Definitive Analysis
| Stable Growth | $40.15 - $60.73 | $49.84 |
| Multi-Stage | $57.62 - $63.17 | $60.35 |
| Blended Fair Value | $55.09 | |
| Current Price | $50.57 | |
| Upside | 8.95% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.75% | -1.08% | 1.47 | 1.34 | 1.32 | 1.39 | 1.45 | 1.52 | 1.53 | 1.49 | 1.39 | 1.50 |
| YoY Growth | - | - | 9.76% | 1.04% | -4.59% | -4.40% | -4.78% | -0.29% | 2.49% | 7.14% | -7.23% | -8.31% |
| Dividend Yield | - | - | 2.90% | 2.10% | 3.07% | 3.26% | 5.80% | 10.50% | 5.52% | 5.92% | 4.56% | 6.27% |
| Net Income To Common (M) | 612.53 |
| (-) Cash Dividends Paid (M) | 202.89 |
| (=) Cash Retained (M) | 409.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 122.51 | 76.57 | 45.94 |
| Cash Retained (M) | 409.65 | 409.65 | 409.65 |
| (-) Cash Required (M) | -122.51 | -76.57 | -45.94 |
| (=) Excess Retained (M) | 287.14 | 333.08 | 363.71 |
| (/) Shares Outstanding (M) | 134.51 | 134.51 | 134.51 |
| (=) Excess Retained per Share | 2.13 | 2.48 | 2.70 |
| LTM Dividend per Share | 1.51 | 1.51 | 1.51 |
| (+) Excess Retained per Share | 2.13 | 2.48 | 2.70 |
| (=) Adjusted Dividend | 3.64 | 3.98 | 4.21 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.02% | 1.02% | 2.02% |
| Fair Value | $40.15 | $49.84 | $60.73 |
| Upside / Downside | -20.61% | -1.44% | 20.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 612.53 | 618.79 | 625.11 | 631.50 | 637.96 | 644.48 | 663.81 |
| Payout Ratio | 33.12% | 44.50% | 55.87% | 67.25% | 78.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 202.89 | 275.35 | 349.27 | 424.68 | 501.59 | 580.03 | 614.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.02% | 1.02% | 2.02% |
| Year 1 PV (M) | 249.89 | 252.39 | 254.89 |
| Year 2 PV (M) | 287.67 | 293.45 | 299.29 |
| Year 3 PV (M) | 317.43 | 327.05 | 336.86 |
| Year 4 PV (M) | 340.25 | 354.07 | 368.29 |
| Year 5 PV (M) | 357.08 | 375.29 | 394.24 |
| PV of Terminal Value (M) | 6,198.89 | 6,515.03 | 6,843.93 |
| Equity Value (M) | 7,751.21 | 8,117.27 | 8,497.49 |
| Shares Outstanding (M) | 134.51 | 134.51 | 134.51 |
| Fair Value | $57.62 | $60.35 | $63.17 |
| Upside / Downside | 13.95% | 19.33% | 24.92% |
| 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% |