Definitive Analysis
| Stable Growth | $70.71 - $114.27 | $90.31 |
| Multi-Stage | $91.49 - $99.98 | $95.66 |
| Blended Fair Value | $92.99 | |
| Current Price | $24.99 | |
| Upside | 272.09% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.79% | 3.70% | 4.14 | 4.18 | 4.10 | 4.01 | 3.62 | 3.44 | 3.18 | 3.16 | 3.01 | 2.90 |
| YoY Growth | - | - | -0.96% | 2.04% | 2.09% | 10.74% | 5.40% | 7.97% | 0.86% | 5.06% | 3.46% | 0.90% |
| Dividend Yield | - | - | 17.34% | 16.91% | 16.35% | 15.61% | 13.50% | 13.43% | 12.48% | 12.69% | 12.08% | 11.67% |
| Net Income To Common (M) | 4,989.00 |
| (-) Cash Dividends Paid (M) | 3,257.00 |
| (=) Cash Retained (M) | 1,732.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 997.80 | 623.63 | 374.18 |
| Cash Retained (M) | 1,732.00 | 1,732.00 | 1,732.00 |
| (-) Cash Required (M) | -997.80 | -623.63 | -374.18 |
| (=) Excess Retained (M) | 734.20 | 1,108.38 | 1,357.83 |
| (/) Shares Outstanding (M) | 776.00 | 776.00 | 776.00 |
| (=) Excess Retained per Share | 0.95 | 1.43 | 1.75 |
| LTM Dividend per Share | 4.20 | 4.20 | 4.20 |
| (+) Excess Retained per Share | 0.95 | 1.43 | 1.75 |
| (=) Adjusted Dividend | 5.14 | 5.63 | 5.95 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Fair Value | $70.71 | $90.31 | $114.27 |
| Upside / Downside | 182.97% | 261.40% | 357.25% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,989.00 | 5,123.75 | 5,262.14 | 5,404.27 | 5,550.24 | 5,700.15 | 5,871.15 |
| Payout Ratio | 65.28% | 70.23% | 75.17% | 80.11% | 85.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,257.00 | 3,598.25 | 3,955.56 | 4,329.55 | 4,720.85 | 5,130.13 | 5,430.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Year 1 PV (M) | 3,266.07 | 3,298.18 | 3,330.30 |
| Year 2 PV (M) | 3,258.93 | 3,323.34 | 3,388.37 |
| Year 3 PV (M) | 3,237.75 | 3,334.20 | 3,432.55 |
| Year 4 PV (M) | 3,204.46 | 3,332.37 | 3,464.06 |
| Year 5 PV (M) | 3,160.80 | 3,319.28 | 3,484.06 |
| PV of Terminal Value (M) | 54,871.43 | 57,622.69 | 60,483.22 |
| Equity Value (M) | 70,999.44 | 74,230.06 | 77,582.56 |
| Shares Outstanding (M) | 776.00 | 776.00 | 776.00 |
| Fair Value | $91.49 | $95.66 | $99.98 |
| Upside / Downside | 266.12% | 282.78% | 300.07% |
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