Definitive Analysis
| Stable Growth | $23.88 - $34.38 | $29.00 |
| Multi-Stage | $39.71 - $43.56 | $41.60 |
| Blended Fair Value | $35.30 | |
| Current Price | $91.43 | |
| Upside | -61.39% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 1.52 | 1.35 | 1.17 | 0.99 | 0.65 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 12.43% | 15.91% | 18.32% | 51.15% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.47% | 1.37% | 1.38% | 1.28% | 0.95% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 1,347.00 |
| (-) Cash Dividends Paid (M) | 639.00 |
| (=) Cash Retained (M) | 708.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 269.40 | 168.38 | 101.03 |
| Cash Retained (M) | 708.00 | 708.00 | 708.00 |
| (-) Cash Required (M) | -269.40 | -168.38 | -101.03 |
| (=) Excess Retained (M) | 438.60 | 539.63 | 606.98 |
| (/) Shares Outstanding (M) | 398.40 | 398.40 | 398.40 |
| (=) Excess Retained per Share | 1.10 | 1.35 | 1.52 |
| LTM Dividend per Share | 1.60 | 1.60 | 1.60 |
| (+) Excess Retained per Share | 1.10 | 1.35 | 1.52 |
| (=) Adjusted Dividend | 2.70 | 2.96 | 3.13 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $23.88 | $29.00 | $34.38 |
| Upside / Downside | -73.88% | -68.28% | -62.40% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,347.00 | 1,333.53 | 1,320.19 | 1,306.99 | 1,293.92 | 1,280.98 | 1,319.41 |
| Payout Ratio | 47.44% | 55.95% | 64.46% | 72.98% | 81.49% | 90.00% | 92.50% |
| Projected Dividends (M) | 639.00 | 746.12 | 851.04 | 953.78 | 1,054.39 | 1,152.89 | 1,220.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 676.99 | 683.90 | 690.81 |
| Year 2 PV (M) | 700.65 | 715.02 | 729.54 |
| Year 3 PV (M) | 712.48 | 734.51 | 757.00 |
| Year 4 PV (M) | 714.66 | 744.28 | 774.81 |
| Year 5 PV (M) | 709.02 | 745.94 | 784.38 |
| PV of Terminal Value (M) | 12,308.51 | 12,949.45 | 13,616.80 |
| Equity Value (M) | 15,822.30 | 16,573.09 | 17,353.33 |
| Shares Outstanding (M) | 398.40 | 398.40 | 398.40 |
| Fair Value | $39.71 | $41.60 | $43.56 |
| Upside / Downside | -56.56% | -54.50% | -52.36% |
| 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% |