Definitive Analysis
| Stable Growth | $24,687.07 - $72,835.10 | $68,257.15 |
| Multi-Stage | $10,270.00 - $11,221.79 | $10,737.23 |
| Blended Fair Value | $39,497.19 | |
| Current Price | $2,698.00 | |
| Upside | 1,363.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.86% | 14.65% | 258.04 | 303.71 | 253.09 | 78.62 | 0.00 | 129.10 | 114.12 | 69.70 | 63.26 | 55.80 |
| YoY Growth | - | - | -15.03% | 20.00% | 221.92% | 5,940,300.00% | -100.00% | 13.13% | 63.74% | 10.18% | 13.37% | -15.13% |
| Dividend Yield | - | - | 8.81% | 10.25% | 9.87% | 2.68% | 0.00% | 6.69% | 3.44% | 2.51% | 2.56% | 2.69% |
| Net Income To Common (M) | 276,734.00 |
| (-) Cash Dividends Paid (M) | 215,061.00 |
| (=) Cash Retained (M) | 61,673.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 55,346.80 | 34,591.75 | 20,755.05 |
| Cash Retained (M) | 61,673.00 | 61,673.00 | 61,673.00 |
| (-) Cash Required (M) | -55,346.80 | -34,591.75 | -20,755.05 |
| (=) Excess Retained (M) | 6,326.20 | 27,081.25 | 40,917.95 |
| (/) Shares Outstanding (M) | 755.62 | 755.62 | 755.62 |
| (=) Excess Retained per Share | 8.37 | 35.84 | 54.15 |
| LTM Dividend per Share | 284.62 | 284.62 | 284.62 |
| (+) Excess Retained per Share | 8.37 | 35.84 | 54.15 |
| (=) Adjusted Dividend | 292.99 | 320.46 | 338.77 |
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $24,687.07 | $68,257.15 | $72,835.10 |
| Upside / Downside | 815.01% | 2,429.92% | 2,599.60% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 276,734.00 | 294,721.71 | 313,878.62 | 334,280.73 | 356,008.98 | 379,149.56 | 390,524.05 |
| Payout Ratio | 77.71% | 80.17% | 82.63% | 85.09% | 87.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 215,061.00 | 236,281.88 | 259,352.84 | 284,424.74 | 311,660.21 | 341,234.61 | 361,234.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 219,258.74 | 221,337.02 | 223,415.30 |
| Year 2 PV (M) | 223,328.42 | 227,582.20 | 231,876.11 |
| Year 3 PV (M) | 227,272.47 | 233,796.65 | 240,444.50 |
| Year 4 PV (M) | 231,093.29 | 239,980.48 | 249,121.58 |
| Year 5 PV (M) | 234,793.21 | 246,133.80 | 257,908.44 |
| PV of Terminal Value (M) | 6,624,444.39 | 6,944,407.53 | 7,276,616.41 |
| Equity Value (M) | 7,760,190.51 | 8,113,237.68 | 8,479,382.34 |
| Shares Outstanding (M) | 755.62 | 755.62 | 755.62 |
| Fair Value | $10,270.00 | $10,737.23 | $11,221.79 |
| Upside / Downside | 280.65% | 297.97% | 315.93% |
| 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% |