Definitive Analysis
| Stable Growth | $264.11 - $581.28 | $379.87 |
| Multi-Stage | $187.72 - $205.20 | $196.30 |
| Blended Fair Value | $288.08 | |
| Current Price | $233.04 | |
| Upside | 23.62% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.49% | 5.33% | 1.02 | 1.06 | 1.13 | 0.93 | 0.13 | 0.52 | 0.57 | 0.59 | 0.58 | 0.60 |
| YoY Growth | - | - | -4.46% | -5.86% | 21.86% | 639.13% | -75.71% | -9.43% | -2.63% | 0.50% | -3.39% | -0.26% |
| Dividend Yield | - | - | 0.50% | 0.50% | 0.61% | 0.84% | 0.09% | 0.74% | 0.65% | 0.56% | 0.63% | 0.78% |
| Net Income To Common (M) | 446.80 |
| (-) Cash Dividends Paid (M) | 33.35 |
| (=) Cash Retained (M) | 413.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 89.36 | 55.85 | 33.51 |
| Cash Retained (M) | 413.45 | 413.45 | 413.45 |
| (-) Cash Required (M) | -89.36 | -55.85 | -33.51 |
| (=) Excess Retained (M) | 324.09 | 357.60 | 379.94 |
| (/) Shares Outstanding (M) | 33.18 | 33.18 | 33.18 |
| (=) Excess Retained per Share | 9.77 | 10.78 | 11.45 |
| LTM Dividend per Share | 1.01 | 1.01 | 1.01 |
| (+) Excess Retained per Share | 9.77 | 10.78 | 11.45 |
| (=) Adjusted Dividend | 10.77 | 11.78 | 12.46 |
| WACC / Discount Rate | 9.80% | 9.80% | 9.80% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $264.11 | $379.87 | $581.28 |
| Upside / Downside | 13.33% | 63.00% | 149.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 446.80 | 475.84 | 506.77 | 539.71 | 574.79 | 612.15 | 630.52 |
| Payout Ratio | 7.46% | 23.97% | 40.48% | 56.99% | 73.49% | 90.00% | 92.50% |
| Projected Dividends (M) | 33.35 | 114.07 | 205.13 | 307.56 | 422.43 | 550.94 | 583.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.80% | 9.80% | 9.80% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 102.91 | 103.88 | 104.86 |
| Year 2 PV (M) | 166.96 | 170.14 | 173.35 |
| Year 3 PV (M) | 225.83 | 232.31 | 238.92 |
| Year 4 PV (M) | 279.83 | 290.59 | 301.66 |
| Year 5 PV (M) | 329.25 | 345.16 | 361.67 |
| PV of Terminal Value (M) | 5,122.83 | 5,370.26 | 5,627.17 |
| Equity Value (M) | 6,227.61 | 6,512.35 | 6,807.63 |
| Shares Outstanding (M) | 33.18 | 33.18 | 33.18 |
| Fair Value | $187.72 | $196.30 | $205.20 |
| Upside / Downside | -19.45% | -15.77% | -11.95% |
| 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% |