Definitive Analysis
| Stable Growth | $52.96 - $77.83 | $64.91 |
| Multi-Stage | $82.57 - $90.53 | $86.47 |
| Blended Fair Value | $75.69 | |
| Current Price | $81.53 | |
| Upside | -7.16% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.41% | 1.68% | 2.81 | 2.86 | 2.95 | 3.01 | 2.86 | 2.87 | 2.79 | 2.62 | 2.57 | 2.52 |
| YoY Growth | - | - | -1.78% | -3.17% | -1.89% | 5.26% | -0.28% | 2.88% | 6.46% | 1.94% | 1.75% | 6.13% |
| Dividend Yield | - | - | 3.39% | 2.96% | 3.13% | 3.54% | 3.85% | 5.22% | 3.78% | 3.60% | 2.98% | 3.03% |
| Net Income To Common (M) | 1,334.60 |
| (-) Cash Dividends Paid (M) | 550.60 |
| (=) Cash Retained (M) | 784.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 266.92 | 166.83 | 100.10 |
| Cash Retained (M) | 784.00 | 784.00 | 784.00 |
| (-) Cash Required (M) | -266.92 | -166.83 | -100.10 |
| (=) Excess Retained (M) | 517.08 | 617.18 | 683.91 |
| (/) Shares Outstanding (M) | 196.90 | 196.90 | 196.90 |
| (=) Excess Retained per Share | 2.63 | 3.13 | 3.47 |
| LTM Dividend per Share | 2.80 | 2.80 | 2.80 |
| (+) Excess Retained per Share | 2.63 | 3.13 | 3.47 |
| (=) Adjusted Dividend | 5.42 | 5.93 | 6.27 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.04% | -0.04% | 0.96% |
| Fair Value | $52.96 | $64.91 | $77.83 |
| Upside / Downside | -35.05% | -20.38% | -4.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,334.60 | 1,334.13 | 1,333.66 | 1,333.19 | 1,332.72 | 1,332.25 | 1,372.22 |
| Payout Ratio | 41.26% | 51.00% | 60.75% | 70.50% | 80.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 550.60 | 680.47 | 810.24 | 939.93 | 1,069.52 | 1,199.03 | 1,269.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.04% | -0.04% | 0.96% |
| Year 1 PV (M) | 617.48 | 623.72 | 629.96 |
| Year 2 PV (M) | 667.19 | 680.74 | 694.43 |
| Year 3 PV (M) | 702.34 | 723.84 | 745.79 |
| Year 4 PV (M) | 725.20 | 754.96 | 785.62 |
| Year 5 PV (M) | 737.76 | 775.79 | 815.38 |
| PV of Terminal Value (M) | 12,807.43 | 13,467.71 | 14,154.94 |
| Equity Value (M) | 16,257.39 | 17,026.76 | 17,826.12 |
| Shares Outstanding (M) | 196.90 | 196.90 | 196.90 |
| Fair Value | $82.57 | $86.47 | $90.53 |
| Upside / Downside | 1.27% | 6.06% | 11.04% |
| 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% |