Definitive Analysis
| Stable Growth | $6,164.59 - $14,632.49 | $13,712.79 |
| Multi-Stage | $2,172.94 - $2,377.13 | $2,273.16 |
| Blended Fair Value | $7,992.98 | |
| Current Price | $380.00 | |
| Upside | 2,003.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 35.78% | 22.32% | 30.00 | 35.00 | 15.00 | 25.00 | 3.50 | 6.50 | 6.00 | 3.00 | 4.00 | 3.00 |
| YoY Growth | - | - | -14.29% | 133.33% | -40.00% | 614.29% | -46.15% | 8.33% | 100.00% | -25.00% | 33.33% | -25.00% |
| Dividend Yield | - | - | 7.61% | 7.00% | 4.90% | 8.06% | 2.45% | 4.22% | 3.85% | 2.16% | 4.60% | 2.52% |
| Net Income To Common (M) | 172,904.37 |
| (-) Cash Dividends Paid (M) | 90,000.00 |
| (=) Cash Retained (M) | 82,904.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 34,580.87 | 21,613.05 | 12,967.83 |
| Cash Retained (M) | 82,904.37 | 82,904.37 | 82,904.37 |
| (-) Cash Required (M) | -34,580.87 | -21,613.05 | -12,967.83 |
| (=) Excess Retained (M) | 48,323.50 | 61,291.32 | 69,936.54 |
| (/) Shares Outstanding (M) | 2,350.00 | 2,350.00 | 2,350.00 |
| (=) Excess Retained per Share | 20.56 | 26.08 | 29.76 |
| LTM Dividend per Share | 38.30 | 38.30 | 38.30 |
| (+) Excess Retained per Share | 20.56 | 26.08 | 29.76 |
| (=) Adjusted Dividend | 58.86 | 64.38 | 68.06 |
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $6,164.59 | $13,712.79 | $14,632.49 |
| Upside / Downside | 1,522.26% | 3,508.63% | 3,750.66% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 172,904.37 | 184,143.16 | 196,112.46 | 208,859.77 | 222,435.66 | 236,893.97 | 244,000.79 |
| Payout Ratio | 52.05% | 59.64% | 67.23% | 74.82% | 82.41% | 90.00% | 92.50% |
| Projected Dividends (M) | 90,000.00 | 109,825.77 | 131,848.64 | 156,270.46 | 183,310.07 | 213,204.58 | 225,700.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.51% | 6.51% | 6.51% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 102,147.46 | 103,115.68 | 104,083.90 |
| Year 2 PV (M) | 114,057.08 | 116,229.55 | 118,422.51 |
| Year 3 PV (M) | 125,732.29 | 129,341.61 | 133,019.36 |
| Year 4 PV (M) | 137,176.45 | 142,451.87 | 147,878.00 |
| Year 5 PV (M) | 148,392.88 | 155,560.32 | 163,002.06 |
| PV of Terminal Value (M) | 4,478,902.14 | 4,695,234.79 | 4,919,846.99 |
| Equity Value (M) | 5,106,408.30 | 5,341,933.81 | 5,586,252.83 |
| Shares Outstanding (M) | 2,350.00 | 2,350.00 | 2,350.00 |
| Fair Value | $2,172.94 | $2,273.16 | $2,377.13 |
| Upside / Downside | 471.83% | 498.20% | 525.56% |
| 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% |