Definitive Analysis
| Stable Growth | $1,799.48 - $3,303.58 | $3,095.93 |
| Multi-Stage | $537.68 - $587.70 | $562.23 |
| Blended Fair Value | $1,829.08 | |
| Current Price | $141.80 | |
| Upside | 1,189.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 68.39% | 0.00% | 4.87 | 2.17 | 6.95 | 0.00 | 1.60 | 0.36 | 0.80 | 1.34 | 2.87 | 0.00 |
| YoY Growth | - | - | 124.36% | -68.77% | 34,679,437.50% | -100.00% | 343.39% | -55.29% | -39.93% | -53.29% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.44% | 0.54% | 8.13% | 0.00% | 2.27% | 0.60% | 1.18% | 1.86% | 3.22% | 0.00% |
| Net Income To Common (M) | 6,627.35 |
| (-) Cash Dividends Paid (M) | 5,831.99 |
| (=) Cash Retained (M) | 795.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,325.47 | 828.42 | 497.05 |
| Cash Retained (M) | 795.37 | 795.37 | 795.37 |
| (-) Cash Required (M) | -1,325.47 | -828.42 | -497.05 |
| (=) Excess Retained (M) | -530.11 | -33.05 | 298.31 |
| (/) Shares Outstanding (M) | 398.97 | 398.97 | 398.97 |
| (=) Excess Retained per Share | -1.33 | -0.08 | 0.75 |
| LTM Dividend per Share | 14.62 | 14.62 | 14.62 |
| (+) Excess Retained per Share | -1.33 | -0.08 | 0.75 |
| (=) Adjusted Dividend | 13.29 | 14.53 | 15.37 |
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,799.48 | $3,095.93 | $3,303.58 |
| Upside / Downside | 1,169.03% | 2,083.31% | 2,229.74% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,627.35 | 7,058.13 | 7,516.91 | 8,005.51 | 8,525.87 | 9,080.05 | 9,352.45 |
| Payout Ratio | 88.00% | 88.40% | 88.80% | 89.20% | 89.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,831.99 | 6,239.32 | 6,674.96 | 7,140.87 | 7,639.15 | 8,172.04 | 8,651.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 5,815.57 | 5,870.69 | 5,925.81 |
| Year 2 PV (M) | 5,799.07 | 5,909.53 | 6,021.03 |
| Year 3 PV (M) | 5,782.51 | 5,948.50 | 6,117.64 |
| Year 4 PV (M) | 5,765.87 | 5,987.61 | 6,215.69 |
| Year 5 PV (M) | 5,749.17 | 6,026.86 | 6,315.17 |
| PV of Terminal Value (M) | 185,603.20 | 194,567.90 | 203,875.71 |
| Equity Value (M) | 214,515.39 | 224,311.09 | 234,471.05 |
| Shares Outstanding (M) | 398.97 | 398.97 | 398.97 |
| Fair Value | $537.68 | $562.23 | $587.70 |
| Upside / Downside | 279.18% | 296.50% | 314.45% |
| 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% |