Definitive Analysis
| Stable Growth | $126.28 - $185.31 | $154.69 |
| Multi-Stage | $189.63 - $208.37 | $198.82 |
| Blended Fair Value | $176.75 | |
| Current Price | $166.83 | |
| Upside | 5.95% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.07% | 0.91% | 2.05 | 2.06 | 2.08 | 2.08 | 2.06 | 2.04 | 2.05 | 2.06 | 1.94 | 1.87 |
| YoY Growth | - | - | -0.42% | -1.13% | 0.23% | 0.91% | 0.75% | -0.48% | -0.14% | 5.82% | 4.02% | -0.20% |
| Dividend Yield | - | - | 1.17% | 1.17% | 1.37% | 1.32% | 1.50% | 2.43% | 2.14% | 2.59% | 3.00% | 3.60% |
| Net Income To Common (M) | 2,247.86 |
| (-) Cash Dividends Paid (M) | 283.93 |
| (=) Cash Retained (M) | 1,963.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 449.57 | 280.98 | 168.59 |
| Cash Retained (M) | 1,963.93 | 1,963.93 | 1,963.93 |
| (-) Cash Required (M) | -449.57 | -280.98 | -168.59 |
| (=) Excess Retained (M) | 1,514.36 | 1,682.95 | 1,795.34 |
| (/) Shares Outstanding (M) | 138.14 | 138.14 | 138.14 |
| (=) Excess Retained per Share | 10.96 | 12.18 | 13.00 |
| LTM Dividend per Share | 2.06 | 2.06 | 2.06 |
| (+) Excess Retained per Share | 10.96 | 12.18 | 13.00 |
| (=) Adjusted Dividend | 13.02 | 14.24 | 15.05 |
| WACC / Discount Rate | 9.11% | 9.11% | 9.11% |
| Growth Rate | -1.09% | -0.09% | 0.91% |
| Fair Value | $126.28 | $154.69 | $185.31 |
| Upside / Downside | -24.31% | -7.28% | 11.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,247.86 | 2,245.94 | 2,244.01 | 2,242.09 | 2,240.17 | 2,238.25 | 2,305.40 |
| Payout Ratio | 12.63% | 28.10% | 43.58% | 59.05% | 74.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 283.93 | 631.22 | 977.91 | 1,324.01 | 1,669.51 | 2,014.42 | 2,132.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.11% | 9.11% | 9.11% |
| Growth Rate | -1.09% | -0.09% | 0.91% |
| Year 1 PV (M) | 572.72 | 578.51 | 584.30 |
| Year 2 PV (M) | 805.05 | 821.41 | 837.94 |
| Year 3 PV (M) | 988.96 | 1,019.26 | 1,050.17 |
| Year 4 PV (M) | 1,131.47 | 1,177.92 | 1,225.79 |
| Year 5 PV (M) | 1,238.70 | 1,302.59 | 1,369.09 |
| PV of Terminal Value (M) | 21,458.03 | 22,564.86 | 23,716.90 |
| Equity Value (M) | 26,194.93 | 27,464.56 | 28,784.20 |
| Shares Outstanding (M) | 138.14 | 138.14 | 138.14 |
| Fair Value | $189.63 | $198.82 | $208.37 |
| Upside / Downside | 13.66% | 19.17% | 24.90% |
| 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% |