Definitive Analysis
| Stable Growth | $79.36 - $180.34 | $115.42 |
| Multi-Stage | $99.71 - $109.23 | $104.38 |
| Blended Fair Value | $109.90 | |
| Current Price | $22.72 | |
| Upside | 383.72% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.82% | 4.70% | 2.66 | 2.74 | 2.62 | 2.50 | 2.42 | 2.32 | 2.19 | 2.07 | 1.90 | 1.77 |
| YoY Growth | - | - | -2.67% | 4.40% | 4.68% | 3.43% | 4.47% | 5.98% | 5.43% | 9.32% | 7.40% | 4.98% |
| Dividend Yield | - | - | 12.37% | 11.19% | 10.74% | 9.89% | 9.15% | 9.42% | 8.75% | 8.54% | 7.56% | 7.04% |
| Net Income To Common (M) | 4,459.00 |
| (-) Cash Dividends Paid (M) | 2,988.00 |
| (=) Cash Retained (M) | 1,471.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 891.80 | 557.38 | 334.43 |
| Cash Retained (M) | 1,471.00 | 1,471.00 | 1,471.00 |
| (-) Cash Required (M) | -891.80 | -557.38 | -334.43 |
| (=) Excess Retained (M) | 579.20 | 913.63 | 1,136.58 |
| (/) Shares Outstanding (M) | 1,108.88 | 1,108.88 | 1,108.88 |
| (=) Excess Retained per Share | 0.52 | 0.82 | 1.02 |
| LTM Dividend per Share | 2.69 | 2.69 | 2.69 |
| (+) Excess Retained per Share | 0.52 | 0.82 | 1.02 |
| (=) Adjusted Dividend | 3.22 | 3.52 | 3.72 |
| WACC / Discount Rate | 6.68% | 6.68% | 6.68% |
| Growth Rate | 2.53% | 3.53% | 4.53% |
| Fair Value | $79.36 | $115.42 | $180.34 |
| Upside / Downside | 249.30% | 408.01% | 693.74% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,459.00 | 4,616.18 | 4,778.91 | 4,947.37 | 5,121.76 | 5,302.31 | 5,461.38 |
| Payout Ratio | 67.01% | 71.61% | 76.21% | 80.80% | 85.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,988.00 | 3,305.58 | 3,641.83 | 3,997.68 | 4,374.09 | 4,772.08 | 5,051.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.68% | 6.68% | 6.68% |
| Growth Rate | 2.53% | 3.53% | 4.53% |
| Year 1 PV (M) | 3,068.63 | 3,098.56 | 3,128.49 |
| Year 2 PV (M) | 3,138.45 | 3,199.97 | 3,262.09 |
| Year 3 PV (M) | 3,198.16 | 3,292.66 | 3,389.00 |
| Year 4 PV (M) | 3,248.47 | 3,377.07 | 3,509.46 |
| Year 5 PV (M) | 3,290.00 | 3,453.61 | 3,623.66 |
| PV of Terminal Value (M) | 94,616.91 | 99,322.13 | 104,212.72 |
| Equity Value (M) | 110,560.61 | 115,744.00 | 121,125.41 |
| Shares Outstanding (M) | 1,108.88 | 1,108.88 | 1,108.88 |
| Fair Value | $99.71 | $104.38 | $109.23 |
| Upside / Downside | 338.84% | 359.42% | 380.78% |
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