Definitive Analysis
| Stable Growth | $684.91 - $1,273.90 | $1,193.83 |
| Multi-Stage | $197.54 - $216.41 | $206.80 |
| Blended Fair Value | $700.31 | |
| Current Price | $84.31 | |
| Upside | 730.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.19% | 25.95% | 1.02 | 1.26 | 1.56 | 1.57 | 0.74 | 0.79 | 0.27 | 0.12 | 0.06 | 0.05 |
| YoY Growth | - | - | -19.08% | -18.96% | -0.63% | 110.67% | -6.19% | 195.35% | 124.63% | 100.00% | 28.85% | -54.39% |
| Dividend Yield | - | - | 2.11% | 3.46% | 3.17% | 1.97% | 1.23% | 1.75% | 0.75% | 0.31% | 0.18% | 0.17% |
| Net Income To Common (M) | 7,187.00 |
| (-) Cash Dividends Paid (M) | 1,116.00 |
| (=) Cash Retained (M) | 6,071.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,437.40 | 898.38 | 539.03 |
| Cash Retained (M) | 6,071.00 | 6,071.00 | 6,071.00 |
| (-) Cash Required (M) | -1,437.40 | -898.38 | -539.03 |
| (=) Excess Retained (M) | 4,633.60 | 5,172.63 | 5,531.98 |
| (/) Shares Outstanding (M) | 1,122.00 | 1,122.00 | 1,122.00 |
| (=) Excess Retained per Share | 4.13 | 4.61 | 4.93 |
| LTM Dividend per Share | 0.99 | 0.99 | 0.99 |
| (+) Excess Retained per Share | 4.13 | 4.61 | 4.93 |
| (=) Adjusted Dividend | 5.12 | 5.60 | 5.93 |
| WACC / Discount Rate | 6.29% | 6.29% | 6.29% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $684.91 | $1,193.83 | $1,273.90 |
| Upside / Downside | 712.37% | 1,316.00% | 1,410.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 7,187.00 | 7,654.16 | 8,151.68 | 8,681.53 | 9,245.83 | 9,846.81 | 10,142.22 |
| Payout Ratio | 15.53% | 30.42% | 45.32% | 60.21% | 75.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,116.00 | 2,328.58 | 3,694.08 | 5,227.26 | 6,944.14 | 8,862.13 | 9,381.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.29% | 6.29% | 6.29% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,170.22 | 2,190.79 | 2,211.36 |
| Year 2 PV (M) | 3,208.73 | 3,269.84 | 3,331.54 |
| Year 3 PV (M) | 4,231.68 | 4,353.16 | 4,476.94 |
| Year 4 PV (M) | 5,239.27 | 5,440.76 | 5,648.00 |
| Year 5 PV (M) | 6,231.66 | 6,532.65 | 6,845.17 |
| PV of Terminal Value (M) | 200,554.12 | 210,240.96 | 220,298.54 |
| Equity Value (M) | 221,635.69 | 232,028.17 | 242,811.55 |
| Shares Outstanding (M) | 1,122.00 | 1,122.00 | 1,122.00 |
| Fair Value | $197.54 | $206.80 | $216.41 |
| Upside / Downside | 134.30% | 145.28% | 156.68% |
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