Definitive Analysis
| Stable Growth | $31.61 - $66.87 | $44.84 |
| Multi-Stage | $46.46 - $50.91 | $48.64 |
| Blended Fair Value | $46.74 | |
| Current Price | $25.30 | |
| Upside | 84.74% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.10% | 3.87% | 1.50 | 1.50 | 2.70 | 2.55 | 1.52 | 1.42 | 0.25 | 1.80 | 1.35 | 1.41 |
| YoY Growth | - | - | 0.00% | -44.44% | 5.65% | 67.52% | 7.43% | 461.52% | -85.99% | 33.06% | -3.66% | 37.22% |
| Dividend Yield | - | - | 5.35% | 5.02% | 9.80% | 7.90% | 4.97% | 8.32% | 1.51% | 10.33% | 5.63% | 8.36% |
| Net Income To Common (M) | 638.12 |
| (-) Cash Dividends Paid (M) | 545.42 |
| (=) Cash Retained (M) | 92.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 127.62 | 79.76 | 47.86 |
| Cash Retained (M) | 92.70 | 92.70 | 92.70 |
| (-) Cash Required (M) | -127.62 | -79.76 | -47.86 |
| (=) Excess Retained (M) | -34.92 | 12.94 | 44.84 |
| (/) Shares Outstanding (M) | 364.11 | 364.11 | 364.11 |
| (=) Excess Retained per Share | -0.10 | 0.04 | 0.12 |
| LTM Dividend per Share | 1.50 | 1.50 | 1.50 |
| (+) Excess Retained per Share | -0.10 | 0.04 | 0.12 |
| (=) Adjusted Dividend | 1.40 | 1.53 | 1.62 |
| WACC / Discount Rate | 6.39% | 6.39% | 6.39% |
| Growth Rate | 1.87% | 2.87% | 3.87% |
| Fair Value | $31.61 | $44.84 | $66.87 |
| Upside / Downside | 24.95% | 77.22% | 164.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 638.12 | 656.43 | 675.27 | 694.65 | 714.59 | 735.10 | 757.15 |
| Payout Ratio | 85.47% | 86.38% | 87.28% | 88.19% | 89.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 545.42 | 567.01 | 589.40 | 612.61 | 636.66 | 661.59 | 700.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.39% | 6.39% | 6.39% |
| Growth Rate | 1.87% | 2.87% | 3.87% |
| Year 1 PV (M) | 527.79 | 532.97 | 538.15 |
| Year 2 PV (M) | 510.67 | 520.74 | 530.92 |
| Year 3 PV (M) | 494.05 | 508.75 | 523.73 |
| Year 4 PV (M) | 477.93 | 496.97 | 516.58 |
| Year 5 PV (M) | 462.28 | 485.42 | 509.48 |
| PV of Terminal Value (M) | 14,443.07 | 15,166.02 | 15,917.64 |
| Equity Value (M) | 16,915.79 | 17,710.88 | 18,536.50 |
| Shares Outstanding (M) | 364.11 | 364.11 | 364.11 |
| Fair Value | $46.46 | $48.64 | $50.91 |
| Upside / Downside | 83.63% | 92.26% | 101.22% |
| 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% |