Definitive Analysis
| Stable Growth | $658.28 - $1,746.25 | $1,006.59 |
| Multi-Stage | $450.51 - $492.22 | $470.99 |
| Blended Fair Value | $738.79 | |
| Current Price | $758.15 | |
| Upside | -2.55% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.66% | 9.72% | 6.64 | 6.03 | 5.43 | 4.39 | 3.66 | 3.50 | 3.18 | 2.82 | 2.66 | 2.64 |
| YoY Growth | - | - | 10.10% | 11.08% | 23.55% | 19.93% | 4.70% | 10.03% | 12.92% | 5.76% | 1.00% | 0.46% |
| Dividend Yield | - | - | 0.88% | 0.95% | 1.39% | 1.81% | 1.31% | 1.73% | 1.76% | 1.52% | 1.52% | 2.10% |
| Net Income To Common (M) | 3,640.58 |
| (-) Cash Dividends Paid (M) | 879.06 |
| (=) Cash Retained (M) | 2,761.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 728.12 | 455.07 | 273.04 |
| Cash Retained (M) | 2,761.52 | 2,761.52 | 2,761.52 |
| (-) Cash Required (M) | -728.12 | -455.07 | -273.04 |
| (=) Excess Retained (M) | 2,033.40 | 2,306.44 | 2,488.47 |
| (/) Shares Outstanding (M) | 129.73 | 129.73 | 129.73 |
| (=) Excess Retained per Share | 15.67 | 17.78 | 19.18 |
| LTM Dividend per Share | 6.78 | 6.78 | 6.78 |
| (+) Excess Retained per Share | 15.67 | 17.78 | 19.18 |
| (=) Adjusted Dividend | 22.45 | 24.56 | 25.96 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $658.28 | $1,006.59 | $1,746.25 |
| Upside / Downside | -13.17% | 32.77% | 130.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,640.58 | 3,877.22 | 4,129.24 | 4,397.64 | 4,683.48 | 4,987.91 | 5,137.55 |
| Payout Ratio | 24.15% | 37.32% | 50.49% | 63.66% | 76.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 879.06 | 1,446.86 | 2,084.76 | 2,799.47 | 3,598.29 | 4,489.12 | 4,752.23 |
| 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) | 1,313.75 | 1,326.20 | 1,338.66 |
| Year 2 PV (M) | 1,718.81 | 1,751.55 | 1,784.60 |
| Year 3 PV (M) | 2,095.72 | 2,155.88 | 2,217.19 |
| Year 4 PV (M) | 2,445.91 | 2,539.97 | 2,636.72 |
| Year 5 PV (M) | 2,770.71 | 2,904.54 | 3,043.49 |
| PV of Terminal Value (M) | 48,099.49 | 50,422.71 | 52,834.85 |
| Equity Value (M) | 58,444.39 | 61,100.86 | 63,855.49 |
| Shares Outstanding (M) | 129.73 | 129.73 | 129.73 |
| Fair Value | $450.51 | $470.99 | $492.22 |
| Upside / Downside | -40.58% | -37.88% | -35.08% |
| 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% |