Definitive Analysis
| Stable Growth | $50.04 - $84.50 | $65.09 |
| Multi-Stage | $84.25 - $92.25 | $88.18 |
| Blended Fair Value | $76.63 | |
| Current Price | $71.40 | |
| Upside | 7.33% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.99% | 2.54% | 4.47 | 4.97 | 4.97 | 4.97 | 3.97 | 3.67 | 3.97 | 4.27 | 3.67 | 3.87 |
| YoY Growth | - | - | -10.00% | 0.00% | 0.00% | 25.00% | 8.11% | -7.50% | -6.98% | 16.22% | -5.13% | 11.43% |
| Dividend Yield | - | - | 5.89% | 5.97% | 5.93% | 5.83% | 4.81% | 5.82% | 6.08% | 6.55% | 5.75% | 6.56% |
| Net Income To Common (M) | 411.78 |
| (-) Cash Dividends Paid (M) | 396.69 |
| (=) Cash Retained (M) | 15.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.36 | 51.47 | 30.88 |
| Cash Retained (M) | 15.09 | 15.09 | 15.09 |
| (-) Cash Required (M) | -82.36 | -51.47 | -30.88 |
| (=) Excess Retained (M) | -67.27 | -36.38 | -15.80 |
| (/) Shares Outstanding (M) | 99.86 | 99.86 | 99.86 |
| (=) Excess Retained per Share | -0.67 | -0.36 | -0.16 |
| LTM Dividend per Share | 3.97 | 3.97 | 3.97 |
| (+) Excess Retained per Share | -0.67 | -0.36 | -0.16 |
| (=) Adjusted Dividend | 3.30 | 3.61 | 3.81 |
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 0.54% | 1.54% | 2.54% |
| Fair Value | $50.04 | $65.09 | $84.50 |
| Upside / Downside | -29.92% | -8.83% | 18.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 411.78 | 418.14 | 424.60 | 431.16 | 437.82 | 444.59 | 457.93 |
| Payout Ratio | 96.34% | 95.07% | 93.80% | 92.53% | 91.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 396.69 | 397.52 | 398.28 | 398.97 | 399.59 | 400.13 | 423.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 0.54% | 1.54% | 2.54% |
| Year 1 PV (M) | 367.26 | 370.91 | 374.57 |
| Year 2 PV (M) | 339.95 | 346.75 | 353.61 |
| Year 3 PV (M) | 314.62 | 324.10 | 333.77 |
| Year 4 PV (M) | 291.12 | 302.87 | 314.98 |
| Year 5 PV (M) | 269.32 | 282.98 | 297.19 |
| PV of Terminal Value (M) | 6,830.93 | 7,177.45 | 7,537.89 |
| Equity Value (M) | 8,413.20 | 8,805.07 | 9,212.01 |
| Shares Outstanding (M) | 99.86 | 99.86 | 99.86 |
| Fair Value | $84.25 | $88.18 | $92.25 |
| Upside / Downside | 18.00% | 23.49% | 29.20% |
| 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% |