Definitive Analysis
| Stable Growth | $169.05 - $896.50 | $335.91 |
| Multi-Stage | $95.57 - $104.49 | $99.95 |
| Blended Fair Value | $217.93 | |
| Current Price | $210.06 | |
| Upside | 3.75% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.95% | 19.74% | 1.49 | 1.29 | 1.10 | 0.91 | 1.10 | 0.65 | 0.54 | 0.43 | 0.35 | 0.28 |
| YoY Growth | - | - | 15.20% | 18.00% | 19.94% | -16.89% | 68.43% | 21.38% | 25.73% | 23.28% | 23.56% | 14.19% |
| Dividend Yield | - | - | 0.71% | 0.65% | 0.87% | 0.89% | 1.12% | 0.81% | 0.80% | 0.79% | 1.05% | 0.85% |
| Net Income To Common (M) | 1,848.17 |
| (-) Cash Dividends Paid (M) | 631.16 |
| (=) Cash Retained (M) | 1,217.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 369.63 | 231.02 | 138.61 |
| Cash Retained (M) | 1,217.02 | 1,217.02 | 1,217.02 |
| (-) Cash Required (M) | -369.63 | -231.02 | -138.61 |
| (=) Excess Retained (M) | 847.38 | 986.00 | 1,078.40 |
| (/) Shares Outstanding (M) | 409.99 | 409.99 | 409.99 |
| (=) Excess Retained per Share | 2.07 | 2.40 | 2.63 |
| LTM Dividend per Share | 1.54 | 1.54 | 1.54 |
| (+) Excess Retained per Share | 2.07 | 2.40 | 2.63 |
| (=) Adjusted Dividend | 3.61 | 3.94 | 4.17 |
| WACC / Discount Rate | 7.75% | 7.75% | 7.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $169.05 | $335.91 | $896.50 |
| Upside / Downside | -19.52% | 59.91% | 326.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,848.17 | 1,968.31 | 2,096.25 | 2,232.50 | 2,377.61 | 2,532.16 | 2,608.12 |
| Payout Ratio | 34.15% | 45.32% | 56.49% | 67.66% | 78.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 631.16 | 892.04 | 1,184.17 | 1,510.51 | 1,874.27 | 2,278.94 | 2,412.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.75% | 7.75% | 7.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 820.10 | 827.87 | 835.65 |
| Year 2 PV (M) | 1,000.88 | 1,019.94 | 1,039.19 |
| Year 3 PV (M) | 1,173.75 | 1,207.44 | 1,241.77 |
| Year 4 PV (M) | 1,338.96 | 1,390.45 | 1,443.41 |
| Year 5 PV (M) | 1,496.75 | 1,569.05 | 1,644.11 |
| PV of Terminal Value (M) | 33,353.58 | 34,964.57 | 36,637.22 |
| Equity Value (M) | 39,184.02 | 40,979.33 | 42,841.35 |
| Shares Outstanding (M) | 409.99 | 409.99 | 409.99 |
| Fair Value | $95.57 | $99.95 | $104.49 |
| Upside / Downside | -54.50% | -52.42% | -50.26% |
| 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% |