Definitive Analysis
| Stable Growth | $88.93 - $133.61 | $110.07 |
| Multi-Stage | $132.45 - $145.07 | $138.64 |
| Blended Fair Value | $124.35 | |
| Current Price | $181.62 | |
| Upside | -31.53% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.58% | 4.29% | 4.88 | 4.85 | 4.82 | 4.55 | 4.32 | 4.09 | 3.92 | 3.69 | 3.56 | 3.37 |
| YoY Growth | - | - | 0.45% | 0.75% | 5.89% | 5.26% | 5.69% | 4.46% | 6.16% | 3.74% | 5.48% | 5.21% |
| Dividend Yield | - | - | 2.94% | 3.08% | 3.07% | 2.58% | 2.64% | 3.08% | 2.82% | 2.96% | 2.85% | 3.10% |
| Net Income To Common (M) | 25,119.00 |
| (-) Cash Dividends Paid (M) | 12,234.00 |
| (=) Cash Retained (M) | 12,885.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 5,023.80 | 3,139.88 | 1,883.93 |
| Cash Retained (M) | 12,885.00 | 12,885.00 | 12,885.00 |
| (-) Cash Required (M) | -5,023.80 | -3,139.88 | -1,883.93 |
| (=) Excess Retained (M) | 7,861.20 | 9,745.13 | 11,001.08 |
| (/) Shares Outstanding (M) | 2,424.65 | 2,424.65 | 2,424.65 |
| (=) Excess Retained per Share | 3.24 | 4.02 | 4.54 |
| LTM Dividend per Share | 5.05 | 5.05 | 5.05 |
| (+) Excess Retained per Share | 3.24 | 4.02 | 4.54 |
| (=) Adjusted Dividend | 8.29 | 9.06 | 9.58 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.20% | 0.80% | 1.80% |
| Fair Value | $88.93 | $110.07 | $133.61 |
| Upside / Downside | -51.04% | -39.39% | -26.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 25,119.00 | 25,319.17 | 25,520.94 | 25,724.32 | 25,929.32 | 26,135.95 | 26,920.03 |
| Payout Ratio | 48.70% | 56.96% | 65.22% | 73.48% | 81.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 12,234.00 | 14,422.65 | 16,645.40 | 18,902.66 | 21,194.84 | 23,522.36 | 24,901.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.20% | 0.80% | 1.80% |
| Year 1 PV (M) | 13,088.75 | 13,219.90 | 13,351.05 |
| Year 2 PV (M) | 13,708.83 | 13,984.94 | 14,263.80 |
| Year 3 PV (M) | 14,128.05 | 14,557.02 | 14,994.59 |
| Year 4 PV (M) | 14,376.15 | 14,961.08 | 15,563.69 |
| Year 5 PV (M) | 14,479.26 | 15,219.38 | 15,989.46 |
| PV of Terminal Value (M) | 251,359.48 | 264,207.96 | 277,576.55 |
| Equity Value (M) | 321,140.51 | 336,150.28 | 351,739.15 |
| Shares Outstanding (M) | 2,424.65 | 2,424.65 | 2,424.65 |
| Fair Value | $132.45 | $138.64 | $145.07 |
| Upside / Downside | -27.07% | -23.67% | -20.13% |
| 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% |