Definitive Analysis
| Stable Growth | $237.41 - $629.78 | $363.02 |
| Multi-Stage | $165.50 - $180.66 | $172.94 |
| Blended Fair Value | $267.98 | |
| Current Price | $158.96 | |
| Upside | 68.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 18.50% | 21.11% | 3.84 | 3.61 | 3.38 | 2.61 | 1.71 | 1.64 | 1.49 | 1.30 | 1.09 | 0.91 |
| YoY Growth | - | - | 6.51% | 6.70% | 29.49% | 52.28% | 4.26% | 10.61% | 13.91% | 19.42% | 20.00% | 60.95% |
| Dividend Yield | - | - | 3.29% | 3.85% | 3.85% | 2.99% | 2.21% | 4.83% | 3.41% | 2.42% | 2.55% | 3.64% |
| Net Income To Common (M) | 16,178.00 |
| (-) Cash Dividends Paid (M) | 6,490.00 |
| (=) Cash Retained (M) | 9,688.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,235.60 | 2,022.25 | 1,213.35 |
| Cash Retained (M) | 9,688.00 | 9,688.00 | 9,688.00 |
| (-) Cash Required (M) | -3,235.60 | -2,022.25 | -1,213.35 |
| (=) Excess Retained (M) | 6,452.40 | 7,665.75 | 8,474.65 |
| (/) Shares Outstanding (M) | 1,598.50 | 1,598.50 | 1,598.50 |
| (=) Excess Retained per Share | 4.04 | 4.80 | 5.30 |
| LTM Dividend per Share | 4.06 | 4.06 | 4.06 |
| (+) Excess Retained per Share | 4.04 | 4.80 | 5.30 |
| (=) Adjusted Dividend | 8.10 | 8.86 | 9.36 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $237.41 | $363.02 | $629.78 |
| Upside / Downside | 49.35% | 128.37% | 296.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16,178.00 | 17,229.57 | 18,349.49 | 19,542.21 | 20,812.45 | 22,165.26 | 22,830.22 |
| Payout Ratio | 40.12% | 50.09% | 60.07% | 70.05% | 80.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,490.00 | 8,630.80 | 11,022.49 | 13,688.63 | 16,654.80 | 19,948.74 | 21,117.95 |
| 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) | 7,836.77 | 7,911.05 | 7,985.34 |
| Year 2 PV (M) | 9,087.65 | 9,260.75 | 9,435.48 |
| Year 3 PV (M) | 10,247.51 | 10,541.67 | 10,841.42 |
| Year 4 PV (M) | 11,320.97 | 11,756.34 | 12,204.15 |
| Year 5 PV (M) | 12,312.48 | 12,907.18 | 13,524.64 |
| PV of Terminal Value (M) | 213,744.39 | 224,068.32 | 234,787.38 |
| Equity Value (M) | 264,549.78 | 276,445.33 | 288,778.40 |
| Shares Outstanding (M) | 1,598.50 | 1,598.50 | 1,598.50 |
| Fair Value | $165.50 | $172.94 | $180.66 |
| Upside / Downside | 4.11% | 8.79% | 13.65% |
| 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% |