Definitive Analysis
| Stable Growth | $509.21 - $1,350.80 | $778.64 |
| Multi-Stage | $346.17 - $378.35 | $361.97 |
| Blended Fair Value | $570.30 | |
| Current Price | $277.59 | |
| Upside | 105.45% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 14.38% | 15.58% | 3.40 | 2.82 | 2.52 | 2.25 | 1.94 | 1.73 | 1.33 | 1.08 | 1.00 | 0.99 |
| YoY Growth | - | - | 20.38% | 11.85% | 12.26% | 15.99% | 11.65% | 30.56% | 23.22% | 7.35% | 1.71% | 23.74% |
| Dividend Yield | - | - | 1.19% | 1.12% | 1.46% | 1.64% | 1.31% | 1.96% | 1.06% | 1.12% | 1.22% | 2.22% |
| Net Income To Common (M) | 721.26 |
| (-) Cash Dividends Paid (M) | 132.97 |
| (=) Cash Retained (M) | 588.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 144.25 | 90.16 | 54.09 |
| Cash Retained (M) | 588.29 | 588.29 | 588.29 |
| (-) Cash Required (M) | -144.25 | -90.16 | -54.09 |
| (=) Excess Retained (M) | 444.04 | 498.13 | 534.19 |
| (/) Shares Outstanding (M) | 33.23 | 33.23 | 33.23 |
| (=) Excess Retained per Share | 13.36 | 14.99 | 16.08 |
| LTM Dividend per Share | 4.00 | 4.00 | 4.00 |
| (+) Excess Retained per Share | 13.36 | 14.99 | 16.08 |
| (=) Adjusted Dividend | 17.37 | 18.99 | 20.08 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $509.21 | $778.64 | $1,350.80 |
| Upside / Downside | 83.44% | 180.50% | 386.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 721.26 | 768.14 | 818.07 | 871.24 | 927.88 | 988.19 | 1,017.83 |
| Payout Ratio | 18.44% | 32.75% | 47.06% | 61.37% | 75.69% | 90.00% | 92.50% |
| Projected Dividends (M) | 132.97 | 251.56 | 385.00 | 534.72 | 702.28 | 889.37 | 941.50 |
| 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) | 228.41 | 230.58 | 232.74 |
| Year 2 PV (M) | 317.42 | 323.46 | 329.57 |
| Year 3 PV (M) | 400.30 | 411.79 | 423.50 |
| Year 4 PV (M) | 477.37 | 495.73 | 514.61 |
| Year 5 PV (M) | 548.92 | 575.44 | 602.97 |
| PV of Terminal Value (M) | 9,529.30 | 9,989.57 | 10,467.46 |
| Equity Value (M) | 11,501.73 | 12,026.57 | 12,570.84 |
| Shares Outstanding (M) | 33.23 | 33.23 | 33.23 |
| Fair Value | $346.17 | $361.97 | $378.35 |
| Upside / Downside | 24.71% | 30.40% | 36.30% |
| 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% |