Definitive Analysis
| Stable Growth | $28.61 - $46.94 | $36.78 |
| Multi-Stage | $36.05 - $39.38 | $37.68 |
| Blended Fair Value | $37.23 | |
| Current Price | $46.27 | |
| Upside | -19.54% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -65.32% | -38.18% | 0.01 | 1.65 | 1.63 | 1.61 | 1.56 | 1.48 | 1.35 | 1.23 | 1.12 | 1.01 |
| YoY Growth | - | - | -99.55% | 1.18% | 1.35% | 3.18% | 5.25% | 9.92% | 9.94% | 10.00% | 10.02% | 11.14% |
| Dividend Yield | - | - | 0.02% | 4.81% | 4.33% | 3.95% | 4.82% | 4.82% | 3.14% | 3.74% | 3.19% | 3.54% |
| Net Income To Common (M) | 503.40 |
| (-) Cash Dividends Paid (M) | 340.90 |
| (=) Cash Retained (M) | 162.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 100.68 | 62.93 | 37.76 |
| Cash Retained (M) | 162.50 | 162.50 | 162.50 |
| (-) Cash Required (M) | -100.68 | -62.93 | -37.76 |
| (=) Excess Retained (M) | 61.82 | 99.58 | 124.75 |
| (/) Shares Outstanding (M) | 201.88 | 201.88 | 201.88 |
| (=) Excess Retained per Share | 0.31 | 0.49 | 0.62 |
| LTM Dividend per Share | 1.69 | 1.69 | 1.69 |
| (+) Excess Retained per Share | 0.31 | 0.49 | 0.62 |
| (=) Adjusted Dividend | 1.99 | 2.18 | 2.31 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.99% | 2.99% | 3.99% |
| Fair Value | $28.61 | $36.78 | $46.94 |
| Upside / Downside | -38.16% | -20.52% | 1.44% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 503.40 | 518.44 | 533.93 | 549.88 | 566.31 | 583.23 | 600.72 |
| Payout Ratio | 67.72% | 72.18% | 76.63% | 81.09% | 85.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 340.90 | 374.19 | 409.16 | 445.89 | 484.44 | 524.90 | 555.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.99% | 2.99% | 3.99% |
| Year 1 PV (M) | 339.65 | 342.98 | 346.31 |
| Year 2 PV (M) | 337.12 | 343.76 | 350.47 |
| Year 3 PV (M) | 333.47 | 343.38 | 353.48 |
| Year 4 PV (M) | 328.87 | 341.96 | 355.44 |
| Year 5 PV (M) | 323.45 | 339.62 | 356.43 |
| PV of Terminal Value (M) | 5,615.10 | 5,895.83 | 6,187.69 |
| Equity Value (M) | 7,277.66 | 7,607.54 | 7,949.82 |
| Shares Outstanding (M) | 201.88 | 201.88 | 201.88 |
| Fair Value | $36.05 | $37.68 | $39.38 |
| Upside / Downside | -22.09% | -18.56% | -14.89% |
| 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% |