Definitive Analysis
| Stable Growth | $31.86 - $46.62 | $38.97 |
| Multi-Stage | $51.52 - $56.42 | $53.92 |
| Blended Fair Value | $46.45 | |
| Current Price | $83.46 | |
| Upside | -44.35% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.71% | 4.81% | 2.39 | 2.27 | 2.16 | 2.06 | 1.98 | 1.90 | 1.82 | 1.74 | 1.66 | 1.58 |
| YoY Growth | - | - | 5.19% | 5.38% | 4.66% | 4.04% | 4.32% | 4.40% | 4.60% | 4.82% | 5.20% | 5.48% |
| Dividend Yield | - | - | 2.90% | 3.41% | 3.45% | 2.94% | 3.29% | 4.23% | 3.11% | 3.46% | 3.74% | 3.35% |
| Net Income To Common (M) | 2,082.00 |
| (-) Cash Dividends Paid (M) | 1,242.00 |
| (=) Cash Retained (M) | 840.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 416.40 | 260.25 | 156.15 |
| Cash Retained (M) | 840.00 | 840.00 | 840.00 |
| (-) Cash Required (M) | -416.40 | -260.25 | -156.15 |
| (=) Excess Retained (M) | 423.60 | 579.75 | 683.85 |
| (/) Shares Outstanding (M) | 500.25 | 500.25 | 500.25 |
| (=) Excess Retained per Share | 0.85 | 1.16 | 1.37 |
| LTM Dividend per Share | 2.48 | 2.48 | 2.48 |
| (+) Excess Retained per Share | 0.85 | 1.16 | 1.37 |
| (=) Adjusted Dividend | 3.33 | 3.64 | 3.85 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.22% | -0.22% | 0.78% |
| Fair Value | $31.86 | $38.97 | $46.62 |
| Upside / Downside | -61.83% | -53.30% | -44.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,082.00 | 2,077.32 | 2,072.66 | 2,068.00 | 2,063.35 | 2,058.72 | 2,120.48 |
| Payout Ratio | 59.65% | 65.72% | 71.79% | 77.86% | 83.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,242.00 | 1,365.29 | 1,488.01 | 1,610.18 | 1,731.79 | 1,852.84 | 1,961.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.22% | -0.22% | 0.78% |
| Year 1 PV (M) | 1,238.89 | 1,251.43 | 1,263.97 |
| Year 2 PV (M) | 1,225.25 | 1,250.18 | 1,275.37 |
| Year 3 PV (M) | 1,203.09 | 1,240.01 | 1,277.66 |
| Year 4 PV (M) | 1,174.16 | 1,222.44 | 1,272.19 |
| Year 5 PV (M) | 1,139.94 | 1,198.82 | 1,260.12 |
| PV of Terminal Value (M) | 19,789.31 | 20,811.53 | 21,875.57 |
| Equity Value (M) | 25,770.64 | 26,974.41 | 28,224.88 |
| Shares Outstanding (M) | 500.25 | 500.25 | 500.25 |
| Fair Value | $51.52 | $53.92 | $56.42 |
| Upside / Downside | -38.28% | -35.39% | -32.40% |
| 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% |