Definitive Analysis
| Stable Growth | $241.36 - $640.26 | $369.06 |
| Multi-Stage | $164.28 - $179.54 | $171.77 |
| Blended Fair Value | $270.42 | |
| Current Price | $172.60 | |
| Upside | 56.67% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.20% | 14.96% | 2.00 | 1.85 | 1.71 | 1.33 | 1.05 | 0.99 | 0.92 | 0.73 | 0.61 | 0.55 |
| YoY Growth | - | - | 8.62% | 7.89% | 28.16% | 27.06% | 6.34% | 7.33% | 26.49% | 18.90% | 11.96% | 9.98% |
| Dividend Yield | - | - | 1.16% | 1.19% | 1.53% | 1.25% | 1.05% | 1.55% | 1.54% | 1.47% | 1.03% | 1.18% |
| Net Income To Common (M) | 2,135.00 |
| (-) Cash Dividends Paid (M) | 416.00 |
| (=) Cash Retained (M) | 1,719.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 427.00 | 266.88 | 160.13 |
| Cash Retained (M) | 1,719.00 | 1,719.00 | 1,719.00 |
| (-) Cash Required (M) | -427.00 | -266.88 | -160.13 |
| (=) Excess Retained (M) | 1,292.00 | 1,452.13 | 1,558.88 |
| (/) Shares Outstanding (M) | 207.50 | 207.50 | 207.50 |
| (=) Excess Retained per Share | 6.23 | 7.00 | 7.51 |
| LTM Dividend per Share | 2.00 | 2.00 | 2.00 |
| (+) Excess Retained per Share | 6.23 | 7.00 | 7.51 |
| (=) Adjusted Dividend | 8.23 | 9.00 | 9.52 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $241.36 | $369.06 | $640.26 |
| Upside / Downside | 39.84% | 113.82% | 270.95% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,135.00 | 2,273.78 | 2,421.57 | 2,578.97 | 2,746.61 | 2,925.14 | 3,012.89 |
| Payout Ratio | 19.48% | 33.59% | 47.69% | 61.79% | 75.90% | 90.00% | 92.50% |
| Projected Dividends (M) | 416.00 | 763.71 | 1,154.87 | 1,593.65 | 2,084.59 | 2,632.62 | 2,786.92 |
| 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) | 693.45 | 700.02 | 706.60 |
| Year 2 PV (M) | 952.15 | 970.28 | 988.59 |
| Year 3 PV (M) | 1,193.03 | 1,227.28 | 1,262.17 |
| Year 4 PV (M) | 1,416.98 | 1,471.48 | 1,527.53 |
| Year 5 PV (M) | 1,624.87 | 1,703.35 | 1,784.84 |
| PV of Terminal Value (M) | 28,207.71 | 29,570.15 | 30,984.74 |
| Equity Value (M) | 34,088.19 | 35,642.56 | 37,254.46 |
| Shares Outstanding (M) | 207.50 | 207.50 | 207.50 |
| Fair Value | $164.28 | $171.77 | $179.54 |
| Upside / Downside | -4.82% | -0.48% | 4.02% |
| 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% |