Definitive Analysis
| Stable Growth | $67.47 - $112.10 | $87.18 |
| Multi-Stage | $79.84 - $87.37 | $83.54 |
| Blended Fair Value | $85.36 | |
| Current Price | $92.37 | |
| Upside | -7.59% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.21% | 3.72% | 2.07 | 2.01 | 1.93 | 1.84 | 1.79 | 1.68 | 1.62 | 1.57 | 1.52 | 1.48 |
| YoY Growth | - | - | 2.52% | 4.37% | 4.73% | 3.10% | 6.37% | 4.00% | 2.90% | 3.02% | 3.14% | 3.14% |
| Dividend Yield | - | - | 2.24% | 3.32% | 3.85% | 2.91% | 2.80% | 4.09% | 3.47% | 3.07% | 2.78% | 2.61% |
| Net Income To Common (M) | 518.50 |
| (-) Cash Dividends Paid (M) | 188.44 |
| (=) Cash Retained (M) | 330.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 103.70 | 64.81 | 38.89 |
| Cash Retained (M) | 330.07 | 330.07 | 330.07 |
| (-) Cash Required (M) | -103.70 | -64.81 | -38.89 |
| (=) Excess Retained (M) | 226.37 | 265.25 | 291.18 |
| (/) Shares Outstanding (M) | 91.24 | 91.24 | 91.24 |
| (=) Excess Retained per Share | 2.48 | 2.91 | 3.19 |
| LTM Dividend per Share | 2.07 | 2.07 | 2.07 |
| (+) Excess Retained per Share | 2.48 | 2.91 | 3.19 |
| (=) Adjusted Dividend | 4.55 | 4.97 | 5.26 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.21% | 3.21% | 4.21% |
| Fair Value | $67.47 | $87.18 | $112.10 |
| Upside / Downside | -26.95% | -5.62% | 21.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 518.50 | 535.15 | 552.33 | 570.07 | 588.37 | 607.26 | 625.48 |
| Payout Ratio | 36.34% | 47.07% | 57.81% | 68.54% | 79.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 188.44 | 251.92 | 319.28 | 390.71 | 466.39 | 546.54 | 578.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.21% | 3.21% | 4.21% |
| Year 1 PV (M) | 228.67 | 230.91 | 233.15 |
| Year 2 PV (M) | 263.08 | 268.25 | 273.47 |
| Year 3 PV (M) | 292.23 | 300.89 | 309.72 |
| Year 4 PV (M) | 316.65 | 329.22 | 342.17 |
| Year 5 PV (M) | 336.82 | 353.62 | 371.09 |
| PV of Terminal Value (M) | 5,847.15 | 6,138.83 | 6,442.04 |
| Equity Value (M) | 7,284.58 | 7,621.72 | 7,971.63 |
| Shares Outstanding (M) | 91.24 | 91.24 | 91.24 |
| Fair Value | $79.84 | $83.54 | $87.37 |
| Upside / Downside | -13.56% | -9.56% | -5.41% |
| 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% |