Definitive Analysis
| Stable Growth | $851.39 - $1,427.07 | $1,104.15 |
| Multi-Stage | $1,565.27 - $1,721.16 | $1,641.70 |
| Blended Fair Value | $1,372.93 | |
| Current Price | $346.00 | |
| Upside | 296.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.78% | 0.00% | 20.23 | 16.89 | 9.44 | 0.00 | 22.21 | 17.64 | 14.80 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 19.77% | 78.94% | 0.00% | -100.00% | 25.88% | 19.20% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.56% | 4.22% | 3.15% | 0.00% | 9.10% | 9.24% | 4.30% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 250,409.00 |
| (-) Cash Dividends Paid (M) | 78,529.00 |
| (=) Cash Retained (M) | 171,880.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 50,081.80 | 31,301.13 | 18,780.68 |
| Cash Retained (M) | 171,880.00 | 171,880.00 | 171,880.00 |
| (-) Cash Required (M) | -50,081.80 | -31,301.13 | -18,780.68 |
| (=) Excess Retained (M) | 121,798.20 | 140,578.88 | 153,099.33 |
| (/) Shares Outstanding (M) | 3,481.48 | 3,481.48 | 3,481.48 |
| (=) Excess Retained per Share | 34.98 | 40.38 | 43.98 |
| LTM Dividend per Share | 22.56 | 22.56 | 22.56 |
| (+) Excess Retained per Share | 34.98 | 40.38 | 43.98 |
| (=) Adjusted Dividend | 57.54 | 62.94 | 66.53 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -0.15% | 0.85% | 1.85% |
| Fair Value | $851.39 | $1,104.15 | $1,427.07 |
| Upside / Downside | 146.07% | 219.12% | 312.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 250,409.00 | 252,543.52 | 254,696.23 | 256,867.29 | 259,056.85 | 261,265.09 | 269,103.04 |
| Payout Ratio | 31.36% | 43.09% | 54.82% | 66.54% | 78.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 78,529.00 | 108,816.55 | 139,614.73 | 170,930.07 | 202,769.13 | 235,138.58 | 248,920.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -0.15% | 0.85% | 1.85% |
| Year 1 PV (M) | 101,066.32 | 102,078.48 | 103,090.64 |
| Year 2 PV (M) | 120,435.44 | 122,859.79 | 125,308.30 |
| Year 3 PV (M) | 136,947.17 | 141,103.00 | 145,342.07 |
| Year 4 PV (M) | 150,885.66 | 157,021.42 | 163,342.43 |
| Year 5 PV (M) | 162,510.55 | 170,812.72 | 179,450.78 |
| PV of Terminal Value (M) | 4,777,612.38 | 5,021,686.06 | 5,275,634.53 |
| Equity Value (M) | 5,449,457.53 | 5,715,561.47 | 5,992,168.75 |
| Shares Outstanding (M) | 3,481.48 | 3,481.48 | 3,481.48 |
| Fair Value | $1,565.27 | $1,641.70 | $1,721.16 |
| Upside / Downside | 352.39% | 374.48% | 397.44% |
| 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% |