Definitive Analysis
| Stable Growth | $275.48 - $746.50 | $423.99 |
| Multi-Stage | $186.00 - $203.52 | $194.60 |
| Blended Fair Value | $309.29 | |
| Current Price | $211.11 | |
| Upside | 46.51% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.15% | -0.13% | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| YoY Growth | - | - | 0.19% | -0.07% | -0.19% | -0.82% | 0.16% | 0.25% | 0.29% | 0.25% | 0.11% | -1.45% |
| Dividend Yield | - | - | 0.15% | 0.24% | 0.27% | 0.36% | 0.36% | 0.31% | 0.35% | 0.49% | 0.53% | 0.56% |
| Net Income To Common (M) | 299.22 |
| (-) Cash Dividends Paid (M) | 8.26 |
| (=) Cash Retained (M) | 290.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 59.84 | 37.40 | 22.44 |
| Cash Retained (M) | 290.96 | 290.96 | 290.96 |
| (-) Cash Required (M) | -59.84 | -37.40 | -22.44 |
| (=) Excess Retained (M) | 231.12 | 253.56 | 268.52 |
| (/) Shares Outstanding (M) | 25.88 | 25.88 | 25.88 |
| (=) Excess Retained per Share | 8.93 | 9.80 | 10.38 |
| LTM Dividend per Share | 0.32 | 0.32 | 0.32 |
| (+) Excess Retained per Share | 8.93 | 9.80 | 10.38 |
| (=) Adjusted Dividend | 9.25 | 10.12 | 10.70 |
| WACC / Discount Rate | 8.92% | 8.92% | 8.92% |
| Growth Rate | 5.38% | 6.38% | 7.38% |
| Fair Value | $275.48 | $423.99 | $746.50 |
| Upside / Downside | 30.49% | 100.84% | 253.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 299.22 | 318.32 | 338.64 | 360.26 | 383.25 | 407.72 | 419.95 |
| Payout Ratio | 2.76% | 20.21% | 37.66% | 55.10% | 72.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 8.26 | 64.33 | 127.52 | 198.52 | 278.06 | 366.94 | 388.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.92% | 8.92% | 8.92% |
| Growth Rate | 5.38% | 6.38% | 7.38% |
| Year 1 PV (M) | 58.51 | 59.06 | 59.62 |
| Year 2 PV (M) | 105.48 | 107.49 | 109.52 |
| Year 3 PV (M) | 149.33 | 153.62 | 158.00 |
| Year 4 PV (M) | 190.23 | 197.55 | 205.08 |
| Year 5 PV (M) | 228.31 | 239.35 | 250.81 |
| PV of Terminal Value (M) | 4,081.49 | 4,278.85 | 4,483.77 |
| Equity Value (M) | 4,813.34 | 5,035.92 | 5,266.79 |
| Shares Outstanding (M) | 25.88 | 25.88 | 25.88 |
| Fair Value | $186.00 | $194.60 | $203.52 |
| Upside / Downside | -11.90% | -7.82% | -3.60% |
| 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% |