Definitive Analysis
| Stable Growth | $46.66 - $99.28 | $66.32 |
| Multi-Stage | $62.01 - $67.94 | $64.92 |
| Blended Fair Value | $65.62 | |
| Current Price | $28.94 | |
| Upside | 126.75% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 33.13% | 6.54% | 0.90 | 0.87 | 0.62 | 0.41 | 0.07 | 0.21 | 0.61 | 0.65 | 0.56 | 0.55 |
| YoY Growth | - | - | 2.67% | 41.08% | 50.94% | 485.22% | -67.32% | -64.96% | -5.99% | 15.80% | 2.16% | 15.60% |
| Dividend Yield | - | - | 3.05% | 3.81% | 2.51% | 1.40% | 0.32% | 0.92% | 3.43% | 2.85% | 3.05% | 2.99% |
| Net Income To Common (M) | 1,162.90 |
| (-) Cash Dividends Paid (M) | 797.50 |
| (=) Cash Retained (M) | 365.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 232.58 | 145.36 | 87.22 |
| Cash Retained (M) | 365.40 | 365.40 | 365.40 |
| (-) Cash Required (M) | -232.58 | -145.36 | -87.22 |
| (=) Excess Retained (M) | 132.82 | 220.04 | 278.18 |
| (/) Shares Outstanding (M) | 454.51 | 454.51 | 454.51 |
| (=) Excess Retained per Share | 0.29 | 0.48 | 0.61 |
| LTM Dividend per Share | 1.75 | 1.75 | 1.75 |
| (+) Excess Retained per Share | 0.29 | 0.48 | 0.61 |
| (=) Adjusted Dividend | 2.05 | 2.24 | 2.37 |
| WACC / Discount Rate | 6.72% | 6.72% | 6.72% |
| Growth Rate | 2.23% | 3.23% | 4.23% |
| Fair Value | $46.66 | $66.32 | $99.28 |
| Upside / Downside | 61.23% | 129.17% | 243.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,162.90 | 1,200.52 | 1,239.35 | 1,279.44 | 1,320.83 | 1,363.56 | 1,404.46 |
| Payout Ratio | 68.58% | 72.86% | 77.15% | 81.43% | 85.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 797.50 | 874.73 | 956.12 | 1,041.87 | 1,132.16 | 1,227.20 | 1,299.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.72% | 6.72% | 6.72% |
| Growth Rate | 2.23% | 3.23% | 4.23% |
| Year 1 PV (M) | 811.71 | 819.65 | 827.59 |
| Year 2 PV (M) | 823.32 | 839.51 | 855.85 |
| Year 3 PV (M) | 832.53 | 857.20 | 882.35 |
| Year 4 PV (M) | 839.50 | 872.83 | 907.14 |
| Year 5 PV (M) | 844.42 | 886.53 | 930.31 |
| PV of Terminal Value (M) | 24,032.00 | 25,230.55 | 26,476.46 |
| Equity Value (M) | 28,183.48 | 29,506.27 | 30,879.70 |
| Shares Outstanding (M) | 454.51 | 454.51 | 454.51 |
| Fair Value | $62.01 | $64.92 | $67.94 |
| Upside / Downside | 114.27% | 124.32% | 134.76% |
| 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% |