Definitive Analysis
| Stable Growth | $70.83 - $138.43 | $97.59 |
| Multi-Stage | $65.28 - $71.35 | $68.26 |
| Blended Fair Value | $82.93 | |
| Current Price | $41.69 | |
| Upside | 98.91% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 1.92 | 1.84 | 2.23 | 3.25 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 4.43% | -17.42% | -31.31% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.61% | 5.49% | 10.29% | 79.76% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 894.00 |
| (-) Cash Dividends Paid (M) | 304.00 |
| (=) Cash Retained (M) | 590.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 178.80 | 111.75 | 67.05 |
| Cash Retained (M) | 590.00 | 590.00 | 590.00 |
| (-) Cash Required (M) | -178.80 | -111.75 | -67.05 |
| (=) Excess Retained (M) | 411.20 | 478.25 | 522.95 |
| (/) Shares Outstanding (M) | 208.55 | 208.55 | 208.55 |
| (=) Excess Retained per Share | 1.97 | 2.29 | 2.51 |
| LTM Dividend per Share | 1.46 | 1.46 | 1.46 |
| (+) Excess Retained per Share | 1.97 | 2.29 | 2.51 |
| (=) Adjusted Dividend | 3.43 | 3.75 | 3.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.06% | 5.06% | 6.06% |
| Fair Value | $70.83 | $97.59 | $138.43 |
| Upside / Downside | 69.91% | 134.09% | 232.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 894.00 | 939.24 | 986.76 | 1,036.69 | 1,089.15 | 1,144.26 | 1,178.59 |
| Payout Ratio | 34.00% | 45.20% | 56.40% | 67.60% | 78.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 304.00 | 424.57 | 556.56 | 700.82 | 858.26 | 1,029.83 | 1,090.19 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.06% | 5.06% | 6.06% |
| Year 1 PV (M) | 385.46 | 389.16 | 392.87 |
| Year 2 PV (M) | 458.75 | 467.60 | 476.55 |
| Year 3 PV (M) | 524.44 | 539.71 | 555.26 |
| Year 4 PV (M) | 583.09 | 605.83 | 629.23 |
| Year 5 PV (M) | 635.21 | 666.32 | 698.64 |
| PV of Terminal Value (M) | 11,027.17 | 11,567.30 | 12,128.39 |
| Equity Value (M) | 13,614.12 | 14,235.93 | 14,880.94 |
| Shares Outstanding (M) | 208.55 | 208.55 | 208.55 |
| Fair Value | $65.28 | $68.26 | $71.35 |
| Upside / Downside | 56.58% | 63.74% | 71.15% |
| 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% |