Definitive Analysis
| Stable Growth | $502.12 - $1,489.14 | $1,395.43 |
| Multi-Stage | $262.73 - $287.90 | $275.08 |
| Blended Fair Value | $835.26 | |
| Current Price | $83.93 | |
| Upside | 895.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.60% | 4.10% | 3.11 | 2.95 | 2.78 | 2.62 | 2.47 | 2.26 | 2.05 | 2.05 | 2.03 | 2.03 |
| YoY Growth | - | - | 5.31% | 6.18% | 6.08% | 6.36% | 9.13% | 10.11% | 0.10% | 0.84% | 0.14% | -2.48% |
| Dividend Yield | - | - | 3.47% | 2.25% | 2.61% | 3.20% | 3.35% | 3.08% | 2.58% | 3.95% | 3.35% | 4.02% |
| Net Income To Common (M) | 19,034.00 |
| (-) Cash Dividends Paid (M) | 8,109.00 |
| (=) Cash Retained (M) | 10,925.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,806.80 | 2,379.25 | 1,427.55 |
| Cash Retained (M) | 10,925.00 | 10,925.00 | 10,925.00 |
| (-) Cash Required (M) | -3,806.80 | -2,379.25 | -1,427.55 |
| (=) Excess Retained (M) | 7,118.20 | 8,545.75 | 9,497.45 |
| (/) Shares Outstanding (M) | 2,520.75 | 2,520.75 | 2,520.75 |
| (=) Excess Retained per Share | 2.82 | 3.39 | 3.77 |
| LTM Dividend per Share | 3.22 | 3.22 | 3.22 |
| (+) Excess Retained per Share | 2.82 | 3.39 | 3.77 |
| (=) Adjusted Dividend | 6.04 | 6.61 | 6.98 |
| WACC / Discount Rate | 5.86% | 5.86% | 5.86% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Fair Value | $502.12 | $1,395.43 | $1,489.14 |
| Upside / Downside | 498.26% | 1,562.62% | 1,674.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 19,034.00 | 20,100.24 | 21,226.22 | 22,415.26 | 23,670.92 | 24,996.91 | 25,746.82 |
| Payout Ratio | 42.60% | 52.08% | 61.56% | 71.04% | 80.52% | 90.00% | 92.50% |
| Projected Dividends (M) | 8,109.00 | 10,468.64 | 13,067.20 | 15,924.04 | 19,059.95 | 22,497.22 | 23,815.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.86% | 5.86% | 5.86% |
| Growth Rate | 4.60% | 5.60% | 6.60% |
| Year 1 PV (M) | 9,795.48 | 9,889.12 | 9,982.77 |
| Year 2 PV (M) | 11,440.71 | 11,660.50 | 11,882.39 |
| Year 3 PV (M) | 13,045.45 | 13,423.18 | 13,808.14 |
| Year 4 PV (M) | 14,610.41 | 15,177.18 | 15,760.28 |
| Year 5 PV (M) | 16,136.33 | 16,922.54 | 17,739.10 |
| PV of Terminal Value (M) | 597,236.66 | 626,335.86 | 656,558.41 |
| Equity Value (M) | 662,265.03 | 693,408.39 | 725,731.08 |
| Shares Outstanding (M) | 2,520.75 | 2,520.75 | 2,520.75 |
| Fair Value | $262.73 | $275.08 | $287.90 |
| Upside / Downside | 213.03% | 227.75% | 243.03% |
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