Definitive Analysis
| Stable Growth | $299.53 - $1,080.68 | $953.36 |
| Multi-Stage | $135.85 - $148.70 | $142.16 |
| Blended Fair Value | $547.76 | |
| Current Price | $54.11 | |
| Upside | 912.31% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 61.28% | 0.00% | 1.76 | 0.77 | 0.54 | 0.62 | 0.34 | 0.16 | 0.13 | 0.08 | 0.28 | 0.28 |
| YoY Growth | - | - | 127.77% | 42.55% | -12.82% | 84.23% | 109.22% | 19.93% | 78.74% | -73.30% | 1.41% | 0.00% |
| Dividend Yield | - | - | 4.96% | 3.29% | 6.09% | 7.00% | 4.81% | 3.89% | 4.85% | 4.13% | 20.86% | 24.36% |
| Net Income To Common (M) | 567.76 |
| (-) Cash Dividends Paid (M) | 130.77 |
| (=) Cash Retained (M) | 436.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 113.55 | 70.97 | 42.58 |
| Cash Retained (M) | 436.99 | 436.99 | 436.99 |
| (-) Cash Required (M) | -113.55 | -70.97 | -42.58 |
| (=) Excess Retained (M) | 323.44 | 366.02 | 394.41 |
| (/) Shares Outstanding (M) | 104.48 | 104.48 | 104.48 |
| (=) Excess Retained per Share | 3.10 | 3.50 | 3.77 |
| LTM Dividend per Share | 1.25 | 1.25 | 1.25 |
| (+) Excess Retained per Share | 3.10 | 3.50 | 3.77 |
| (=) Adjusted Dividend | 4.35 | 4.75 | 5.03 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $299.53 | $953.36 | $1,080.68 |
| Upside / Downside | 453.56% | 1,661.89% | 1,897.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 567.76 | 604.66 | 643.97 | 685.83 | 730.40 | 777.88 | 801.22 |
| Payout Ratio | 23.03% | 36.43% | 49.82% | 63.21% | 76.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 130.77 | 220.26 | 320.82 | 433.53 | 559.54 | 700.09 | 741.13 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 203.86 | 205.79 | 207.72 |
| Year 2 PV (M) | 274.82 | 280.06 | 285.34 |
| Year 3 PV (M) | 343.72 | 353.58 | 363.64 |
| Year 4 PV (M) | 410.58 | 426.37 | 442.61 |
| Year 5 PV (M) | 475.46 | 498.43 | 522.27 |
| PV of Terminal Value (M) | 12,486.06 | 13,089.15 | 13,715.31 |
| Equity Value (M) | 14,194.51 | 14,853.38 | 15,536.89 |
| Shares Outstanding (M) | 104.48 | 104.48 | 104.48 |
| Fair Value | $135.85 | $142.16 | $148.70 |
| Upside / Downside | 151.07% | 162.73% | 174.82% |
| 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% |