Definitive Analysis
| Stable Growth | $27.91 - $39.33 | $33.57 |
| Multi-Stage | $43.88 - $48.28 | $46.04 |
| Blended Fair Value | $39.81 | |
| Current Price | $32.28 | |
| Upside | 23.31% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | -5.76% | 0.34 | 0.28 | 0.28 | 0.07 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 23.61% | 0.00% | 278.95% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 1.18% | 0.79% | 0.65% | 0.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 1,146.00 |
| (-) Cash Dividends Paid (M) | 104.00 |
| (=) Cash Retained (M) | 1,042.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 229.20 | 143.25 | 85.95 |
| Cash Retained (M) | 1,042.00 | 1,042.00 | 1,042.00 |
| (-) Cash Required (M) | -229.20 | -143.25 | -85.95 |
| (=) Excess Retained (M) | 812.80 | 898.75 | 956.05 |
| (/) Shares Outstanding (M) | 259.92 | 259.92 | 259.92 |
| (=) Excess Retained per Share | 3.13 | 3.46 | 3.68 |
| LTM Dividend per Share | 0.40 | 0.40 | 0.40 |
| (+) Excess Retained per Share | 3.13 | 3.46 | 3.68 |
| (=) Adjusted Dividend | 3.53 | 3.86 | 4.08 |
| WACC / Discount Rate | 9.53% | 9.53% | 9.53% |
| Growth Rate | -2.76% | -1.76% | -0.76% |
| Fair Value | $27.91 | $33.57 | $39.33 |
| Upside / Downside | -13.54% | 4.00% | 21.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,146.00 | 1,125.86 | 1,106.07 | 1,086.62 | 1,067.52 | 1,048.76 | 1,080.22 |
| Payout Ratio | 9.08% | 25.26% | 41.45% | 57.63% | 73.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 104.00 | 284.39 | 458.41 | 626.22 | 787.99 | 943.88 | 999.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.53% | 9.53% | 9.53% |
| Growth Rate | -2.76% | -1.76% | -0.76% |
| Year 1 PV (M) | 257.00 | 259.64 | 262.28 |
| Year 2 PV (M) | 374.35 | 382.09 | 389.91 |
| Year 3 PV (M) | 462.14 | 476.54 | 491.24 |
| Year 4 PV (M) | 525.51 | 547.46 | 570.09 |
| Year 5 PV (M) | 568.84 | 598.69 | 629.79 |
| PV of Terminal Value (M) | 9,218.44 | 9,702.29 | 10,206.23 |
| Equity Value (M) | 11,406.28 | 11,966.72 | 12,549.56 |
| Shares Outstanding (M) | 259.92 | 259.92 | 259.92 |
| Fair Value | $43.88 | $46.04 | $48.28 |
| Upside / Downside | 35.95% | 42.63% | 49.57% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| LZOEX | Lazard Emerging Markets Equity Portfolio | 0.09% | $0.02 | 36.87% |
| PWR | Quanta Services, Inc. | 0.09% | $0.39 | 5.78% |
| AAMI | Acadian Asset Management | 0.08% | $0.04 | 1.59% |
| PDLB | Ponce Financial Group, Inc. | 0.08% | $0.01 | 1.31% |
| VRT | Vertiv Holdings Co | 0.08% | $0.15 | 5.48% |
| 0J46.L | HEICO Corporation | 0.07% | $0.23 | 4.98% |
| 0JYM.L | Markel Corporation | 0.07% | $1.41 | 0.87% |
| CHCI | Comstock Holding Companies, Inc. | 0.06% | $0.01 | 0.56% |
| MTVC | Motive Capital Corp II | 0.06% | $0.01 | 2.21% |
| ENJ | Entergy New Orleans, LLC First Mortgage Bonds, 5.0% Series due December 1, 2052 | 0.05% | $0.01 | 0.31% |
| ENO | Entergy New Orleans, LLC First Mortgage Bonds, 5.50% Series due April 1, 2066 | 0.05% | $0.01 | 0.31% |
| AJRD | Aerojet Rocketdyne Holdings, Inc. | 0.04% | $0.02 | 2.70% |
| ERES | East Resources Acquisition Company | 0.04% | $0.00 | 1.55% |
| NBN | Northeast Bank | 0.04% | $0.04 | 0.38% |
| ARHS | Arhaus, Inc. | 0.03% | $0.00 | 0.61% |
| BSIG | BrightSphere Investment Group Inc. | 0.03% | $0.01 | 0.34% |
| EWCZ | European Wax Center, Inc. | 0.03% | $0.00 | 0.37% |
| WIRE | Encore Wire Corporation | 0.03% | $0.08 | 0.42% |
| ACFN | Acorn Energy, Inc. | 0.02% | $0.00 | 0.09% |
| ACMR | ACM Research, Inc. | 0.02% | $0.01 | 0.62% |
| CFB | CrossFirst Bankshares, Inc. | 0.02% | $0.00 | 0.21% |
| FDSB | Fifth District Savings Bank | 0.02% | $0.00 | 0.35% |
| GRDN | Guardian Pharmacy Services, Inc. | 0.02% | $0.00 | 0.75% |
| NVDA | NVIDIA Corporation | 0.02% | $0.04 | 0.98% |
| AMG | Affiliated Managers Group, Inc. | 0.01% | $0.04 | 0.23% |
| BSX-PA | Boston Scientific Corporation | 0.01% | $0.02 | 0.82% |
| FIGR | Figure Technology Solutions, Inc. Class A Common Stock | 0.01% | $0.00 | 2.22% |
| GNRC | Generac Holdings Inc. | 0.01% | $0.01 | 0.18% |
| LAUR | Laureate Education, Inc. | 0.01% | $0.00 | 0.22% |
| PLNT | Planet Fitness, Inc. | 0.01% | $0.01 | 0.57% |
| SUM | Summit Materials, Inc. | 0.01% | $0.00 | 0.32% |
| BE | Bloom Energy Corporation | 0.00% | $0.00 | 6.20% |
| BJRI | BJ's Restaurants, Inc. | 0.00% | $0.00 | 0.01% |
| CXW | CoreCivic, Inc. | 0.00% | $0.00 | 0.04% |
| INFA | Informatica Inc. | 0.00% | $0.00 | 0.10% |
| MMMB | MamaMancini's Holdings, Inc. | 0.00% | $0.00 | 0.04% |
| PMO | Putnam Municipal Opportunities Trust | 0.00% | $0.00 | 0.05% |
| SENEA | Seneca Foods Corporation | 0.00% | $0.00 | 0.04% |
| SLCA | U.S. Silica Holdings, Inc. | 0.00% | $0.00 | 0.02% |
| UNIT | Uniti Group Inc. | 0.00% | $0.00 | 0.00% |