Definitive Analysis
| Stable Growth | $139.74 - $688.24 | $295.85 |
| Multi-Stage | $86.20 - $94.20 | $90.13 |
| Blended Fair Value | $192.99 | |
| Current Price | $27.18 | |
| Upside | 610.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.29% | 6.01% | 1.48 | 1.69 | 1.92 | 1.37 | 1.35 | 1.45 | 1.62 | 1.12 | 1.68 | 0.84 |
| YoY Growth | - | - | -12.43% | -12.34% | 40.68% | 1.22% | -7.19% | -9.94% | 44.78% | -33.62% | 100.93% | 1.62% |
| Dividend Yield | - | - | 5.73% | 7.12% | 9.90% | 6.56% | 7.05% | 11.20% | 10.93% | 6.97% | 11.21% | 4.50% |
| Net Income To Common (M) | 493.32 |
| (-) Cash Dividends Paid (M) | 351.15 |
| (=) Cash Retained (M) | 142.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 98.66 | 61.67 | 37.00 |
| Cash Retained (M) | 142.18 | 142.18 | 142.18 |
| (-) Cash Required (M) | -98.66 | -61.67 | -37.00 |
| (=) Excess Retained (M) | 43.51 | 80.51 | 105.18 |
| (/) Shares Outstanding (M) | 141.94 | 141.94 | 141.94 |
| (=) Excess Retained per Share | 0.31 | 0.57 | 0.74 |
| LTM Dividend per Share | 2.47 | 2.47 | 2.47 |
| (+) Excess Retained per Share | 0.31 | 0.57 | 0.74 |
| (=) Adjusted Dividend | 2.78 | 3.04 | 3.21 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.04% | 6.04% | 7.04% |
| Fair Value | $139.74 | $295.85 | $688.24 |
| Upside / Downside | 414.13% | 988.50% | 2,432.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 493.32 | 523.10 | 554.68 | 588.17 | 623.68 | 661.33 | 681.17 |
| Payout Ratio | 71.18% | 74.94% | 78.71% | 82.47% | 86.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 351.15 | 392.03 | 436.58 | 485.07 | 537.83 | 595.20 | 630.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.04% | 6.04% | 7.04% |
| Year 1 PV (M) | 362.50 | 365.95 | 369.40 |
| Year 2 PV (M) | 373.28 | 380.42 | 387.63 |
| Year 3 PV (M) | 383.50 | 394.56 | 405.83 |
| Year 4 PV (M) | 393.18 | 408.37 | 423.99 |
| Year 5 PV (M) | 402.34 | 421.86 | 442.13 |
| PV of Terminal Value (M) | 10,320.49 | 10,821.21 | 11,341.19 |
| Equity Value (M) | 12,235.29 | 12,792.38 | 13,370.17 |
| Shares Outstanding (M) | 141.94 | 141.94 | 141.94 |
| Fair Value | $86.20 | $90.13 | $94.20 |
| Upside / Downside | 217.15% | 231.59% | 246.57% |
| 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% |