Definitive Analysis
| Stable Growth | $289.95 - $1,305.45 | $671.68 |
| Multi-Stage | $150.42 - $164.52 | $157.34 |
| Blended Fair Value | $414.51 | |
| Current Price | $99.95 | |
| Upside | 314.72% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.82% | 2.22% | 2.14 | 2.02 | 1.88 | 1.67 | 1.44 | 1.17 | 0.91 | 0.82 | 0.74 | 0.64 |
| YoY Growth | - | - | 5.51% | 7.63% | 12.89% | 15.46% | 23.51% | 28.33% | 10.47% | 11.28% | 16.13% | -62.80% |
| Dividend Yield | - | - | 2.05% | 1.34% | 1.69% | 1.84% | 1.69% | 1.50% | 1.37% | 1.88% | 2.28% | 2.15% |
| Net Income To Common (M) | 823.66 |
| (-) Cash Dividends Paid (M) | 273.05 |
| (=) Cash Retained (M) | 550.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 164.73 | 102.96 | 61.77 |
| Cash Retained (M) | 550.61 | 550.61 | 550.61 |
| (-) Cash Required (M) | -164.73 | -102.96 | -61.77 |
| (=) Excess Retained (M) | 385.88 | 447.65 | 488.83 |
| (/) Shares Outstanding (M) | 125.48 | 125.48 | 125.48 |
| (=) Excess Retained per Share | 3.08 | 3.57 | 3.90 |
| LTM Dividend per Share | 2.18 | 2.18 | 2.18 |
| (+) Excess Retained per Share | 3.08 | 3.57 | 3.90 |
| (=) Adjusted Dividend | 5.25 | 5.74 | 6.07 |
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $289.95 | $671.68 | $1,305.45 |
| Upside / Downside | 190.10% | 572.01% | 1,206.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 823.66 | 877.19 | 934.21 | 994.93 | 1,059.60 | 1,128.48 | 1,162.33 |
| Payout Ratio | 33.15% | 44.52% | 55.89% | 67.26% | 78.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 273.05 | 390.53 | 522.13 | 669.19 | 833.17 | 1,015.63 | 1,075.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.41% | 7.41% | 7.41% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 360.17 | 363.59 | 367.00 |
| Year 2 PV (M) | 444.11 | 452.57 | 461.11 |
| Year 3 PV (M) | 524.95 | 540.02 | 555.37 |
| Year 4 PV (M) | 602.77 | 625.95 | 649.80 |
| Year 5 PV (M) | 677.66 | 710.39 | 744.38 |
| PV of Terminal Value (M) | 16,264.52 | 17,050.10 | 17,865.75 |
| Equity Value (M) | 18,874.19 | 19,742.63 | 20,643.41 |
| Shares Outstanding (M) | 125.48 | 125.48 | 125.48 |
| Fair Value | $150.42 | $157.34 | $164.52 |
| Upside / Downside | 50.49% | 57.42% | 64.60% |
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| ALTXC.PA | TXCOM Group | 3.97% | $0.30 | 35.01% |
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