Definitive Analysis
| Stable Growth | $23.60 - $58.56 | $35.33 |
| Multi-Stage | $18.06 - $19.68 | $18.86 |
| Blended Fair Value | $27.09 | |
| Current Price | $49.04 | |
| Upside | -44.75% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.37% | 11.66% | 0.78 | 0.88 | 0.62 | 0.56 | 0.70 | 0.43 | 0.38 | 0.32 | 0.30 | 0.28 |
| YoY Growth | - | - | -12.15% | 42.95% | 10.50% | -19.88% | 61.13% | 12.83% | 19.72% | 6.49% | 5.96% | 10.29% |
| Dividend Yield | - | - | 2.00% | 2.31% | 2.29% | 1.88% | 2.78% | 2.77% | 2.34% | 2.35% | 2.34% | 2.32% |
| Net Income To Common (M) | 1,226.60 |
| (-) Cash Dividends Paid (M) | 975.10 |
| (=) Cash Retained (M) | 251.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 245.32 | 153.33 | 92.00 |
| Cash Retained (M) | 251.50 | 251.50 | 251.50 |
| (-) Cash Required (M) | -245.32 | -153.33 | -92.00 |
| (=) Excess Retained (M) | 6.18 | 98.18 | 159.51 |
| (/) Shares Outstanding (M) | 1,149.95 | 1,149.95 | 1,149.95 |
| (=) Excess Retained per Share | 0.01 | 0.09 | 0.14 |
| LTM Dividend per Share | 0.85 | 0.85 | 0.85 |
| (+) Excess Retained per Share | 0.01 | 0.09 | 0.14 |
| (=) Adjusted Dividend | 0.85 | 0.93 | 0.99 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.29% | 6.29% | 7.29% |
| Fair Value | $23.60 | $35.33 | $58.56 |
| Upside / Downside | -51.89% | -27.95% | 19.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,226.60 | 1,303.76 | 1,385.76 | 1,472.93 | 1,565.58 | 1,664.06 | 1,713.98 |
| Payout Ratio | 79.50% | 81.60% | 83.70% | 85.80% | 87.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 975.10 | 1,063.82 | 1,159.85 | 1,263.75 | 1,376.13 | 1,497.65 | 1,585.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.29% | 6.29% | 7.29% |
| Year 1 PV (M) | 965.93 | 975.11 | 984.28 |
| Year 2 PV (M) | 956.22 | 974.47 | 992.89 |
| Year 3 PV (M) | 946.01 | 973.22 | 1,000.95 |
| Year 4 PV (M) | 935.35 | 971.39 | 1,008.46 |
| Year 5 PV (M) | 924.27 | 969.01 | 1,015.46 |
| PV of Terminal Value (M) | 16,045.38 | 16,821.95 | 17,628.30 |
| Equity Value (M) | 20,773.17 | 21,685.15 | 22,630.35 |
| Shares Outstanding (M) | 1,149.95 | 1,149.95 | 1,149.95 |
| Fair Value | $18.06 | $18.86 | $19.68 |
| Upside / Downside | -63.16% | -61.55% | -59.87% |
| 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% |