Definitive Analysis
| Stable Growth | $113.39 - $168.94 | $139.83 |
| Multi-Stage | $148.05 - $162.20 | $154.99 |
| Blended Fair Value | $147.41 | |
| Current Price | $311.97 | |
| Upside | -52.75% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.28% | 2.44% | 3.19 | 3.08 | 3.14 | 2.38 | 0.79 | 3.23 | 3.02 | 2.57 | 2.61 | 2.69 |
| YoY Growth | - | - | 3.34% | -1.87% | 32.20% | 201.20% | -75.58% | 6.92% | 17.43% | -1.46% | -3.06% | 7.59% |
| Dividend Yield | - | - | 1.15% | 1.76% | 2.55% | 2.62% | 0.65% | 4.77% | 2.66% | 2.05% | 3.54% | 2.99% |
| Net Income To Common (M) | 854.30 |
| (-) Cash Dividends Paid (M) | 208.20 |
| (=) Cash Retained (M) | 646.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 170.86 | 106.79 | 64.07 |
| Cash Retained (M) | 646.10 | 646.10 | 646.10 |
| (-) Cash Required (M) | -170.86 | -106.79 | -64.07 |
| (=) Excess Retained (M) | 475.24 | 539.31 | 582.03 |
| (/) Shares Outstanding (M) | 63.10 | 63.10 | 63.10 |
| (=) Excess Retained per Share | 7.53 | 8.55 | 9.22 |
| LTM Dividend per Share | 3.30 | 3.30 | 3.30 |
| (+) Excess Retained per Share | 7.53 | 8.55 | 9.22 |
| (=) Adjusted Dividend | 10.83 | 11.85 | 12.52 |
| WACC / Discount Rate | 10.04% | 10.04% | 10.04% |
| Growth Rate | 0.44% | 1.44% | 2.44% |
| Fair Value | $113.39 | $139.83 | $168.94 |
| Upside / Downside | -63.65% | -55.18% | -45.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 854.30 | 866.61 | 879.11 | 891.78 | 904.63 | 917.67 | 945.20 |
| Payout Ratio | 24.37% | 37.50% | 50.62% | 63.75% | 76.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 208.20 | 324.95 | 445.03 | 568.49 | 695.43 | 825.90 | 874.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.04% | 10.04% | 10.04% |
| Growth Rate | 0.44% | 1.44% | 2.44% |
| Year 1 PV (M) | 292.40 | 295.32 | 298.23 |
| Year 2 PV (M) | 360.34 | 367.55 | 374.84 |
| Year 3 PV (M) | 414.21 | 426.71 | 439.45 |
| Year 4 PV (M) | 455.95 | 474.38 | 493.36 |
| Year 5 PV (M) | 487.25 | 512.00 | 537.74 |
| PV of Terminal Value (M) | 7,331.78 | 7,704.09 | 8,091.39 |
| Equity Value (M) | 9,341.93 | 9,780.04 | 10,235.00 |
| Shares Outstanding (M) | 63.10 | 63.10 | 63.10 |
| Fair Value | $148.05 | $154.99 | $162.20 |
| Upside / Downside | -52.54% | -50.32% | -48.01% |
| 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% |