Definitive Analysis
| Stable Growth | $384.83 - $833.63 | $781.23 |
| Multi-Stage | $127.10 - $139.06 | $132.97 |
| Blended Fair Value | $457.10 | |
| Current Price | $41.20 | |
| Upside | 1,009.47% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 31.92% | 12.12% | 0.85 | 0.74 | 1.29 | 0.35 | 0.04 | 0.21 | 0.16 | 0.19 | 0.26 | 0.34 |
| YoY Growth | - | - | 14.73% | -43.03% | 270.22% | 797.83% | -81.61% | 33.09% | -17.22% | -26.49% | -22.95% | 25.91% |
| Dividend Yield | - | - | 1.44% | 1.52% | 3.52% | 0.83% | 0.14% | 1.02% | 1.53% | 1.04% | 2.02% | 1.83% |
| Net Income To Common (M) | 376.74 |
| (-) Cash Dividends Paid (M) | 196.52 |
| (=) Cash Retained (M) | 180.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 75.35 | 47.09 | 28.26 |
| Cash Retained (M) | 180.22 | 180.22 | 180.22 |
| (-) Cash Required (M) | -75.35 | -47.09 | -28.26 |
| (=) Excess Retained (M) | 104.87 | 133.13 | 151.96 |
| (/) Shares Outstanding (M) | 89.88 | 89.88 | 89.88 |
| (=) Excess Retained per Share | 1.17 | 1.48 | 1.69 |
| LTM Dividend per Share | 2.19 | 2.19 | 2.19 |
| (+) Excess Retained per Share | 1.17 | 1.48 | 1.69 |
| (=) Adjusted Dividend | 3.35 | 3.67 | 3.88 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $384.83 | $781.23 | $833.63 |
| Upside / Downside | 834.06% | 1,796.19% | 1,923.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 376.74 | 401.23 | 427.31 | 455.08 | 484.66 | 516.17 | 531.65 |
| Payout Ratio | 52.16% | 59.73% | 67.30% | 74.87% | 82.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 196.52 | 239.66 | 287.57 | 340.70 | 399.52 | 464.55 | 491.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 223.09 | 225.20 | 227.32 |
| Year 2 PV (M) | 249.18 | 253.92 | 258.72 |
| Year 3 PV (M) | 274.80 | 282.69 | 290.73 |
| Year 4 PV (M) | 299.96 | 311.50 | 323.37 |
| Year 5 PV (M) | 324.67 | 340.35 | 356.64 |
| PV of Terminal Value (M) | 10,051.77 | 10,537.28 | 11,041.36 |
| Equity Value (M) | 11,423.48 | 11,950.95 | 12,498.12 |
| Shares Outstanding (M) | 89.88 | 89.88 | 89.88 |
| Fair Value | $127.10 | $132.97 | $139.06 |
| Upside / Downside | 208.50% | 222.74% | 237.52% |
| 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% |