Definitive Analysis
| Stable Growth | $141.97 - $251.31 | $188.24 |
| Multi-Stage | $154.79 - $169.06 | $161.80 |
| Blended Fair Value | $175.02 | |
| Current Price | $260.76 | |
| Upside | -32.88% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.11% | 9.08% | 5.77 | 5.50 | 5.25 | 4.98 | 4.69 | 4.50 | 3.83 | 3.20 | 2.80 | 2.53 |
| YoY Growth | - | - | 4.95% | 4.73% | 5.40% | 6.09% | 4.39% | 17.53% | 19.45% | 14.62% | 10.65% | 4.36% |
| Dividend Yield | - | - | 2.33% | 2.07% | 2.16% | 2.38% | 2.12% | 3.16% | 2.58% | 2.04% | 2.11% | 2.47% |
| Net Income To Common (M) | 3,026.00 |
| (-) Cash Dividends Paid (M) | 1,761.00 |
| (=) Cash Retained (M) | 1,265.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 605.20 | 378.25 | 226.95 |
| Cash Retained (M) | 1,265.00 | 1,265.00 | 1,265.00 |
| (-) Cash Required (M) | -605.20 | -378.25 | -226.95 |
| (=) Excess Retained (M) | 659.80 | 886.75 | 1,038.05 |
| (/) Shares Outstanding (M) | 293.73 | 293.73 | 293.73 |
| (=) Excess Retained per Share | 2.25 | 3.02 | 3.53 |
| LTM Dividend per Share | 6.00 | 6.00 | 6.00 |
| (+) Excess Retained per Share | 2.25 | 3.02 | 3.53 |
| (=) Adjusted Dividend | 8.24 | 9.01 | 9.53 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.11% | 4.11% | 5.11% |
| Fair Value | $141.97 | $188.24 | $251.31 |
| Upside / Downside | -45.55% | -27.81% | -3.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,026.00 | 3,150.44 | 3,279.99 | 3,414.87 | 3,555.30 | 3,701.50 | 3,812.55 |
| Payout Ratio | 58.20% | 64.56% | 70.92% | 77.28% | 83.64% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,761.00 | 2,033.81 | 2,326.08 | 2,638.95 | 2,973.62 | 3,331.35 | 3,526.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.11% | 4.11% | 5.11% |
| Year 1 PV (M) | 1,846.30 | 1,864.21 | 1,882.11 |
| Year 2 PV (M) | 1,916.94 | 1,954.30 | 1,992.03 |
| Year 3 PV (M) | 1,974.27 | 2,032.27 | 2,091.39 |
| Year 4 PV (M) | 2,019.54 | 2,099.03 | 2,180.84 |
| Year 5 PV (M) | 2,053.90 | 2,155.44 | 2,260.97 |
| PV of Terminal Value (M) | 35,655.63 | 37,418.46 | 39,250.34 |
| Equity Value (M) | 45,466.58 | 47,523.71 | 49,657.68 |
| Shares Outstanding (M) | 293.73 | 293.73 | 293.73 |
| Fair Value | $154.79 | $161.80 | $169.06 |
| Upside / Downside | -40.64% | -37.95% | -35.17% |
| 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% |