Definitive Analysis
| Stable Growth | $83.48 - $147.07 | $110.47 |
| Multi-Stage | $87.99 - $96.31 | $92.07 |
| Blended Fair Value | $101.27 | |
| Current Price | $122.59 | |
| Upside | -17.39% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.66% | 5.06% | 1.48 | 1.46 | 1.55 | 1.42 | 1.27 | 1.23 | 1.13 | 1.09 | 1.05 | 0.98 |
| YoY Growth | - | - | 1.02% | -5.51% | 9.21% | 11.91% | 2.57% | 8.74% | 4.22% | 3.70% | 6.97% | 8.86% |
| Dividend Yield | - | - | 1.23% | 1.23% | 1.40% | 1.37% | 1.18% | 1.85% | 1.46% | 1.72% | 1.86% | 2.01% |
| Net Income To Common (M) | 845.50 |
| (-) Cash Dividends Paid (M) | 205.59 |
| (=) Cash Retained (M) | 639.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 169.10 | 105.69 | 63.41 |
| Cash Retained (M) | 639.92 | 639.92 | 639.92 |
| (-) Cash Required (M) | -169.10 | -105.69 | -63.41 |
| (=) Excess Retained (M) | 470.81 | 534.23 | 576.50 |
| (/) Shares Outstanding (M) | 138.19 | 138.19 | 138.19 |
| (=) Excess Retained per Share | 3.41 | 3.87 | 4.17 |
| LTM Dividend per Share | 1.49 | 1.49 | 1.49 |
| (+) Excess Retained per Share | 3.41 | 3.87 | 4.17 |
| (=) Adjusted Dividend | 4.89 | 5.35 | 5.66 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.06% | 4.06% | 5.06% |
| Fair Value | $83.48 | $110.47 | $147.07 |
| Upside / Downside | -31.90% | -9.89% | 19.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 845.50 | 879.79 | 915.47 | 952.59 | 991.22 | 1,031.42 | 1,062.36 |
| Payout Ratio | 24.32% | 37.45% | 50.59% | 63.73% | 76.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 205.59 | 329.50 | 463.13 | 607.05 | 761.89 | 928.28 | 982.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.06% | 4.06% | 5.06% |
| Year 1 PV (M) | 299.12 | 302.02 | 304.93 |
| Year 2 PV (M) | 381.66 | 389.11 | 396.62 |
| Year 3 PV (M) | 454.14 | 467.49 | 481.10 |
| Year 4 PV (M) | 517.42 | 537.80 | 558.78 |
| Year 5 PV (M) | 572.30 | 600.61 | 630.03 |
| PV of Terminal Value (M) | 9,935.14 | 10,426.61 | 10,937.35 |
| Equity Value (M) | 12,159.79 | 12,723.65 | 13,308.81 |
| Shares Outstanding (M) | 138.19 | 138.19 | 138.19 |
| Fair Value | $87.99 | $92.07 | $96.31 |
| Upside / Downside | -28.22% | -24.89% | -21.44% |
| 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% |