Definitive Analysis
| Stable Growth | $630.17 - $1,097.26 | $830.01 |
| Multi-Stage | $675.59 - $739.58 | $706.99 |
| Blended Fair Value | $768.50 | |
| Current Price | $828.21 | |
| Upside | -7.21% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.26% | 4.91% | 10.14 | 8.99 | 8.91 | 9.08 | 8.82 | 8.64 | 8.51 | 8.76 | 8.02 | 7.48 |
| YoY Growth | - | - | 12.78% | 0.91% | -1.92% | 2.99% | 2.13% | 1.53% | -2.94% | 9.31% | 7.16% | 19.13% |
| Dividend Yield | - | - | 1.79% | 1.42% | 2.44% | 2.80% | 2.32% | 2.26% | 1.98% | 2.18% | 1.77% | 1.89% |
| Net Income To Common (M) | 448.20 |
| (-) Cash Dividends Paid (M) | 101.68 |
| (=) Cash Retained (M) | 346.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 89.64 | 56.03 | 33.62 |
| Cash Retained (M) | 346.52 | 346.52 | 346.52 |
| (-) Cash Required (M) | -89.64 | -56.03 | -33.62 |
| (=) Excess Retained (M) | 256.88 | 290.49 | 312.90 |
| (/) Shares Outstanding (M) | 9.46 | 9.46 | 9.46 |
| (=) Excess Retained per Share | 27.16 | 30.72 | 33.08 |
| LTM Dividend per Share | 10.75 | 10.75 | 10.75 |
| (+) Excess Retained per Share | 27.16 | 30.72 | 33.08 |
| (=) Adjusted Dividend | 37.91 | 41.47 | 43.84 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.91% | 3.91% | 4.91% |
| Fair Value | $630.17 | $830.01 | $1,097.26 |
| Upside / Downside | -23.91% | 0.22% | 32.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 448.20 | 465.71 | 483.91 | 502.81 | 522.46 | 542.87 | 559.16 |
| Payout Ratio | 22.69% | 36.15% | 49.61% | 63.07% | 76.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 101.68 | 168.35 | 240.08 | 317.15 | 399.87 | 488.58 | 517.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.91% | 3.91% | 4.91% |
| Year 1 PV (M) | 152.83 | 154.31 | 155.80 |
| Year 2 PV (M) | 197.84 | 201.70 | 205.61 |
| Year 3 PV (M) | 237.25 | 244.24 | 251.36 |
| Year 4 PV (M) | 271.55 | 282.26 | 293.29 |
| Year 5 PV (M) | 301.20 | 316.12 | 331.63 |
| PV of Terminal Value (M) | 5,228.81 | 5,487.86 | 5,757.06 |
| Equity Value (M) | 6,389.49 | 6,686.50 | 6,994.74 |
| Shares Outstanding (M) | 9.46 | 9.46 | 9.46 |
| Fair Value | $675.59 | $706.99 | $739.58 |
| Upside / Downside | -18.43% | -14.64% | -10.70% |
| 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% |