Definitive Analysis
| Stable Growth | $378.79 - $694.77 | $509.33 |
| Multi-Stage | $372.15 - $407.38 | $389.44 |
| Blended Fair Value | $449.38 | |
| Current Price | $279.22 | |
| Upside | 60.94% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.42% | 2.69% | 4.14 | 3.96 | 3.81 | 3.79 | 3.75 | 3.68 | 3.55 | 3.42 | 3.30 | 3.22 |
| YoY Growth | - | - | 4.74% | 3.77% | 0.69% | 0.93% | 2.01% | 3.69% | 3.69% | 3.70% | 2.44% | 1.37% |
| Dividend Yield | - | - | 1.57% | 1.73% | 2.22% | 2.07% | 2.49% | 3.70% | 2.57% | 2.46% | 2.74% | 2.76% |
| Net Income To Common (M) | 5,874.00 |
| (-) Cash Dividends Paid (M) | 977.00 |
| (=) Cash Retained (M) | 4,897.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,174.80 | 734.25 | 440.55 |
| Cash Retained (M) | 4,897.00 | 4,897.00 | 4,897.00 |
| (-) Cash Required (M) | -1,174.80 | -734.25 | -440.55 |
| (=) Excess Retained (M) | 3,722.20 | 4,162.75 | 4,456.45 |
| (/) Shares Outstanding (M) | 229.48 | 229.48 | 229.48 |
| (=) Excess Retained per Share | 16.22 | 18.14 | 19.42 |
| LTM Dividend per Share | 4.26 | 4.26 | 4.26 |
| (+) Excess Retained per Share | 16.22 | 18.14 | 19.42 |
| (=) Adjusted Dividend | 20.48 | 22.40 | 23.68 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.50% | 4.50% | 5.50% |
| Fair Value | $378.79 | $509.33 | $694.77 |
| Upside / Downside | 35.66% | 82.41% | 148.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,874.00 | 6,138.48 | 6,414.86 | 6,703.69 | 7,005.52 | 7,320.94 | 7,540.57 |
| Payout Ratio | 16.63% | 31.31% | 45.98% | 60.65% | 75.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 977.00 | 1,921.72 | 2,949.52 | 4,065.99 | 5,277.01 | 6,588.85 | 6,975.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.50% | 4.50% | 5.50% |
| Year 1 PV (M) | 1,744.60 | 1,761.46 | 1,778.31 |
| Year 2 PV (M) | 2,430.90 | 2,478.10 | 2,525.75 |
| Year 3 PV (M) | 3,042.20 | 3,131.24 | 3,221.99 |
| Year 4 PV (M) | 3,584.41 | 3,724.95 | 3,869.59 |
| Year 5 PV (M) | 4,062.99 | 4,263.10 | 4,471.01 |
| PV of Terminal Value (M) | 70,533.46 | 74,007.27 | 77,616.62 |
| Equity Value (M) | 85,398.57 | 89,366.12 | 93,483.28 |
| Shares Outstanding (M) | 229.48 | 229.48 | 229.48 |
| Fair Value | $372.15 | $389.44 | $407.38 |
| Upside / Downside | 33.28% | 39.47% | 45.90% |
| 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% |