Definitive Analysis
| Stable Growth | $95.29 - $133.02 | $114.12 |
| Multi-Stage | $142.84 - $157.25 | $149.90 |
| Blended Fair Value | $132.01 | |
| Current Price | $238.43 | |
| Upside | -44.63% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -53.63% | 0.00% | 0.04 | 0.04 | 0.05 | 0.05 | 0.50 | 1.95 | 1.92 | 1.34 | 0.00 | 0.00 |
| YoY Growth | - | - | -6.67% | -6.25% | -5.88% | -89.88% | -74.27% | 1.40% | 43.43% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.02% | 0.03% | 0.03% | 0.04% | 0.34% | 3.30% | 1.73% | 0.71% | 0.00% | 0.00% |
| Net Income To Common (M) | 531.20 |
| (-) Cash Dividends Paid (M) | 1.20 |
| (=) Cash Retained (M) | 530.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 106.24 | 66.40 | 39.84 |
| Cash Retained (M) | 530.00 | 530.00 | 530.00 |
| (-) Cash Required (M) | -106.24 | -66.40 | -39.84 |
| (=) Excess Retained (M) | 423.76 | 463.60 | 490.16 |
| (/) Shares Outstanding (M) | 33.48 | 33.48 | 33.48 |
| (=) Excess Retained per Share | 12.66 | 13.85 | 14.64 |
| LTM Dividend per Share | 0.04 | 0.04 | 0.04 |
| (+) Excess Retained per Share | 12.66 | 13.85 | 14.64 |
| (=) Adjusted Dividend | 12.69 | 13.88 | 14.68 |
| WACC / Discount Rate | 10.01% | 10.01% | 10.01% |
| Growth Rate | -2.92% | -1.92% | -0.92% |
| Fair Value | $95.29 | $114.12 | $133.02 |
| Upside / Downside | -60.03% | -52.14% | -44.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 531.20 | 521.00 | 510.99 | 501.18 | 491.55 | 482.11 | 496.58 |
| Payout Ratio | 0.23% | 18.18% | 36.14% | 54.09% | 72.05% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.20 | 94.72 | 184.65 | 271.09 | 354.14 | 433.90 | 459.33 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.01% | 10.01% | 10.01% |
| Growth Rate | -2.92% | -1.92% | -0.92% |
| Year 1 PV (M) | 85.22 | 86.10 | 86.98 |
| Year 2 PV (M) | 149.47 | 152.57 | 155.70 |
| Year 3 PV (M) | 197.44 | 203.60 | 209.89 |
| Year 4 PV (M) | 232.06 | 241.77 | 251.78 |
| Year 5 PV (M) | 255.81 | 269.26 | 283.27 |
| PV of Terminal Value (M) | 3,861.71 | 4,064.74 | 4,276.22 |
| Equity Value (M) | 4,781.72 | 5,018.05 | 5,263.85 |
| Shares Outstanding (M) | 33.48 | 33.48 | 33.48 |
| Fair Value | $142.84 | $149.90 | $157.25 |
| Upside / Downside | -40.09% | -37.13% | -34.05% |
| 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% |