Definitive Analysis
| Stable Growth | $255.00 - $969.14 | $429.86 |
| Multi-Stage | $173.22 - $189.38 | $181.15 |
| Blended Fair Value | $305.51 | |
| Current Price | $132.49 | |
| Upside | 130.59% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.89% | 7.12% | 3.09 | 3.19 | 4.09 | 3.21 | 3.24 | 2.96 | 2.32 | 2.09 | 1.83 | 1.79 |
| YoY Growth | - | - | -3.09% | -21.99% | 27.45% | -0.86% | 9.44% | 27.51% | 11.12% | 14.09% | 2.30% | 15.02% |
| Dividend Yield | - | - | 3.19% | 3.62% | 4.71% | 2.70% | 3.09% | 3.95% | 2.50% | 2.07% | 2.10% | 2.06% |
| Net Income To Common (M) | 1,711.00 |
| (-) Cash Dividends Paid (M) | 610.50 |
| (=) Cash Retained (M) | 1,100.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 342.20 | 213.88 | 128.33 |
| Cash Retained (M) | 1,100.50 | 1,100.50 | 1,100.50 |
| (-) Cash Required (M) | -342.20 | -213.88 | -128.33 |
| (=) Excess Retained (M) | 758.30 | 886.63 | 972.18 |
| (/) Shares Outstanding (M) | 194.65 | 194.65 | 194.65 |
| (=) Excess Retained per Share | 3.90 | 4.55 | 4.99 |
| LTM Dividend per Share | 3.14 | 3.14 | 3.14 |
| (+) Excess Retained per Share | 3.90 | 4.55 | 4.99 |
| (=) Adjusted Dividend | 7.03 | 7.69 | 8.13 |
| WACC / Discount Rate | 8.01% | 8.01% | 8.01% |
| Growth Rate | 5.12% | 6.12% | 7.12% |
| Fair Value | $255.00 | $429.86 | $969.14 |
| Upside / Downside | 92.47% | 224.45% | 631.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,711.00 | 1,815.63 | 1,926.66 | 2,044.48 | 2,169.51 | 2,302.18 | 2,371.25 |
| Payout Ratio | 35.68% | 46.54% | 57.41% | 68.27% | 79.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 610.50 | 845.08 | 1,106.07 | 1,395.82 | 1,716.87 | 2,071.96 | 2,193.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.01% | 8.01% | 8.01% |
| Growth Rate | 5.12% | 6.12% | 7.12% |
| Year 1 PV (M) | 775.01 | 782.38 | 789.75 |
| Year 2 PV (M) | 930.25 | 948.03 | 965.98 |
| Year 3 PV (M) | 1,076.60 | 1,107.62 | 1,139.23 |
| Year 4 PV (M) | 1,214.42 | 1,261.30 | 1,309.52 |
| Year 5 PV (M) | 1,344.07 | 1,409.23 | 1,476.90 |
| PV of Terminal Value (M) | 28,377.99 | 29,753.77 | 31,182.40 |
| Equity Value (M) | 33,718.33 | 35,262.33 | 36,863.78 |
| Shares Outstanding (M) | 194.65 | 194.65 | 194.65 |
| Fair Value | $173.22 | $181.15 | $189.38 |
| Upside / Downside | 30.74% | 36.73% | 42.94% |
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