Definitive Analysis
| Stable Growth | $372.07 - $971.24 | $566.11 |
| Multi-Stage | $260.07 - $284.02 | $271.83 |
| Blended Fair Value | $418.97 | |
| Current Price | $430.31 | |
| Upside | -2.64% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.45% | 8.23% | 4.96 | 4.56 | 4.26 | 4.02 | 3.74 | 3.46 | 3.20 | 2.92 | 2.67 | 2.48 |
| YoY Growth | - | - | 8.88% | 6.93% | 5.86% | 7.70% | 7.93% | 8.30% | 9.33% | 9.44% | 7.70% | 10.31% |
| Dividend Yield | - | - | 1.50% | 1.09% | 1.75% | 2.19% | 2.00% | 3.02% | 2.68% | 2.40% | 2.23% | 2.34% |
| Net Income To Common (M) | 866.40 |
| (-) Cash Dividends Paid (M) | 281.90 |
| (=) Cash Retained (M) | 584.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 173.28 | 108.30 | 64.98 |
| Cash Retained (M) | 584.50 | 584.50 | 584.50 |
| (-) Cash Required (M) | -173.28 | -108.30 | -64.98 |
| (=) Excess Retained (M) | 411.22 | 476.20 | 519.52 |
| (/) Shares Outstanding (M) | 53.89 | 53.89 | 53.89 |
| (=) Excess Retained per Share | 7.63 | 8.84 | 9.64 |
| LTM Dividend per Share | 5.23 | 5.23 | 5.23 |
| (+) Excess Retained per Share | 7.63 | 8.84 | 9.64 |
| (=) Adjusted Dividend | 12.86 | 14.07 | 14.87 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.45% | 6.45% | 7.45% |
| Fair Value | $372.07 | $566.11 | $971.24 |
| Upside / Downside | -13.54% | 31.56% | 125.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 866.40 | 922.31 | 981.82 | 1,045.17 | 1,112.62 | 1,184.41 | 1,219.94 |
| Payout Ratio | 32.54% | 44.03% | 55.52% | 67.01% | 78.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 281.90 | 406.09 | 545.13 | 700.42 | 873.49 | 1,065.97 | 1,128.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.45% | 6.45% | 7.45% |
| Year 1 PV (M) | 368.73 | 372.22 | 375.72 |
| Year 2 PV (M) | 449.44 | 458.00 | 466.64 |
| Year 3 PV (M) | 524.34 | 539.40 | 554.74 |
| Year 4 PV (M) | 593.74 | 616.58 | 640.08 |
| Year 5 PV (M) | 657.91 | 689.70 | 722.71 |
| PV of Terminal Value (M) | 11,421.29 | 11,973.20 | 12,546.23 |
| Equity Value (M) | 14,015.44 | 14,649.10 | 15,306.13 |
| Shares Outstanding (M) | 53.89 | 53.89 | 53.89 |
| Fair Value | $260.07 | $271.83 | $284.02 |
| Upside / Downside | -39.56% | -36.83% | -34.00% |
| 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% |