Definitive Analysis
| Stable Growth | $237.81 - $630.84 | $363.63 |
| Multi-Stage | $169.42 - $184.74 | $176.94 |
| Blended Fair Value | $270.29 | |
| Current Price | $293.50 | |
| Upside | -7.91% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.28% | 9.97% | 5.88 | 5.35 | 4.67 | 4.07 | 3.86 | 3.60 | 3.17 | 2.61 | 2.44 | 2.31 |
| YoY Growth | - | - | 9.89% | 14.68% | 14.74% | 5.30% | 7.14% | 13.73% | 21.56% | 6.88% | 5.47% | 1.72% |
| Dividend Yield | - | - | 2.00% | 1.93% | 1.94% | 1.80% | 1.93% | 2.58% | 1.96% | 1.73% | 2.23% | 2.62% |
| Net Income To Common (M) | 4,136.30 |
| (-) Cash Dividends Paid (M) | 2,453.00 |
| (=) Cash Retained (M) | 1,683.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 827.26 | 517.04 | 310.22 |
| Cash Retained (M) | 1,683.30 | 1,683.30 | 1,683.30 |
| (-) Cash Required (M) | -827.26 | -517.04 | -310.22 |
| (=) Excess Retained (M) | 856.04 | 1,166.26 | 1,373.08 |
| (/) Shares Outstanding (M) | 408.01 | 408.01 | 408.01 |
| (=) Excess Retained per Share | 2.10 | 2.86 | 3.37 |
| LTM Dividend per Share | 6.01 | 6.01 | 6.01 |
| (+) Excess Retained per Share | 2.10 | 2.86 | 3.37 |
| (=) Adjusted Dividend | 8.11 | 8.87 | 9.38 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $237.81 | $363.63 | $630.84 |
| Upside / Downside | -18.98% | 23.90% | 114.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,136.30 | 4,405.16 | 4,691.49 | 4,996.44 | 5,321.21 | 5,667.09 | 5,837.10 |
| Payout Ratio | 59.30% | 65.44% | 71.58% | 77.72% | 83.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,453.00 | 2,882.88 | 3,358.29 | 3,883.32 | 4,462.41 | 5,100.38 | 5,399.32 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,617.66 | 2,642.47 | 2,667.28 |
| Year 2 PV (M) | 2,768.79 | 2,821.53 | 2,874.77 |
| Year 3 PV (M) | 2,907.11 | 2,990.56 | 3,075.60 |
| Year 4 PV (M) | 3,033.29 | 3,149.94 | 3,269.93 |
| Year 5 PV (M) | 3,147.99 | 3,300.04 | 3,457.90 |
| PV of Terminal Value (M) | 54,648.96 | 57,288.53 | 60,029.12 |
| Equity Value (M) | 69,123.80 | 72,193.07 | 75,374.59 |
| Shares Outstanding (M) | 408.01 | 408.01 | 408.01 |
| Fair Value | $169.42 | $176.94 | $184.74 |
| Upside / Downside | -42.28% | -39.71% | -37.06% |
| 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% |