Definitive Analysis
| Stable Growth | $96.40 - $163.76 | $125.70 |
| Multi-Stage | $113.90 - $124.37 | $119.04 |
| Blended Fair Value | $122.37 | |
| Current Price | $349.53 | |
| Upside | -64.99% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.56% | 5.38% | 5.22 | 5.04 | 4.79 | 4.59 | 4.39 | 4.18 | 4.06 | 3.89 | 3.45 | 3.34 |
| YoY Growth | - | - | 3.50% | 5.27% | 4.43% | 4.49% | 5.14% | 2.83% | 4.31% | 12.82% | 3.31% | 8.03% |
| Dividend Yield | - | - | 1.49% | 1.76% | 1.54% | 1.78% | 1.26% | 1.67% | 2.00% | 2.59% | 1.76% | 2.49% |
| Net Income To Common (M) | 869.00 |
| (-) Cash Dividends Paid (M) | 591.00 |
| (=) Cash Retained (M) | 278.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 173.80 | 108.63 | 65.18 |
| Cash Retained (M) | 278.00 | 278.00 | 278.00 |
| (-) Cash Required (M) | -173.80 | -108.63 | -65.18 |
| (=) Excess Retained (M) | 104.20 | 169.38 | 212.83 |
| (/) Shares Outstanding (M) | 113.20 | 113.20 | 113.20 |
| (=) Excess Retained per Share | 0.92 | 1.50 | 1.88 |
| LTM Dividend per Share | 5.22 | 5.22 | 5.22 |
| (+) Excess Retained per Share | 0.92 | 1.50 | 1.88 |
| (=) Adjusted Dividend | 6.14 | 6.72 | 7.10 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.56% | 3.56% | 4.56% |
| Fair Value | $96.40 | $125.70 | $163.76 |
| Upside / Downside | -72.42% | -64.04% | -53.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 869.00 | 899.97 | 932.05 | 965.26 | 999.66 | 1,035.29 | 1,066.35 |
| Payout Ratio | 68.01% | 72.41% | 76.81% | 81.20% | 85.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 591.00 | 651.65 | 715.86 | 783.83 | 855.73 | 931.76 | 986.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.56% | 3.56% | 4.56% |
| Year 1 PV (M) | 591.54 | 597.30 | 603.07 |
| Year 2 PV (M) | 589.89 | 601.44 | 613.12 |
| Year 3 PV (M) | 586.31 | 603.63 | 621.29 |
| Year 4 PV (M) | 581.05 | 604.05 | 627.72 |
| Year 5 PV (M) | 574.32 | 602.87 | 632.54 |
| PV of Terminal Value (M) | 9,970.14 | 10,465.75 | 10,980.89 |
| Equity Value (M) | 12,893.24 | 13,475.04 | 14,078.61 |
| Shares Outstanding (M) | 113.20 | 113.20 | 113.20 |
| Fair Value | $113.90 | $119.04 | $124.37 |
| Upside / Downside | -67.41% | -65.94% | -64.42% |
| 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% |