Definitive Analysis
| Stable Growth | $51.84 - $81.84 | $65.56 |
| Multi-Stage | $68.17 - $74.64 | $71.34 |
| Blended Fair Value | $68.45 | |
| Current Price | $91.24 | |
| Upside | -24.97% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.46% | 8.33% | 2.01 | 1.90 | 1.78 | 1.67 | 1.59 | 1.47 | 1.32 | 1.20 | 1.09 | 0.98 |
| YoY Growth | - | - | 5.86% | 6.27% | 7.19% | 4.85% | 8.17% | 11.14% | 9.92% | 10.53% | 11.16% | 8.45% |
| Dividend Yield | - | - | 2.20% | 2.23% | 2.03% | 1.83% | 2.12% | 2.07% | 1.83% | 2.05% | 1.64% | 1.68% |
| Net Income To Common (M) | 565.49 |
| (-) Cash Dividends Paid (M) | 224.39 |
| (=) Cash Retained (M) | 341.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 113.10 | 70.69 | 42.41 |
| Cash Retained (M) | 341.10 | 341.10 | 341.10 |
| (-) Cash Required (M) | -113.10 | -70.69 | -42.41 |
| (=) Excess Retained (M) | 228.00 | 270.41 | 298.69 |
| (/) Shares Outstanding (M) | 111.75 | 111.75 | 111.75 |
| (=) Excess Retained per Share | 2.04 | 2.42 | 2.67 |
| LTM Dividend per Share | 2.01 | 2.01 | 2.01 |
| (+) Excess Retained per Share | 2.04 | 2.42 | 2.67 |
| (=) Adjusted Dividend | 4.05 | 4.43 | 4.68 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.20% | 2.20% | 3.20% |
| Fair Value | $51.84 | $65.56 | $81.84 |
| Upside / Downside | -43.18% | -28.14% | -10.30% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 565.49 | 577.91 | 590.60 | 603.57 | 616.82 | 630.37 | 649.28 |
| Payout Ratio | 39.68% | 49.75% | 59.81% | 69.87% | 79.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 224.39 | 287.48 | 353.23 | 421.73 | 493.07 | 567.33 | 600.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.20% | 2.20% | 3.20% |
| Year 1 PV (M) | 260.93 | 263.51 | 266.09 |
| Year 2 PV (M) | 290.99 | 296.77 | 302.61 |
| Year 3 PV (M) | 315.33 | 324.78 | 334.40 |
| Year 4 PV (M) | 334.62 | 348.05 | 361.87 |
| Year 5 PV (M) | 349.46 | 367.07 | 385.39 |
| PV of Terminal Value (M) | 6,066.66 | 6,372.40 | 6,690.33 |
| Equity Value (M) | 7,618.01 | 7,972.57 | 8,340.69 |
| Shares Outstanding (M) | 111.75 | 111.75 | 111.75 |
| Fair Value | $68.17 | $71.34 | $74.64 |
| Upside / Downside | -25.28% | -21.81% | -18.20% |
| 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% |