Definitive Analysis
| Stable Growth | $19,755.45 - $78,757.29 | $53,351.27 |
| Multi-Stage | $11,258.60 - $12,326.23 | $11,782.56 |
| Blended Fair Value | $32,566.92 | |
| Current Price | $2,860.00 | |
| Upside | 1,038.70% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 168.91% | 0.22% | 318.99 | 321.18 | 239.43 | 123.32 | 128.65 | 2.27 | 2,815.51 | 273.41 | 99.80 | 490.54 |
| YoY Growth | - | - | -0.68% | 34.14% | 94.15% | -4.14% | 5,571.43% | -99.92% | 929.78% | 173.95% | -79.65% | 57.25% |
| Dividend Yield | - | - | 9.35% | 8.11% | 4.96% | 3.08% | 4.06% | 0.13% | 69.86% | 4.34% | 1.08% | 6.91% |
| Net Income To Common (M) | 178,505.28 |
| (-) Cash Dividends Paid (M) | 76,296.85 |
| (=) Cash Retained (M) | 102,208.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 35,701.06 | 22,313.16 | 13,387.90 |
| Cash Retained (M) | 102,208.43 | 102,208.43 | 102,208.43 |
| (-) Cash Required (M) | -35,701.06 | -22,313.16 | -13,387.90 |
| (=) Excess Retained (M) | 66,507.37 | 79,895.27 | 88,820.53 |
| (/) Shares Outstanding (M) | 448.00 | 448.00 | 448.00 |
| (=) Excess Retained per Share | 148.45 | 178.34 | 198.26 |
| LTM Dividend per Share | 170.31 | 170.31 | 170.31 |
| (+) Excess Retained per Share | 148.45 | 178.34 | 198.26 |
| (=) Adjusted Dividend | 318.76 | 348.64 | 368.57 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 4.84% | 5.84% | 6.84% |
| Fair Value | $19,755.45 | $53,351.27 | $78,757.29 |
| Upside / Downside | 590.75% | 1,765.43% | 2,653.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 178,505.28 | 188,935.30 | 199,974.75 | 211,659.23 | 224,026.43 | 237,116.25 | 244,229.73 |
| Payout Ratio | 42.74% | 52.19% | 61.65% | 71.10% | 80.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 76,296.85 | 98,612.24 | 123,274.92 | 150,483.00 | 180,449.74 | 213,404.62 | 225,912.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 4.84% | 5.84% | 6.84% |
| Year 1 PV (M) | 91,689.01 | 92,563.54 | 93,438.08 |
| Year 2 PV (M) | 106,573.10 | 108,615.80 | 110,677.89 |
| Year 3 PV (M) | 120,961.38 | 124,455.71 | 128,016.70 |
| Year 4 PV (M) | 134,865.84 | 140,085.37 | 145,454.95 |
| Year 5 PV (M) | 148,298.23 | 155,506.83 | 162,993.07 |
| PV of Terminal Value (M) | 4,441,466.60 | 4,657,361.11 | 4,881,570.67 |
| Equity Value (M) | 5,043,854.15 | 5,278,588.36 | 5,522,151.37 |
| Shares Outstanding (M) | 448.00 | 448.00 | 448.00 |
| Fair Value | $11,258.60 | $11,782.56 | $12,326.23 |
| Upside / Downside | 293.66% | 311.98% | 330.99% |
| 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% |