Definitive Analysis
| Stable Growth | $793.45 - $2,104.80 | $1,213.27 |
| Multi-Stage | $531.69 - $581.53 | $556.16 |
| Blended Fair Value | $884.71 | |
| Current Price | $316.00 | |
| Upside | 179.97% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.41% | 13.50% | 2.13 | 1.99 | 1.70 | 1.46 | 1.10 | 1.04 | 1.04 | 1.00 | 0.91 | 0.75 |
| YoY Growth | - | - | 7.01% | 16.81% | 16.49% | 33.33% | 5.43% | -0.36% | 4.36% | 10.00% | 20.75% | 25.46% |
| Dividend Yield | - | - | 0.72% | 0.67% | 0.74% | 0.49% | 0.28% | 1.27% | 1.11% | 0.99% | 1.06% | 0.86% |
| Net Income To Common (M) | 898.90 |
| (-) Cash Dividends Paid (M) | 56.20 |
| (=) Cash Retained (M) | 842.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 179.78 | 112.36 | 67.42 |
| Cash Retained (M) | 842.70 | 842.70 | 842.70 |
| (-) Cash Required (M) | -179.78 | -112.36 | -67.42 |
| (=) Excess Retained (M) | 662.92 | 730.34 | 775.28 |
| (/) Shares Outstanding (M) | 26.58 | 26.58 | 26.58 |
| (=) Excess Retained per Share | 24.95 | 27.48 | 29.17 |
| LTM Dividend per Share | 2.11 | 2.11 | 2.11 |
| (+) Excess Retained per Share | 24.95 | 27.48 | 29.17 |
| (=) Adjusted Dividend | 27.06 | 29.60 | 31.29 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $793.45 | $1,213.27 | $2,104.80 |
| Upside / Downside | 151.09% | 283.95% | 566.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 898.90 | 957.33 | 1,019.55 | 1,085.83 | 1,156.40 | 1,231.57 | 1,268.52 |
| Payout Ratio | 6.25% | 23.00% | 39.75% | 56.50% | 73.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 56.20 | 220.20 | 405.29 | 613.50 | 847.07 | 1,108.41 | 1,173.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 199.94 | 201.84 | 203.73 |
| Year 2 PV (M) | 334.14 | 340.51 | 346.93 |
| Year 3 PV (M) | 459.28 | 472.46 | 485.89 |
| Year 4 PV (M) | 575.79 | 597.93 | 620.71 |
| Year 5 PV (M) | 684.12 | 717.16 | 751.47 |
| PV of Terminal Value (M) | 11,876.30 | 12,449.93 | 13,045.52 |
| Equity Value (M) | 14,129.58 | 14,779.84 | 15,454.26 |
| Shares Outstanding (M) | 26.58 | 26.58 | 26.58 |
| Fair Value | $531.69 | $556.16 | $581.53 |
| Upside / Downside | 68.26% | 76.00% | 84.03% |
| 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% |