Definitive Analysis
| Stable Growth | $33.68 - $49.09 | $41.13 |
| Multi-Stage | $80.41 - $88.48 | $84.37 |
| Blended Fair Value | $62.75 | |
| Current Price | $69.76 | |
| Upside | -10.05% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -10.72% | 1.15% | 2.04 | 2.02 | 2.36 | 2.27 | 2.35 | 3.59 | 2.23 | 2.07 | 2.01 | 1.94 |
| YoY Growth | - | - | 1.15% | -14.59% | 3.79% | -3.12% | -34.70% | 60.97% | 8.01% | 3.03% | 3.51% | 6.58% |
| Dividend Yield | - | - | 2.92% | 3.38% | 3.74% | 2.78% | 3.02% | 4.21% | 2.68% | 3.21% | 3.74% | 4.23% |
| Net Income To Common (M) | 889.94 |
| (-) Cash Dividends Paid (M) | 597.70 |
| (=) Cash Retained (M) | 292.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 177.99 | 111.24 | 66.75 |
| Cash Retained (M) | 292.24 | 292.24 | 292.24 |
| (-) Cash Required (M) | -177.99 | -111.24 | -66.75 |
| (=) Excess Retained (M) | 114.25 | 181.00 | 225.50 |
| (/) Shares Outstanding (M) | 193.83 | 193.83 | 193.83 |
| (=) Excess Retained per Share | 0.59 | 0.93 | 1.16 |
| LTM Dividend per Share | 3.08 | 3.08 | 3.08 |
| (+) Excess Retained per Share | 0.59 | 0.93 | 1.16 |
| (=) Adjusted Dividend | 3.67 | 4.02 | 4.25 |
| WACC / Discount Rate | 6.90% | 6.90% | 6.90% |
| Growth Rate | -3.61% | -2.61% | -1.61% |
| Fair Value | $33.68 | $41.13 | $49.09 |
| Upside / Downside | -51.72% | -41.04% | -29.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 889.94 | 866.71 | 844.08 | 822.04 | 800.57 | 779.67 | 803.06 |
| Payout Ratio | 67.16% | 71.73% | 76.30% | 80.86% | 85.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 597.70 | 621.68 | 644.00 | 664.74 | 683.95 | 701.70 | 742.83 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.90% | 6.90% | 6.90% |
| Growth Rate | -3.61% | -2.61% | -1.61% |
| Year 1 PV (M) | 575.57 | 581.55 | 587.52 |
| Year 2 PV (M) | 552.02 | 563.53 | 575.17 |
| Year 3 PV (M) | 527.53 | 544.12 | 561.06 |
| Year 4 PV (M) | 502.52 | 523.70 | 545.55 |
| Year 5 PV (M) | 477.33 | 502.61 | 528.95 |
| PV of Terminal Value (M) | 12,951.14 | 13,637.04 | 14,351.70 |
| Equity Value (M) | 15,586.12 | 16,352.56 | 17,149.94 |
| Shares Outstanding (M) | 193.83 | 193.83 | 193.83 |
| Fair Value | $80.41 | $84.37 | $88.48 |
| Upside / Downside | 15.27% | 20.94% | 26.83% |
| 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% |