Definitive Analysis
| Stable Growth | $851.33 - $2,832.73 | $2,654.68 |
| Multi-Stage | $388.55 - $424.15 | $406.03 |
| Blended Fair Value | $1,530.35 | |
| Current Price | $226.50 | |
| Upside | 575.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.84% | 8.59% | 13.50 | 13.31 | 11.08 | 7.74 | 8.56 | 8.45 | 9.53 | 10.73 | 7.92 | 6.93 |
| YoY Growth | - | - | 1.42% | 20.20% | 43.09% | -9.51% | 1.29% | -11.36% | -11.20% | 35.42% | 14.33% | 17.07% |
| Dividend Yield | - | - | 6.08% | 5.88% | 5.31% | 4.01% | 5.30% | 6.14% | 5.64% | 6.10% | 5.28% | 4.93% |
| Net Income To Common (M) | 476.33 |
| (-) Cash Dividends Paid (M) | 469.36 |
| (=) Cash Retained (M) | 6.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 95.27 | 59.54 | 35.72 |
| Cash Retained (M) | 6.97 | 6.97 | 6.97 |
| (-) Cash Required (M) | -95.27 | -59.54 | -35.72 |
| (=) Excess Retained (M) | -88.29 | -52.57 | -28.75 |
| (/) Shares Outstanding (M) | 33.44 | 33.44 | 33.44 |
| (=) Excess Retained per Share | -2.64 | -1.57 | -0.86 |
| LTM Dividend per Share | 14.04 | 14.04 | 14.04 |
| (+) Excess Retained per Share | -2.64 | -1.57 | -0.86 |
| (=) Adjusted Dividend | 11.40 | 12.46 | 13.18 |
| WACC / Discount Rate | 6.91% | 6.91% | 6.91% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $851.33 | $2,654.68 | $2,832.73 |
| Upside / Downside | 275.86% | 1,072.04% | 1,150.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 476.33 | 507.29 | 540.26 | 575.38 | 612.78 | 652.61 | 672.19 |
| Payout Ratio | 98.54% | 96.83% | 95.12% | 93.41% | 91.71% | 90.00% | 92.50% |
| Projected Dividends (M) | 469.36 | 491.20 | 513.91 | 537.49 | 561.96 | 587.35 | 621.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.91% | 6.91% | 6.91% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 455.13 | 459.45 | 463.76 |
| Year 2 PV (M) | 441.20 | 449.61 | 458.09 |
| Year 3 PV (M) | 427.56 | 439.83 | 452.34 |
| Year 4 PV (M) | 414.20 | 430.13 | 446.51 |
| Year 5 PV (M) | 401.12 | 420.50 | 440.61 |
| PV of Terminal Value (M) | 10,854.28 | 11,378.54 | 11,922.87 |
| Equity Value (M) | 12,993.49 | 13,578.05 | 14,184.19 |
| Shares Outstanding (M) | 33.44 | 33.44 | 33.44 |
| Fair Value | $388.55 | $406.03 | $424.15 |
| Upside / Downside | 71.54% | 79.26% | 87.26% |
| 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% |