Definitive Analysis
| Stable Growth | $81.56 - $132.17 | $104.29 |
| Multi-Stage | $104.20 - $113.90 | $108.96 |
| Blended Fair Value | $106.63 | |
| Current Price | $108.24 | |
| Upside | -1.49% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 10.95% | 4.36 | 4.31 | 6.62 | 3.29 | 2.85 | 0.00 | 2.19 | 2.10 | 4.12 | 1.80 |
| YoY Growth | - | - | 1.29% | -34.93% | 101.22% | 15.25% | 0.00% | -100.00% | 4.12% | -48.93% | 129.17% | 16.49% |
| Dividend Yield | - | - | 4.03% | 4.52% | 6.35% | 2.82% | 3.90% | 0.00% | 2.48% | 2.58% | 5.64% | 2.25% |
| Net Income To Common (M) | 1,891.30 |
| (-) Cash Dividends Paid (M) | 1,126.00 |
| (=) Cash Retained (M) | 765.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 378.26 | 236.41 | 141.85 |
| Cash Retained (M) | 765.30 | 765.30 | 765.30 |
| (-) Cash Required (M) | -378.26 | -236.41 | -141.85 |
| (=) Excess Retained (M) | 387.04 | 528.89 | 623.45 |
| (/) Shares Outstanding (M) | 257.13 | 257.13 | 257.13 |
| (=) Excess Retained per Share | 1.51 | 2.06 | 2.42 |
| LTM Dividend per Share | 4.38 | 4.38 | 4.38 |
| (+) Excess Retained per Share | 1.51 | 2.06 | 2.42 |
| (=) Adjusted Dividend | 5.88 | 6.44 | 6.80 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.76% | 2.76% | 3.76% |
| Fair Value | $81.56 | $104.29 | $132.17 |
| Upside / Downside | -24.65% | -3.65% | 22.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,891.30 | 1,943.44 | 1,997.01 | 2,052.07 | 2,108.64 | 2,166.77 | 2,231.77 |
| Payout Ratio | 59.54% | 65.63% | 71.72% | 77.81% | 83.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,126.00 | 1,275.45 | 1,432.29 | 1,596.80 | 1,769.30 | 1,950.09 | 2,064.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.76% | 2.76% | 3.76% |
| Year 1 PV (M) | 1,157.71 | 1,169.09 | 1,180.47 |
| Year 2 PV (M) | 1,180.06 | 1,203.36 | 1,226.90 |
| Year 3 PV (M) | 1,194.15 | 1,229.70 | 1,265.96 |
| Year 4 PV (M) | 1,201.01 | 1,248.92 | 1,298.25 |
| Year 5 PV (M) | 1,201.53 | 1,261.74 | 1,324.34 |
| PV of Terminal Value (M) | 20,858.54 | 21,903.81 | 22,990.56 |
| Equity Value (M) | 26,793.00 | 28,016.62 | 29,286.48 |
| Shares Outstanding (M) | 257.13 | 257.13 | 257.13 |
| Fair Value | $104.20 | $108.96 | $113.90 |
| Upside / Downside | -3.73% | 0.66% | 5.23% |
| 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% |