Definitive Analysis
| Stable Growth | $263.65 - $839.65 | $424.98 |
| Multi-Stage | $171.91 - $187.91 | $179.77 |
| Blended Fair Value | $302.37 | |
| Current Price | $341.38 | |
| Upside | -11.43% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.71% | 14.69% | 2.29 | 2.08 | 1.85 | 1.58 | 1.38 | 1.32 | 1.12 | 0.95 | 0.78 | 0.67 |
| YoY Growth | - | - | 9.89% | 12.42% | 17.11% | 14.47% | 5.03% | 17.41% | 18.30% | 21.47% | 16.96% | 14.70% |
| Dividend Yield | - | - | 0.67% | 0.66% | 0.71% | 0.76% | 0.64% | 0.60% | 0.60% | 0.72% | 0.68% | 0.86% |
| Net Income To Common (M) | 20,058.00 |
| (-) Cash Dividends Paid (M) | 4,634.00 |
| (=) Cash Retained (M) | 15,424.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,011.60 | 2,507.25 | 1,504.35 |
| Cash Retained (M) | 15,424.00 | 15,424.00 | 15,424.00 |
| (-) Cash Required (M) | -4,011.60 | -2,507.25 | -1,504.35 |
| (=) Excess Retained (M) | 11,412.40 | 12,916.75 | 13,919.65 |
| (/) Shares Outstanding (M) | 2,022.75 | 2,022.75 | 2,022.75 |
| (=) Excess Retained per Share | 5.64 | 6.39 | 6.88 |
| LTM Dividend per Share | 2.29 | 2.29 | 2.29 |
| (+) Excess Retained per Share | 5.64 | 6.39 | 6.88 |
| (=) Adjusted Dividend | 7.93 | 8.68 | 9.17 |
| WACC / Discount Rate | 8.67% | 8.67% | 8.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $263.65 | $424.98 | $839.65 |
| Upside / Downside | -22.77% | 24.49% | 145.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 20,058.00 | 21,361.77 | 22,750.29 | 24,229.05 | 25,803.94 | 27,481.20 | 28,305.63 |
| Payout Ratio | 23.10% | 36.48% | 49.86% | 63.24% | 76.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,634.00 | 7,793.29 | 11,343.70 | 15,322.74 | 19,771.14 | 24,733.08 | 26,182.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.67% | 8.67% | 8.67% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 7,103.89 | 7,171.23 | 7,238.56 |
| Year 2 PV (M) | 9,425.54 | 9,605.07 | 9,786.30 |
| Year 3 PV (M) | 11,605.50 | 11,938.65 | 12,278.12 |
| Year 4 PV (M) | 13,650.07 | 14,175.01 | 14,714.95 |
| Year 5 PV (M) | 15,565.29 | 16,317.09 | 17,097.68 |
| PV of Terminal Value (M) | 290,386.95 | 304,412.75 | 318,975.35 |
| Equity Value (M) | 347,737.24 | 363,619.81 | 380,090.96 |
| Shares Outstanding (M) | 2,022.75 | 2,022.75 | 2,022.75 |
| Fair Value | $171.91 | $179.77 | $187.91 |
| Upside / Downside | -49.64% | -47.34% | -44.96% |
| 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% |