Definitive Analysis
| Stable Growth | $175.75 - $466.22 | $268.74 |
| Multi-Stage | $123.37 - $134.62 | $128.89 |
| Blended Fair Value | $198.82 | |
| Current Price | $170.75 | |
| Upside | 16.44% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.41% | 13.22% | 3.46 | 3.08 | 2.69 | 2.35 | 2.02 | 1.77 | 1.54 | 1.34 | 1.20 | 1.09 |
| YoY Growth | - | - | 12.34% | 14.55% | 14.48% | 16.06% | 14.68% | 14.95% | 14.34% | 11.97% | 9.60% | 9.44% |
| Dividend Yield | - | - | 2.03% | 2.21% | 2.32% | 2.10% | 1.93% | 1.85% | 1.37% | 1.45% | 1.40% | 1.48% |
| Net Income To Common (M) | 1,198.75 |
| (-) Cash Dividends Paid (M) | 553.76 |
| (=) Cash Retained (M) | 644.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 239.75 | 149.84 | 89.91 |
| Cash Retained (M) | 644.99 | 644.99 | 644.99 |
| (-) Cash Required (M) | -239.75 | -149.84 | -89.91 |
| (=) Excess Retained (M) | 405.24 | 495.15 | 555.09 |
| (/) Shares Outstanding (M) | 160.00 | 160.00 | 160.00 |
| (=) Excess Retained per Share | 2.53 | 3.09 | 3.47 |
| LTM Dividend per Share | 3.46 | 3.46 | 3.46 |
| (+) Excess Retained per Share | 2.53 | 3.09 | 3.47 |
| (=) Adjusted Dividend | 5.99 | 6.56 | 6.93 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $175.75 | $268.74 | $466.22 |
| Upside / Downside | 2.93% | 57.39% | 173.04% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,198.75 | 1,276.67 | 1,359.66 | 1,448.03 | 1,542.16 | 1,642.40 | 1,691.67 |
| Payout Ratio | 46.19% | 54.96% | 63.72% | 72.48% | 81.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 553.76 | 701.61 | 866.33 | 1,049.50 | 1,252.83 | 1,478.16 | 1,564.79 |
| 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) | 637.06 | 643.10 | 649.14 |
| Year 2 PV (M) | 714.26 | 727.86 | 741.60 |
| Year 3 PV (M) | 785.67 | 808.23 | 831.21 |
| Year 4 PV (M) | 851.60 | 884.35 | 918.04 |
| Year 5 PV (M) | 912.33 | 956.39 | 1,002.15 |
| PV of Terminal Value (M) | 15,837.99 | 16,602.97 | 17,397.23 |
| Equity Value (M) | 19,738.91 | 20,622.90 | 21,539.35 |
| Shares Outstanding (M) | 160.00 | 160.00 | 160.00 |
| Fair Value | $123.37 | $128.89 | $134.62 |
| Upside / Downside | -27.75% | -24.51% | -21.16% |
| 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% |