Equity Value (M) | 16,456.03 | 17,210.05 | 17,992.14 |
| Shares Outstanding (M) | 57.72 | 57.72 | 57.72 |
| Fair Value | $285.12 | $298.19 | $311.74 |
| Upside / Downside | 150.00% | 161.45% | 173.33% |
| 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% |