Definitive Analysis
| Stable Growth | $399.89 - $1,411.07 | $1,322.38 |
| Multi-Stage | $184.23 - $201.37 | $192.64 |
| Blended Fair Value | $757.51 | |
| Current Price | $63.00 | |
| Upside | 1,102.40% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.16% | 9.83% | 4.34 | 2.40 | 1.94 | 3.50 | 0.00 | 2.80 | 2.50 | 1.40 | 2.08 | 4.70 |
| YoY Growth | - | - | 80.89% | 23.70% | -44.57% | 0.00% | -100.00% | 12.00% | 78.58% | -32.68% | -55.75% | 176.47% |
| Dividend Yield | - | - | 7.75% | 4.93% | 5.53% | 10.34% | 0.00% | 8.94% | 6.13% | 3.35% | 5.98% | 13.21% |
| Net Income To Common (M) | 6,126.00 |
| (-) Cash Dividends Paid (M) | 3,748.00 |
| (=) Cash Retained (M) | 2,378.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,225.20 | 765.75 | 459.45 |
| Cash Retained (M) | 2,378.00 | 2,378.00 | 2,378.00 |
| (-) Cash Required (M) | -1,225.20 | -765.75 | -459.45 |
| (=) Excess Retained (M) | 1,152.80 | 1,612.25 | 1,918.55 |
| (/) Shares Outstanding (M) | 863.39 | 863.39 | 863.39 |
| (=) Excess Retained per Share | 1.34 | 1.87 | 2.22 |
| LTM Dividend per Share | 4.34 | 4.34 | 4.34 |
| (+) Excess Retained per Share | 1.34 | 1.87 | 2.22 |
| (=) Adjusted Dividend | 5.68 | 6.21 | 6.56 |
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $399.89 | $1,322.38 | $1,411.07 |
| Upside / Downside | 534.74% | 1,999.02% | 2,139.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,126.00 | 6,524.19 | 6,948.26 | 7,399.90 | 7,880.89 | 8,393.15 | 8,644.95 |
| Payout Ratio | 61.18% | 66.95% | 72.71% | 78.47% | 84.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,748.00 | 4,367.65 | 5,052.02 | 5,806.90 | 6,638.58 | 7,553.84 | 7,996.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 4,043.68 | 4,082.01 | 4,120.34 |
| Year 2 PV (M) | 4,330.35 | 4,412.83 | 4,496.09 |
| Year 3 PV (M) | 4,608.21 | 4,740.49 | 4,875.28 |
| Year 4 PV (M) | 4,877.43 | 5,065.01 | 5,257.94 |
| Year 5 PV (M) | 5,138.22 | 5,386.40 | 5,644.08 |
| PV of Terminal Value (M) | 136,068.51 | 142,640.67 | 149,464.36 |
| Equity Value (M) | 159,066.41 | 166,327.41 | 173,858.09 |
| Shares Outstanding (M) | 863.39 | 863.39 | 863.39 |
| Fair Value | $184.23 | $192.64 | $201.37 |
| Upside / Downside | 192.44% | 205.78% | 219.63% |
| 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% |