Definitive Analysis
| Stable Growth | $110.95 - $219.07 | $153.46 |
| Multi-Stage | $164.95 - $180.68 | $172.67 |
| Blended Fair Value | $163.06 | |
| Current Price | $110.50 | |
| Upside | 47.57% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.89% | 0.00% | 4.28 | 6.48 | 3.99 | 2.99 | 2.59 | 4.96 | 5.33 | 3.04 | 1.34 | 2.69 |
| YoY Growth | - | - | -33.85% | 62.50% | 33.33% | 15.38% | -47.79% | -6.92% | 75.18% | 126.67% | -50.00% | 0.00% |
| Dividend Yield | - | - | 3.95% | 7.18% | 4.23% | 3.54% | 3.51% | 9.64% | 5.28% | 2.38% | 0.99% | 4.83% |
| Net Income To Common (M) | 756.00 |
| (-) Cash Dividends Paid (M) | 667.63 |
| (=) Cash Retained (M) | 88.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 151.20 | 94.50 | 56.70 |
| Cash Retained (M) | 88.38 | 88.38 | 88.38 |
| (-) Cash Required (M) | -151.20 | -94.50 | -56.70 |
| (=) Excess Retained (M) | -62.82 | -6.12 | 31.68 |
| (/) Shares Outstanding (M) | 111.67 | 111.67 | 111.67 |
| (=) Excess Retained per Share | -0.56 | -0.05 | 0.28 |
| LTM Dividend per Share | 5.98 | 5.98 | 5.98 |
| (+) Excess Retained per Share | -0.56 | -0.05 | 0.28 |
| (=) Adjusted Dividend | 5.42 | 5.92 | 6.26 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Fair Value | $110.95 | $153.46 | $219.07 |
| Upside / Downside | 0.41% | 38.88% | 98.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 756.00 | 776.42 | 797.38 | 818.91 | 841.03 | 863.74 | 889.65 |
| Payout Ratio | 88.31% | 88.65% | 88.99% | 89.32% | 89.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 667.63 | 688.28 | 709.56 | 731.49 | 754.08 | 777.36 | 822.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 1.70% | 2.70% | 3.70% |
| Year 1 PV (M) | 638.99 | 645.27 | 651.56 |
| Year 2 PV (M) | 611.57 | 623.66 | 635.86 |
| Year 3 PV (M) | 585.32 | 602.76 | 620.54 |
| Year 4 PV (M) | 560.19 | 582.56 | 605.58 |
| Year 5 PV (M) | 536.14 | 563.02 | 590.97 |
| PV of Terminal Value (M) | 15,487.49 | 16,264.04 | 17,071.44 |
| Equity Value (M) | 18,419.71 | 19,281.31 | 20,175.94 |
| Shares Outstanding (M) | 111.67 | 111.67 | 111.67 |
| Fair Value | $164.95 | $172.67 | $180.68 |
| Upside / Downside | 49.28% | 56.26% | 63.51% |
| 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% |