Definitive Analysis
| Stable Growth | $5,032.15 - $13,014.55 | $12,196.54 |
| Multi-Stage | $1,857.44 - $2,033.17 | $1,943.69 |
| Blended Fair Value | $7,070.12 | |
| Current Price | $372.85 | |
| Upside | 1,796.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 20.89% | 19.27% | 21.26 | 10.83 | 11.83 | 9.14 | 8.23 | 8.23 | 9.53 | 7.47 | 7.16 | 5.50 |
| YoY Growth | - | - | 96.31% | -8.44% | 29.40% | 11.00% | 0.00% | -13.64% | 27.58% | 4.36% | 30.17% | 50.77% |
| Dividend Yield | - | - | 5.28% | 1.97% | 7.18% | 9.85% | 7.39% | 10.15% | 7.84% | 9.52% | 0.00% | 0.00% |
| Net Income To Common (M) | 172,669.70 |
| (-) Cash Dividends Paid (M) | 56,087.70 |
| (=) Cash Retained (M) | 116,582.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 34,533.94 | 21,583.71 | 12,950.23 |
| Cash Retained (M) | 116,582.00 | 116,582.00 | 116,582.00 |
| (-) Cash Required (M) | -34,533.94 | -21,583.71 | -12,950.23 |
| (=) Excess Retained (M) | 82,048.06 | 94,998.29 | 103,631.77 |
| (/) Shares Outstanding (M) | 2,638.56 | 2,638.56 | 2,638.56 |
| (=) Excess Retained per Share | 31.10 | 36.00 | 39.28 |
| LTM Dividend per Share | 21.26 | 21.26 | 21.26 |
| (+) Excess Retained per Share | 31.10 | 36.00 | 39.28 |
| (=) Adjusted Dividend | 52.35 | 57.26 | 60.53 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $5,032.15 | $12,196.54 | $13,014.55 |
| Upside / Downside | 1,249.64% | 3,171.17% | 3,390.56% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 172,669.70 | 183,893.23 | 195,846.29 | 208,576.30 | 222,133.76 | 236,572.45 | 243,669.63 |
| Payout Ratio | 32.48% | 43.99% | 55.49% | 66.99% | 78.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 56,087.70 | 80,887.50 | 108,674.31 | 139,731.65 | 174,367.29 | 212,915.21 | 225,394.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 75,168.68 | 75,881.18 | 76,593.68 |
| Year 2 PV (M) | 93,850.77 | 95,638.37 | 97,442.83 |
| Year 3 PV (M) | 112,140.18 | 115,359.32 | 118,639.49 |
| Year 4 PV (M) | 130,043.00 | 135,044.09 | 140,188.05 |
| Year 5 PV (M) | 147,565.26 | 154,692.72 | 162,092.96 |
| PV of Terminal Value (M) | 4,342,197.51 | 4,551,927.27 | 4,769,683.88 |
| Equity Value (M) | 4,900,965.40 | 5,128,542.94 | 5,364,640.88 |
| Shares Outstanding (M) | 2,638.56 | 2,638.56 | 2,638.56 |
| Fair Value | $1,857.44 | $1,943.69 | $2,033.17 |
| Upside / Downside | 398.17% | 421.31% | 445.30% |
| 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% |