Definitive Analysis
| Stable Growth | $195.45 - $424.11 | $279.73 |
| Multi-Stage | $160.06 - $174.88 | $167.34 |
| Blended Fair Value | $223.53 | |
| Current Price | $116.01 | |
| Upside | 92.68% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.12% | 6.72% | 3.54 | 3.32 | 3.33 | 2.58 | 3.05 | 3.19 | 2.84 | 2.63 | 2.48 | 2.24 |
| YoY Growth | - | - | 6.49% | -0.21% | 29.26% | -15.41% | -4.41% | 12.32% | 7.81% | 6.22% | 10.38% | 21.52% |
| Dividend Yield | - | - | 3.95% | 4.30% | 4.40% | 2.96% | 3.62% | 5.98% | 4.20% | 2.64% | 3.11% | 3.83% |
| Net Income To Common (M) | 2,981.00 |
| (-) Cash Dividends Paid (M) | 998.00 |
| (=) Cash Retained (M) | 1,983.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 596.20 | 372.63 | 223.58 |
| Cash Retained (M) | 1,983.00 | 1,983.00 | 1,983.00 |
| (-) Cash Required (M) | -596.20 | -372.63 | -223.58 |
| (=) Excess Retained (M) | 1,386.80 | 1,610.38 | 1,759.43 |
| (/) Shares Outstanding (M) | 291.95 | 291.95 | 291.95 |
| (=) Excess Retained per Share | 4.75 | 5.52 | 6.03 |
| LTM Dividend per Share | 3.42 | 3.42 | 3.42 |
| (+) Excess Retained per Share | 4.75 | 5.52 | 6.03 |
| (=) Adjusted Dividend | 8.17 | 8.93 | 9.44 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.72% | 5.72% | 6.72% |
| Fair Value | $195.45 | $279.73 | $424.11 |
| Upside / Downside | 68.48% | 141.12% | 265.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,981.00 | 3,151.55 | 3,331.86 | 3,522.49 | 3,724.02 | 3,937.08 | 4,055.20 |
| Payout Ratio | 33.48% | 44.78% | 56.09% | 67.39% | 78.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 998.00 | 1,411.36 | 1,868.75 | 2,373.86 | 2,930.65 | 3,543.38 | 3,751.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.72% | 5.72% | 6.72% |
| Year 1 PV (M) | 1,281.42 | 1,293.66 | 1,305.90 |
| Year 2 PV (M) | 1,540.50 | 1,570.06 | 1,599.91 |
| Year 3 PV (M) | 1,776.73 | 1,828.12 | 1,880.49 |
| Year 4 PV (M) | 1,991.53 | 2,068.69 | 2,148.08 |
| Year 5 PV (M) | 2,186.23 | 2,292.63 | 2,403.12 |
| PV of Terminal Value (M) | 37,952.90 | 39,799.93 | 41,718.18 |
| Equity Value (M) | 46,729.31 | 48,853.09 | 51,055.68 |
| Shares Outstanding (M) | 291.95 | 291.95 | 291.95 |
| Fair Value | $160.06 | $167.34 | $174.88 |
| Upside / Downside | 37.97% | 44.24% | 50.75% |
| 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% |