Definitive Analysis
| Stable Growth | $41.22 - $62.76 | $51.32 |
| Multi-Stage | $57.59 - $63.16 | $60.32 |
| Blended Fair Value | $55.82 | |
| Current Price | $90.95 | |
| Upside | -38.62% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.42% | 0.00% | 1.11 | 1.10 | 1.02 | 0.97 | 0.93 | 0.99 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.95% | 7.98% | 4.94% | 4.25% | -5.50% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.65% | 2.11% | 2.30% | 1.70% | 1.53% | 3.29% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 2,182.00 |
| (-) Cash Dividends Paid (M) | 528.00 |
| (=) Cash Retained (M) | 1,654.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 436.40 | 272.75 | 163.65 |
| Cash Retained (M) | 1,654.00 | 1,654.00 | 1,654.00 |
| (-) Cash Required (M) | -436.40 | -272.75 | -163.65 |
| (=) Excess Retained (M) | 1,217.60 | 1,381.25 | 1,490.35 |
| (/) Shares Outstanding (M) | 478.25 | 478.25 | 478.25 |
| (=) Excess Retained per Share | 2.55 | 2.89 | 3.12 |
| LTM Dividend per Share | 1.10 | 1.10 | 1.10 |
| (+) Excess Retained per Share | 2.55 | 2.89 | 3.12 |
| (=) Adjusted Dividend | 3.65 | 3.99 | 4.22 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.22% | 1.22% | 2.22% |
| Fair Value | $41.22 | $51.32 | $62.76 |
| Upside / Downside | -54.67% | -43.57% | -30.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,182.00 | 2,208.71 | 2,235.75 | 2,263.12 | 2,290.83 | 2,318.87 | 2,388.44 |
| Payout Ratio | 24.20% | 37.36% | 50.52% | 63.68% | 76.84% | 90.00% | 92.50% |
| Projected Dividends (M) | 528.00 | 825.14 | 1,129.48 | 1,441.14 | 1,760.26 | 2,086.99 | 2,209.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.22% | 1.22% | 2.22% |
| Year 1 PV (M) | 748.86 | 756.33 | 763.80 |
| Year 2 PV (M) | 930.29 | 948.95 | 967.79 |
| Year 3 PV (M) | 1,077.26 | 1,109.83 | 1,143.05 |
| Year 4 PV (M) | 1,194.16 | 1,242.54 | 1,292.37 |
| Year 5 PV (M) | 1,284.92 | 1,350.32 | 1,418.35 |
| PV of Terminal Value (M) | 22,306.22 | 23,441.47 | 24,622.47 |
| Equity Value (M) | 27,541.71 | 28,849.43 | 30,207.83 |
| Shares Outstanding (M) | 478.25 | 478.25 | 478.25 |
| Fair Value | $57.59 | $60.32 | $63.16 |
| Upside / Downside | -36.68% | -33.67% | -30.55% |
| 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% |