Definitive Analysis
| Stable Growth | $322.00 - $1,589.93 | $680.07 |
| Multi-Stage | $174.76 - $191.15 | $182.80 |
| Blended Fair Value | $431.44 | |
| Current Price | $133.94 | |
| Upside | 222.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.06% | 11.07% | 2.19 | 2.03 | 1.89 | 1.83 | 1.46 | 1.30 | 1.13 | 1.06 | 0.88 | 0.83 |
| YoY Growth | - | - | 7.87% | 7.46% | 3.34% | 25.08% | 12.78% | 14.99% | 6.76% | 20.14% | 6.65% | 7.53% |
| Dividend Yield | - | - | 1.65% | 1.81% | 1.87% | 1.55% | 1.22% | 1.65% | 1.42% | 1.77% | 1.98% | 1.97% |
| Net Income To Common (M) | 13,977.00 |
| (-) Cash Dividends Paid (M) | 4,044.00 |
| (=) Cash Retained (M) | 9,933.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,795.40 | 1,747.13 | 1,048.28 |
| Cash Retained (M) | 9,933.00 | 9,933.00 | 9,933.00 |
| (-) Cash Required (M) | -2,795.40 | -1,747.13 | -1,048.28 |
| (=) Excess Retained (M) | 7,137.60 | 8,185.88 | 8,884.73 |
| (/) Shares Outstanding (M) | 1,748.31 | 1,748.31 | 1,748.31 |
| (=) Excess Retained per Share | 4.08 | 4.68 | 5.08 |
| LTM Dividend per Share | 2.31 | 2.31 | 2.31 |
| (+) Excess Retained per Share | 4.08 | 4.68 | 5.08 |
| (=) Adjusted Dividend | 6.40 | 7.00 | 7.40 |
| WACC / Discount Rate | 7.60% | 7.60% | 7.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $322.00 | $680.07 | $1,589.93 |
| Upside / Downside | 140.41% | 407.74% | 1,087.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 13,977.00 | 14,885.51 | 15,853.06 | 16,883.51 | 17,980.94 | 19,149.70 | 19,724.19 |
| Payout Ratio | 28.93% | 41.15% | 53.36% | 65.57% | 77.79% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,044.00 | 6,124.88 | 8,459.19 | 11,071.08 | 13,986.77 | 17,234.73 | 18,244.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.60% | 7.60% | 7.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 5,639.06 | 5,692.51 | 5,745.96 |
| Year 2 PV (M) | 7,170.45 | 7,307.02 | 7,444.89 |
| Year 3 PV (M) | 8,640.05 | 8,888.08 | 9,140.80 |
| Year 4 PV (M) | 10,049.69 | 10,436.18 | 10,833.70 |
| Year 5 PV (M) | 11,401.15 | 11,951.83 | 12,523.59 |
| PV of Terminal Value (M) | 262,636.36 | 275,321.79 | 288,492.73 |
| Equity Value (M) | 305,536.76 | 319,597.41 | 334,181.67 |
| Shares Outstanding (M) | 1,748.31 | 1,748.31 | 1,748.31 |
| Fair Value | $174.76 | $182.80 | $191.15 |
| Upside / Downside | 30.48% | 36.48% | 42.71% |
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