Definitive Analysis
| Stable Growth | $42.55 - $112.88 | $65.07 |
| Multi-Stage | $29.51 - $32.22 | $30.84 |
| Blended Fair Value | $47.95 | |
| Current Price | $21.95 | |
| Upside | 118.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.40% | 14.78% | 0.57 | 0.54 | 0.53 | 0.28 | 0.28 | 0.27 | 0.25 | 0.22 | 0.20 | 0.17 |
| YoY Growth | - | - | 6.18% | 1.36% | 91.34% | -0.13% | 3.88% | 8.90% | 13.16% | 7.50% | 21.57% | 15.30% |
| Dividend Yield | - | - | 2.70% | 3.23% | 3.68% | 1.70% | 1.44% | 2.03% | 1.46% | 1.28% | 1.16% | 1.36% |
| Net Income To Common (M) | 606.51 |
| (-) Cash Dividends Paid (M) | 215.16 |
| (=) Cash Retained (M) | 391.34 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 121.30 | 75.81 | 45.49 |
| Cash Retained (M) | 391.34 | 391.34 | 391.34 |
| (-) Cash Required (M) | -121.30 | -75.81 | -45.49 |
| (=) Excess Retained (M) | 270.04 | 315.53 | 345.85 |
| (/) Shares Outstanding (M) | 334.34 | 334.34 | 334.34 |
| (=) Excess Retained per Share | 0.81 | 0.94 | 1.03 |
| LTM Dividend per Share | 0.64 | 0.64 | 0.64 |
| (+) Excess Retained per Share | 0.81 | 0.94 | 1.03 |
| (=) Adjusted Dividend | 1.45 | 1.59 | 1.68 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $42.55 | $65.07 | $112.88 |
| Upside / Downside | 93.86% | 196.44% | 414.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 606.51 | 645.93 | 687.92 | 732.63 | 780.25 | 830.97 | 855.90 |
| Payout Ratio | 35.48% | 46.38% | 57.29% | 68.19% | 79.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 215.16 | 299.59 | 394.08 | 499.58 | 617.14 | 747.87 | 791.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 272.03 | 274.60 | 277.18 |
| Year 2 PV (M) | 324.90 | 331.09 | 337.34 |
| Year 3 PV (M) | 374.00 | 384.73 | 395.67 |
| Year 4 PV (M) | 419.50 | 435.63 | 452.22 |
| Year 5 PV (M) | 461.59 | 483.89 | 507.03 |
| PV of Terminal Value (M) | 8,013.19 | 8,400.24 | 8,802.09 |
| Equity Value (M) | 9,865.20 | 10,310.18 | 10,771.54 |
| Shares Outstanding (M) | 334.34 | 334.34 | 334.34 |
| Fair Value | $29.51 | $30.84 | $32.22 |
| Upside / Downside | 34.43% | 40.49% | 46.78% |
| 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% |