Definitive Analysis
| Stable Growth | $149.87 - $469.32 | $439.80 |
| Multi-Stage | $72.62 - $79.52 | $76.01 |
| Blended Fair Value | $257.90 | |
| Current Price | $25.76 | |
| Upside | 901.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.05% | 13.68% | 0.98 | 0.87 | 0.73 | 0.67 | 0.65 | 0.63 | 0.50 | 0.38 | 0.35 | 0.33 |
| YoY Growth | - | - | 13.09% | 18.70% | 9.05% | 2.18% | 3.12% | 27.65% | 30.64% | 9.15% | 4.28% | 23.08% |
| Dividend Yield | - | - | 3.90% | 3.46% | 2.91% | 2.67% | 2.61% | 2.53% | 1.99% | 1.52% | 1.39% | 1.34% |
| Net Income To Common (M) | 2,156.00 |
| (-) Cash Dividends Paid (M) | 905.00 |
| (=) Cash Retained (M) | 1,251.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 431.20 | 269.50 | 161.70 |
| Cash Retained (M) | 1,251.00 | 1,251.00 | 1,251.00 |
| (-) Cash Required (M) | -431.20 | -269.50 | -161.70 |
| (=) Excess Retained (M) | 819.80 | 981.50 | 1,089.30 |
| (/) Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| (=) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| (=) Adjusted Dividend | 1.90 | 2.08 | 2.19 |
| WACC / Discount Rate | 6.29% | 6.29% | 6.29% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Fair Value | $149.87 | $439.80 | $469.32 |
| Upside / Downside | 481.79% | 1,607.30% | 1,721.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,156.00 | 2,284.45 | 2,420.56 | 2,564.77 | 2,717.57 | 2,879.48 | 2,965.87 |
| Payout Ratio | 41.98% | 51.58% | 61.19% | 70.79% | 80.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 905.00 | 1,178.34 | 1,481.03 | 1,815.61 | 2,184.80 | 2,591.53 | 2,743.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.29% | 6.29% | 6.29% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Year 1 PV (M) | 1,098.18 | 1,108.64 | 1,119.10 |
| Year 2 PV (M) | 1,286.38 | 1,311.01 | 1,335.87 |
| Year 3 PV (M) | 1,469.71 | 1,512.12 | 1,555.34 |
| Year 4 PV (M) | 1,648.25 | 1,711.97 | 1,777.52 |
| Year 5 PV (M) | 1,822.10 | 1,910.57 | 2,002.44 |
| PV of Terminal Value (M) | 58,687.86 | 61,537.43 | 64,496.63 |
| Equity Value (M) | 66,012.47 | 69,091.73 | 72,286.90 |
| Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| Fair Value | $72.62 | $76.01 | $79.52 |
| Upside / Downside | 181.91% | 195.06% | 208.71% |
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