Definitive Analysis
| Stable Growth | $64.62 - $94.74 | $79.12 |
| Multi-Stage | $158.24 - $174.00 | $165.96 |
| Blended Fair Value | $122.54 | |
| Current Price | $117.60 | |
| Upside | 4.20% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.94% | 0.00% | 7.03 | 6.83 | 6.53 | 6.03 | 6.03 | 5.53 | 0.00 | 4.77 | 4.52 | 3.77 |
| YoY Growth | - | - | 2.94% | 4.62% | 8.33% | 0.00% | 9.09% | 0.00% | -100.00% | 5.56% | 20.00% | 0.00% |
| Dividend Yield | - | - | 6.13% | 5.93% | 5.52% | 4.68% | 4.33% | 5.12% | 0.00% | 3.74% | 3.01% | 3.31% |
| Net Income To Common (M) | 388.10 |
| (-) Cash Dividends Paid (M) | 322.71 |
| (=) Cash Retained (M) | 65.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 77.62 | 48.51 | 29.11 |
| Cash Retained (M) | 65.40 | 65.40 | 65.40 |
| (-) Cash Required (M) | -77.62 | -48.51 | -29.11 |
| (=) Excess Retained (M) | -12.23 | 16.88 | 36.29 |
| (/) Shares Outstanding (M) | 45.23 | 45.23 | 45.23 |
| (=) Excess Retained per Share | -0.27 | 0.37 | 0.80 |
| LTM Dividend per Share | 7.13 | 7.13 | 7.13 |
| (+) Excess Retained per Share | -0.27 | 0.37 | 0.80 |
| (=) Adjusted Dividend | 6.86 | 7.51 | 7.94 |
| WACC / Discount Rate | 6.78% | 6.78% | 6.78% |
| Growth Rate | -3.47% | -2.47% | -1.47% |
| Fair Value | $64.62 | $79.12 | $94.74 |
| Upside / Downside | -45.05% | -32.72% | -19.44% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 388.10 | 378.52 | 369.17 | 360.05 | 351.16 | 342.49 | 352.76 |
| Payout Ratio | 83.15% | 84.52% | 85.89% | 87.26% | 88.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 322.71 | 319.92 | 317.08 | 314.18 | 311.23 | 308.24 | 326.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.78% | 6.78% | 6.78% |
| Growth Rate | -3.47% | -2.47% | -1.47% |
| Year 1 PV (M) | 296.52 | 299.60 | 302.67 |
| Year 2 PV (M) | 272.40 | 278.07 | 283.80 |
| Year 3 PV (M) | 250.17 | 258.02 | 266.04 |
| Year 4 PV (M) | 229.70 | 239.36 | 249.33 |
| Year 5 PV (M) | 210.85 | 222.00 | 233.62 |
| PV of Terminal Value (M) | 5,898.33 | 6,210.24 | 6,535.21 |
| Equity Value (M) | 7,157.96 | 7,507.29 | 7,870.67 |
| Shares Outstanding (M) | 45.23 | 45.23 | 45.23 |
| Fair Value | $158.24 | $165.96 | $174.00 |
| Upside / Downside | 34.56% | 41.13% | 47.96% |
| 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% |