Definitive Analysis
| Stable Growth | $1,010.50 - $2,190.02 | $2,052.37 |
| Multi-Stage | $342.39 - $374.13 | $357.97 |
| Blended Fair Value | $1,205.17 | |
| Current Price | $175.00 | |
| Upside | 588.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 40.45% | 17.10% | 8.05 | 9.00 | 5.98 | 7.84 | 1.95 | 1.47 | 1.47 | 2.87 | 2.77 | 10.03 |
| YoY Growth | - | - | -10.58% | 50.43% | -23.70% | 301.74% | 32.55% | 0.08% | -48.65% | 3.41% | -72.38% | 504.22% |
| Dividend Yield | - | - | 4.40% | 6.17% | 4.05% | 5.54% | 1.15% | 3.39% | 2.29% | 4.91% | 2.96% | 10.67% |
| Net Income To Common (M) | 302.51 |
| (-) Cash Dividends Paid (M) | 277.04 |
| (=) Cash Retained (M) | 25.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 60.50 | 37.81 | 22.69 |
| Cash Retained (M) | 25.47 | 25.47 | 25.47 |
| (-) Cash Required (M) | -60.50 | -37.81 | -22.69 |
| (=) Excess Retained (M) | -35.03 | -12.34 | 2.78 |
| (/) Shares Outstanding (M) | 27.47 | 27.47 | 27.47 |
| (=) Excess Retained per Share | -1.28 | -0.45 | 0.10 |
| LTM Dividend per Share | 10.08 | 10.08 | 10.08 |
| (+) Excess Retained per Share | -1.28 | -0.45 | 0.10 |
| (=) Adjusted Dividend | 8.81 | 9.64 | 10.19 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,010.50 | $2,052.37 | $2,190.02 |
| Upside / Downside | 477.43% | 1,072.78% | 1,151.44% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 302.51 | 322.18 | 343.12 | 365.42 | 389.17 | 414.47 | 426.90 |
| Payout Ratio | 91.58% | 91.26% | 90.95% | 90.63% | 90.32% | 90.00% | 92.50% |
| Projected Dividends (M) | 277.04 | 294.03 | 312.06 | 331.19 | 351.49 | 373.02 | 394.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 273.70 | 276.29 | 278.89 |
| Year 2 PV (M) | 270.40 | 275.55 | 280.74 |
| Year 3 PV (M) | 267.13 | 274.80 | 282.61 |
| Year 4 PV (M) | 263.89 | 274.04 | 284.48 |
| Year 5 PV (M) | 260.70 | 273.29 | 286.36 |
| PV of Terminal Value (M) | 8,070.13 | 8,459.92 | 8,864.63 |
| Equity Value (M) | 9,405.94 | 9,833.89 | 10,277.72 |
| Shares Outstanding (M) | 27.47 | 27.47 | 27.47 |
| Fair Value | $342.39 | $357.97 | $374.13 |
| Upside / Downside | 95.65% | 104.55% | 113.79% |
| 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% |