Definitive Analysis
| Stable Growth | $67.16 - $122.68 | $90.16 |
| Multi-Stage | $65.70 - $71.89 | $68.74 |
| Blended Fair Value | $79.45 | |
| Current Price | $146.36 | |
| Upside | -45.72% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.90% | 7.81% | 0.99 | 0.96 | 0.93 | 0.88 | 0.83 | 0.78 | 0.72 | 0.67 | 0.60 | 0.53 |
| YoY Growth | - | - | 2.92% | 3.40% | 6.00% | 5.93% | 6.31% | 7.77% | 7.85% | 12.35% | 13.33% | 12.78% |
| Dividend Yield | - | - | 0.68% | 0.63% | 0.71% | 0.58% | 0.59% | 0.64% | 0.87% | 0.88% | 0.81% | 1.07% |
| Net Income To Common (M) | 1,303.00 |
| (-) Cash Dividends Paid (M) | 282.00 |
| (=) Cash Retained (M) | 1,021.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 260.60 | 162.88 | 97.73 |
| Cash Retained (M) | 1,021.00 | 1,021.00 | 1,021.00 |
| (-) Cash Required (M) | -260.60 | -162.88 | -97.73 |
| (=) Excess Retained (M) | 760.40 | 858.13 | 923.28 |
| (/) Shares Outstanding (M) | 285.25 | 285.25 | 285.25 |
| (=) Excess Retained per Share | 2.67 | 3.01 | 3.24 |
| LTM Dividend per Share | 0.99 | 0.99 | 0.99 |
| (+) Excess Retained per Share | 2.67 | 3.01 | 3.24 |
| (=) Adjusted Dividend | 3.65 | 4.00 | 4.23 |
| WACC / Discount Rate | 9.21% | 9.21% | 9.21% |
| Growth Rate | 3.58% | 4.58% | 5.58% |
| Fair Value | $67.16 | $90.16 | $122.68 |
| Upside / Downside | -54.12% | -38.40% | -16.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,303.00 | 1,362.64 | 1,425.01 | 1,490.23 | 1,558.44 | 1,629.77 | 1,678.66 |
| Payout Ratio | 21.64% | 35.31% | 48.99% | 62.66% | 76.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 282.00 | 481.20 | 698.05 | 933.73 | 1,189.53 | 1,466.79 | 1,552.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.21% | 9.21% | 9.21% |
| Growth Rate | 3.58% | 4.58% | 5.58% |
| Year 1 PV (M) | 436.39 | 440.61 | 444.82 |
| Year 2 PV (M) | 574.10 | 585.24 | 596.49 |
| Year 3 PV (M) | 696.43 | 716.80 | 737.56 |
| Year 4 PV (M) | 804.61 | 836.13 | 868.58 |
| Year 5 PV (M) | 899.76 | 944.05 | 990.05 |
| PV of Terminal Value (M) | 15,330.33 | 16,084.81 | 16,868.70 |
| Equity Value (M) | 18,741.63 | 19,607.63 | 20,506.19 |
| Shares Outstanding (M) | 285.25 | 285.25 | 285.25 |
| Fair Value | $65.70 | $68.74 | $71.89 |
| Upside / Downside | -55.11% | -53.03% | -50.88% |
| 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% |