Definitive Analysis
| Stable Growth | $179.45 - $309.64 | $235.50 |
| Multi-Stage | $191.54 - $209.91 | $200.55 |
| Blended Fair Value | $218.03 | |
| Current Price | $142.97 | |
| Upside | 52.50% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.88% | 2.78% | 1.02 | 1.01 | 0.96 | 0.96 | 0.94 | 0.89 | 0.86 | 0.82 | 0.80 | 0.80 |
| YoY Growth | - | - | 1.63% | 4.43% | 0.63% | 2.37% | 5.40% | 3.87% | 3.76% | 2.84% | 0.05% | 2.91% |
| Dividend Yield | - | - | 0.78% | 0.88% | 0.88% | 0.95% | 0.97% | 1.23% | 1.02% | 0.98% | 1.04% | 1.48% |
| Net Income To Common (M) | 1,150.35 |
| (-) Cash Dividends Paid (M) | 84.59 |
| (=) Cash Retained (M) | 1,065.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 230.07 | 143.79 | 86.28 |
| Cash Retained (M) | 1,065.76 | 1,065.76 | 1,065.76 |
| (-) Cash Required (M) | -230.07 | -143.79 | -86.28 |
| (=) Excess Retained (M) | 835.69 | 921.97 | 979.49 |
| (/) Shares Outstanding (M) | 83.51 | 83.51 | 83.51 |
| (=) Excess Retained per Share | 10.01 | 11.04 | 11.73 |
| LTM Dividend per Share | 1.01 | 1.01 | 1.01 |
| (+) Excess Retained per Share | 10.01 | 11.04 | 11.73 |
| (=) Adjusted Dividend | 11.02 | 12.05 | 12.74 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.79% | 3.79% | 4.79% |
| Fair Value | $179.45 | $235.50 | $309.64 |
| Upside / Downside | 25.52% | 64.72% | 116.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,150.35 | 1,193.90 | 1,239.10 | 1,286.02 | 1,334.70 | 1,385.24 | 1,426.79 |
| Payout Ratio | 7.35% | 23.88% | 40.41% | 56.94% | 73.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 84.59 | 285.13 | 500.75 | 732.27 | 980.62 | 1,246.71 | 1,319.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.79% | 3.79% | 4.79% |
| Year 1 PV (M) | 258.84 | 261.36 | 263.87 |
| Year 2 PV (M) | 412.64 | 420.71 | 428.86 |
| Year 3 PV (M) | 547.78 | 563.93 | 580.39 |
| Year 4 PV (M) | 665.91 | 692.20 | 719.27 |
| Year 5 PV (M) | 768.53 | 806.64 | 846.26 |
| PV of Terminal Value (M) | 13,341.58 | 14,003.33 | 14,691.08 |
| Equity Value (M) | 15,995.28 | 16,748.17 | 17,529.73 |
| Shares Outstanding (M) | 83.51 | 83.51 | 83.51 |
| Fair Value | $191.54 | $200.55 | $209.91 |
| Upside / Downside | 33.97% | 40.28% | 46.82% |
| 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% |