Definitive Analysis
| Stable Growth | $62.73 - $95.58 | $78.12 |
| Multi-Stage | $89.69 - $98.24 | $93.88 |
| Blended Fair Value | $86.00 | |
| Current Price | $82.91 | |
| Upside | 3.73% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.67% | 5.75% | 2.90 | 2.75 | 2.83 | 2.88 | 2.70 | 2.67 | 2.63 | 2.38 | 2.05 | 1.94 |
| YoY Growth | - | - | 5.26% | -2.62% | -1.80% | 6.44% | 1.40% | 1.24% | 10.85% | 16.15% | 5.42% | 17.10% |
| Dividend Yield | - | - | 3.43% | 3.20% | 3.80% | 3.92% | 4.51% | 8.51% | 5.07% | 3.90% | 3.24% | 4.92% |
| Net Income To Common (M) | 1,573.50 |
| (-) Cash Dividends Paid (M) | 677.30 |
| (=) Cash Retained (M) | 896.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 314.70 | 196.69 | 118.01 |
| Cash Retained (M) | 896.20 | 896.20 | 896.20 |
| (-) Cash Required (M) | -314.70 | -196.69 | -118.01 |
| (=) Excess Retained (M) | 581.50 | 699.51 | 778.19 |
| (/) Shares Outstanding (M) | 227.29 | 227.29 | 227.29 |
| (=) Excess Retained per Share | 2.56 | 3.08 | 3.42 |
| LTM Dividend per Share | 2.98 | 2.98 | 2.98 |
| (+) Excess Retained per Share | 2.56 | 3.08 | 3.42 |
| (=) Adjusted Dividend | 5.54 | 6.06 | 6.40 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.25% | 1.25% | 2.25% |
| Fair Value | $62.73 | $78.12 | $95.58 |
| Upside / Downside | -24.34% | -5.77% | 15.28% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,573.50 | 1,593.13 | 1,613.01 | 1,633.13 | 1,653.51 | 1,674.13 | 1,724.36 |
| Payout Ratio | 43.04% | 52.44% | 61.83% | 71.22% | 80.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 677.30 | 835.36 | 997.27 | 1,163.08 | 1,332.87 | 1,506.72 | 1,595.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.25% | 1.25% | 2.25% |
| Year 1 PV (M) | 758.14 | 765.70 | 773.26 |
| Year 2 PV (M) | 821.40 | 837.87 | 854.50 |
| Year 3 PV (M) | 869.41 | 895.69 | 922.49 |
| Year 4 PV (M) | 904.23 | 940.85 | 978.58 |
| Year 5 PV (M) | 927.67 | 974.87 | 1,023.98 |
| PV of Terminal Value (M) | 16,104.38 | 16,923.80 | 17,776.23 |
| Equity Value (M) | 20,385.23 | 21,338.79 | 22,329.05 |
| Shares Outstanding (M) | 227.29 | 227.29 | 227.29 |
| Fair Value | $89.69 | $93.88 | $98.24 |
| Upside / Downside | 8.17% | 13.23% | 18.49% |
| 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% |