Definitive Analysis
| Stable Growth | $91.57 - $131.78 | $111.19 |
| Multi-Stage | $143.64 - $158.03 | $150.69 |
| Blended Fair Value | $130.94 | |
| Current Price | $47.65 | |
| Upside | 174.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.08% | 0.00% | 0.57 | 0.53 | 0.50 | 0.43 | 0.44 | 0.47 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 8.49% | 5.91% | 17.10% | -1.83% | -7.53% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.21% | 1.14% | 1.45% | 1.04% | 1.24% | 2.46% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 2,416.72 |
| (-) Cash Dividends Paid (M) | 156.56 |
| (=) Cash Retained (M) | 2,260.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 483.34 | 302.09 | 181.25 |
| Cash Retained (M) | 2,260.17 | 2,260.17 | 2,260.17 |
| (-) Cash Required (M) | -483.34 | -302.09 | -181.25 |
| (=) Excess Retained (M) | 1,776.82 | 1,958.08 | 2,078.91 |
| (/) Shares Outstanding (M) | 186.45 | 186.45 | 186.45 |
| (=) Excess Retained per Share | 9.53 | 10.50 | 11.15 |
| LTM Dividend per Share | 0.84 | 0.84 | 0.84 |
| (+) Excess Retained per Share | 9.53 | 10.50 | 11.15 |
| (=) Adjusted Dividend | 10.37 | 11.34 | 11.99 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $91.57 | $111.19 | $131.78 |
| Upside / Downside | 92.16% | 133.35% | 176.56% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,416.72 | 2,392.56 | 2,368.63 | 2,344.94 | 2,321.49 | 2,298.28 | 2,367.23 |
| Payout Ratio | 6.48% | 23.18% | 39.89% | 56.59% | 73.30% | 90.00% | 92.50% |
| Projected Dividends (M) | 156.56 | 554.65 | 944.77 | 1,327.03 | 1,701.55 | 2,068.45 | 2,189.69 |
| 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) | 503.26 | 508.40 | 513.53 |
| Year 2 PV (M) | 777.81 | 793.77 | 809.88 |
| Year 3 PV (M) | 991.30 | 1,021.95 | 1,053.24 |
| Year 4 PV (M) | 1,153.30 | 1,201.10 | 1,250.37 |
| Year 5 PV (M) | 1,272.08 | 1,338.32 | 1,407.30 |
| PV of Terminal Value (M) | 22,083.34 | 23,233.28 | 24,430.62 |
| Equity Value (M) | 26,781.10 | 28,096.82 | 29,464.94 |
| Shares Outstanding (M) | 186.45 | 186.45 | 186.45 |
| Fair Value | $143.64 | $150.69 | $158.03 |
| Upside / Downside | 201.44% | 216.25% | 231.65% |
| 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% |