Definitive Analysis
| Stable Growth | $119.97 - $214.92 | $159.82 |
| Multi-Stage | $126.80 - $138.67 | $132.63 |
| Blended Fair Value | $146.22 | |
| Current Price | $231.95 | |
| Upside | -36.96% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.00 | 2.83 | 2.64 | 2.21 | 1.71 | 1.55 | 1.44 | 1.27 | 1.12 | 0.99 |
| YoY Growth | - | - | -100.00% | 7.37% | 19.41% | 28.90% | 10.57% | 7.55% | 13.39% | 13.48% | 13.12% | 2.89% |
| Dividend Yield | - | - | 0.00% | 1.29% | 1.05% | 0.91% | 0.74% | 0.85% | 0.85% | 0.98% | 0.78% | 0.87% |
| Net Income To Common (M) | 484.47 |
| (-) Cash Dividends Paid (M) | 177.66 |
| (=) Cash Retained (M) | 306.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 96.89 | 60.56 | 36.34 |
| Cash Retained (M) | 306.82 | 306.82 | 306.82 |
| (-) Cash Required (M) | -96.89 | -60.56 | -36.34 |
| (=) Excess Retained (M) | 209.92 | 246.26 | 270.48 |
| (/) Shares Outstanding (M) | 56.99 | 56.99 | 56.99 |
| (=) Excess Retained per Share | 3.68 | 4.32 | 4.75 |
| LTM Dividend per Share | 3.12 | 3.12 | 3.12 |
| (+) Excess Retained per Share | 3.68 | 4.32 | 4.75 |
| (=) Adjusted Dividend | 6.80 | 7.44 | 7.86 |
| WACC / Discount Rate | 9.00% | 9.00% | 9.00% |
| Growth Rate | 3.16% | 4.16% | 5.16% |
| Fair Value | $119.97 | $159.82 | $214.92 |
| Upside / Downside | -48.28% | -31.10% | -7.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 484.47 | 504.61 | 525.58 | 547.42 | 570.16 | 593.86 | 611.67 |
| Payout Ratio | 36.67% | 47.34% | 58.00% | 68.67% | 79.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 177.66 | 238.86 | 304.84 | 375.90 | 452.33 | 534.47 | 565.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.00% | 9.00% | 9.00% |
| Growth Rate | 3.16% | 4.16% | 5.16% |
| Year 1 PV (M) | 217.03 | 219.13 | 221.24 |
| Year 2 PV (M) | 251.67 | 256.57 | 261.52 |
| Year 3 PV (M) | 281.96 | 290.24 | 298.68 |
| Year 4 PV (M) | 308.28 | 320.41 | 332.90 |
| Year 5 PV (M) | 330.97 | 347.33 | 364.32 |
| PV of Terminal Value (M) | 5,836.85 | 6,125.31 | 6,425.05 |
| Equity Value (M) | 7,226.76 | 7,558.99 | 7,903.71 |
| Shares Outstanding (M) | 56.99 | 56.99 | 56.99 |
| Fair Value | $126.80 | $132.63 | $138.67 |
| Upside / Downside | -45.33% | -42.82% | -40.21% |
| 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% |