Definitive Analysis
| Stable Growth | $32.09 - $46.18 | $38.97 |
| Multi-Stage | $51.23 - $56.31 | $53.72 |
| Blended Fair Value | $46.34 | |
| Current Price | $59.70 | |
| Upside | -22.38% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.76 | 0.71 | 0.58 | 0.48 | 0.16 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 8.06% | 21.81% | 22.06% | 202.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.21% | 1.23% | 1.27% | 1.04% | 0.37% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,982.00 |
| (-) Cash Dividends Paid (M) | 739.00 |
| (=) Cash Retained (M) | 3,243.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 796.40 | 497.75 | 298.65 |
| Cash Retained (M) | 3,243.00 | 3,243.00 | 3,243.00 |
| (-) Cash Required (M) | -796.40 | -497.75 | -298.65 |
| (=) Excess Retained (M) | 2,446.60 | 2,745.25 | 2,944.35 |
| (/) Shares Outstanding (M) | 876.65 | 876.65 | 876.65 |
| (=) Excess Retained per Share | 2.79 | 3.13 | 3.36 |
| LTM Dividend per Share | 0.84 | 0.84 | 0.84 |
| (+) Excess Retained per Share | 2.79 | 3.13 | 3.36 |
| (=) Adjusted Dividend | 3.63 | 3.97 | 4.20 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $32.09 | $38.97 | $46.18 |
| Upside / Downside | -46.25% | -34.73% | -22.64% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,982.00 | 3,942.18 | 3,902.76 | 3,863.73 | 3,825.09 | 3,786.84 | 3,900.45 |
| Payout Ratio | 18.56% | 32.85% | 47.14% | 61.42% | 75.71% | 90.00% | 92.50% |
| Projected Dividends (M) | 739.00 | 1,294.88 | 1,839.57 | 2,373.23 | 2,896.04 | 3,408.16 | 3,607.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 1,174.91 | 1,186.90 | 1,198.89 |
| Year 2 PV (M) | 1,514.48 | 1,545.55 | 1,576.93 |
| Year 3 PV (M) | 1,772.81 | 1,827.64 | 1,883.58 |
| Year 4 PV (M) | 1,962.91 | 2,044.27 | 2,128.12 |
| Year 5 PV (M) | 2,095.99 | 2,205.14 | 2,318.78 |
| PV of Terminal Value (M) | 36,386.41 | 38,281.14 | 40,253.98 |
| Equity Value (M) | 44,907.52 | 47,090.63 | 49,360.29 |
| Shares Outstanding (M) | 876.65 | 876.65 | 876.65 |
| Fair Value | $51.23 | $53.72 | $56.31 |
| Upside / Downside | -14.19% | -10.02% | -5.69% |
| 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% |