Definitive Analysis
| Stable Growth | $159.75 - $363.05 | $232.33 |
| Multi-Stage | $125.98 - $137.57 | $131.67 |
| Blended Fair Value | $182.00 | |
| Current Price | $159.28 | |
| Upside | 14.26% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.61% | 25.75% | 2.50 | 2.42 | 2.12 | 1.77 | 1.65 | 1.38 | 1.05 | 0.80 | 0.59 | 0.40 |
| YoY Growth | - | - | 3.30% | 13.77% | 20.36% | 6.92% | 19.74% | 31.56% | 30.40% | 35.83% | 48.77% | 57.44% |
| Dividend Yield | - | - | 1.56% | 0.96% | 1.09% | 0.99% | 1.00% | 1.48% | 1.06% | 1.14% | 1.03% | 0.96% |
| Net Income To Common (M) | 1,051.30 |
| (-) Cash Dividends Paid (M) | 413.30 |
| (=) Cash Retained (M) | 638.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 210.26 | 131.41 | 78.85 |
| Cash Retained (M) | 638.00 | 638.00 | 638.00 |
| (-) Cash Required (M) | -210.26 | -131.41 | -78.85 |
| (=) Excess Retained (M) | 427.74 | 506.59 | 559.15 |
| (/) Shares Outstanding (M) | 133.03 | 133.03 | 133.03 |
| (=) Excess Retained per Share | 3.22 | 3.81 | 4.20 |
| LTM Dividend per Share | 3.11 | 3.11 | 3.11 |
| (+) Excess Retained per Share | 3.22 | 3.81 | 4.20 |
| (=) Adjusted Dividend | 6.32 | 6.92 | 7.31 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.94% | 5.94% | 6.94% |
| Fair Value | $159.75 | $232.33 | $363.05 |
| Upside / Downside | 0.29% | 45.86% | 127.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,051.30 | 1,113.80 | 1,180.01 | 1,250.15 | 1,324.47 | 1,403.20 | 1,445.30 |
| Payout Ratio | 39.31% | 49.45% | 59.59% | 69.73% | 79.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 413.30 | 550.78 | 703.14 | 871.67 | 1,057.76 | 1,262.88 | 1,336.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.94% | 5.94% | 6.94% |
| Year 1 PV (M) | 500.08 | 504.85 | 509.61 |
| Year 2 PV (M) | 579.66 | 590.76 | 601.96 |
| Year 3 PV (M) | 652.45 | 671.28 | 690.47 |
| Year 4 PV (M) | 718.86 | 746.65 | 775.24 |
| Year 5 PV (M) | 779.27 | 817.11 | 856.41 |
| PV of Terminal Value (M) | 13,528.04 | 14,184.97 | 14,867.18 |
| Equity Value (M) | 16,758.35 | 17,515.61 | 18,300.87 |
| Shares Outstanding (M) | 133.03 | 133.03 | 133.03 |
| Fair Value | $125.98 | $131.67 | $137.57 |
| Upside / Downside | -20.91% | -17.33% | -13.63% |
| 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% |