Definitive Analysis
| Stable Growth | $18.16 - $28.94 | $23.06 |
| Multi-Stage | $25.17 - $27.45 | $26.29 |
| Blended Fair Value | $24.68 | |
| Current Price | $23.85 | |
| Upside | 3.46% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.41% | 3.71% | 1.67 | 1.62 | 1.57 | 1.53 | 1.48 | 1.41 | 1.40 | 1.34 | 1.28 | 1.22 |
| YoY Growth | - | - | 2.87% | 2.94% | 2.91% | 3.42% | 4.94% | 0.81% | 4.17% | 4.67% | 5.43% | 5.01% |
| Dividend Yield | - | - | 6.58% | 5.84% | 3.81% | 3.00% | 4.08% | 4.55% | 3.44% | 4.04% | 3.95% | 4.18% |
| Net Income To Common (M) | 9,821.00 |
| (-) Cash Dividends Paid (M) | 9,706.00 |
| (=) Cash Retained (M) | 115.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,964.20 | 1,227.63 | 736.58 |
| Cash Retained (M) | 115.00 | 115.00 | 115.00 |
| (-) Cash Required (M) | -1,964.20 | -1,227.63 | -736.58 |
| (=) Excess Retained (M) | -1,849.20 | -1,112.63 | -621.58 |
| (/) Shares Outstanding (M) | 5,708.25 | 5,708.25 | 5,708.25 |
| (=) Excess Retained per Share | -0.32 | -0.19 | -0.11 |
| LTM Dividend per Share | 1.70 | 1.70 | 1.70 |
| (+) Excess Retained per Share | -0.32 | -0.19 | -0.11 |
| (=) Adjusted Dividend | 1.38 | 1.51 | 1.59 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.41% | 2.41% | 3.41% |
| Fair Value | $18.16 | $23.06 | $28.94 |
| Upside / Downside | -23.86% | -3.32% | 21.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 9,821.00 | 10,057.88 | 10,300.47 | 10,548.91 | 10,803.35 | 11,063.92 | 11,395.84 |
| Payout Ratio | 98.83% | 97.06% | 95.30% | 93.53% | 91.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 9,706.00 | 9,762.50 | 9,816.08 | 9,866.57 | 9,913.78 | 9,957.53 | 10,541.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.41% | 2.41% | 3.41% |
| Year 1 PV (M) | 8,861.00 | 8,948.38 | 9,035.75 |
| Year 2 PV (M) | 8,086.89 | 8,247.16 | 8,409.01 |
| Year 3 PV (M) | 7,377.87 | 7,598.29 | 7,823.05 |
| Year 4 PV (M) | 6,728.62 | 6,997.97 | 7,275.33 |
| Year 5 PV (M) | 6,134.23 | 6,442.70 | 6,763.45 |
| PV of Terminal Value (M) | 106,490.07 | 111,845.01 | 117,413.24 |
| Equity Value (M) | 143,678.69 | 150,079.51 | 156,719.83 |
| Shares Outstanding (M) | 5,708.25 | 5,708.25 | 5,708.25 |
| Fair Value | $25.17 | $26.29 | $27.45 |
| Upside / Downside | 5.54% | 10.24% | 15.12% |
| 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% |