Definitive Analysis
| Stable Growth | $80.37 - $148.14 | $108.27 |
| Multi-Stage | $81.87 - $89.42 | $85.57 |
| Blended Fair Value | $96.92 | |
| Current Price | $68.52 | |
| Upside | 41.45% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.28% | 10.65% | 2.83 | 2.78 | 2.65 | 2.77 | 2.81 | 3.02 | 1.97 | 1.35 | 1.14 | 1.10 |
| YoY Growth | - | - | 1.62% | 5.10% | -4.34% | -1.60% | -6.72% | 52.85% | 46.11% | 18.42% | 3.40% | 7.30% |
| Dividend Yield | - | - | 4.79% | 5.15% | 6.10% | 3.06% | 3.92% | 10.28% | 2.59% | 1.41% | 1.66% | 2.91% |
| Net Income To Common (M) | 717.00 |
| (-) Cash Dividends Paid (M) | 375.00 |
| (=) Cash Retained (M) | 342.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 143.40 | 89.63 | 53.78 |
| Cash Retained (M) | 342.00 | 342.00 | 342.00 |
| (-) Cash Required (M) | -143.40 | -89.63 | -53.78 |
| (=) Excess Retained (M) | 198.60 | 252.38 | 288.23 |
| (/) Shares Outstanding (M) | 133.25 | 133.25 | 133.25 |
| (=) Excess Retained per Share | 1.49 | 1.89 | 2.16 |
| LTM Dividend per Share | 2.81 | 2.81 | 2.81 |
| (+) Excess Retained per Share | 1.49 | 1.89 | 2.16 |
| (=) Adjusted Dividend | 4.30 | 4.71 | 4.98 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.55% | 4.55% | 5.55% |
| Fair Value | $80.37 | $108.27 | $148.14 |
| Upside / Downside | 17.29% | 58.02% | 116.19% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 717.00 | 749.63 | 783.75 | 819.43 | 856.72 | 895.72 | 922.59 |
| Payout Ratio | 52.30% | 59.84% | 67.38% | 74.92% | 82.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 375.00 | 448.59 | 528.10 | 613.92 | 706.46 | 806.15 | 853.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.55% | 4.55% | 5.55% |
| Year 1 PV (M) | 407.25 | 411.18 | 415.11 |
| Year 2 PV (M) | 435.25 | 443.69 | 452.22 |
| Year 3 PV (M) | 459.35 | 472.78 | 486.48 |
| Year 4 PV (M) | 479.87 | 498.68 | 518.03 |
| Year 5 PV (M) | 497.12 | 521.59 | 547.02 |
| PV of Terminal Value (M) | 8,629.97 | 9,054.80 | 9,496.19 |
| Equity Value (M) | 10,908.80 | 11,402.72 | 11,915.05 |
| Shares Outstanding (M) | 133.25 | 133.25 | 133.25 |
| Fair Value | $81.87 | $85.57 | $89.42 |
| Upside / Downside | 19.48% | 24.89% | 30.50% |
| 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% |