Definitive Analysis
| Stable Growth | $210.22 - $545.41 | $511.13 |
| Multi-Stage | $80.43 - $87.89 | $84.09 |
| Blended Fair Value | $297.61 | |
| Current Price | $35.00 | |
| Upside | 750.32% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 27.28% | 9.30% | 2.18 | 1.65 | 1.10 | 1.01 | 0.82 | 0.65 | 0.68 | 0.53 | 0.41 | 0.30 |
| YoY Growth | - | - | 31.86% | 50.47% | 8.89% | 22.92% | 25.76% | -4.37% | 28.63% | 29.02% | 37.40% | -66.59% |
| Dividend Yield | - | - | 6.27% | 1.85% | 1.94% | 3.64% | 2.88% | 4.38% | 3.63% | 2.25% | 1.55% | 1.91% |
| Net Income To Common (M) | 844.07 |
| (-) Cash Dividends Paid (M) | 693.65 |
| (=) Cash Retained (M) | 150.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 168.81 | 105.51 | 63.30 |
| Cash Retained (M) | 150.42 | 150.42 | 150.42 |
| (-) Cash Required (M) | -168.81 | -105.51 | -63.30 |
| (=) Excess Retained (M) | -18.39 | 44.91 | 87.12 |
| (/) Shares Outstanding (M) | 307.77 | 307.77 | 307.77 |
| (=) Excess Retained per Share | -0.06 | 0.15 | 0.28 |
| LTM Dividend per Share | 2.25 | 2.25 | 2.25 |
| (+) Excess Retained per Share | -0.06 | 0.15 | 0.28 |
| (=) Adjusted Dividend | 2.19 | 2.40 | 2.54 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $210.22 | $511.13 | $545.41 |
| Upside / Downside | 500.62% | 1,360.37% | 1,458.32% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 844.07 | 898.93 | 957.36 | 1,019.59 | 1,085.86 | 1,156.44 | 1,191.14 |
| Payout Ratio | 82.18% | 83.74% | 85.31% | 86.87% | 88.44% | 90.00% | 92.50% |
| Projected Dividends (M) | 693.65 | 752.79 | 816.70 | 885.73 | 960.29 | 1,040.80 | 1,101.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 699.55 | 706.18 | 712.81 |
| Year 2 PV (M) | 705.25 | 718.69 | 732.25 |
| Year 3 PV (M) | 710.77 | 731.17 | 751.96 |
| Year 4 PV (M) | 716.09 | 743.63 | 771.96 |
| Year 5 PV (M) | 721.23 | 756.07 | 792.23 |
| PV of Terminal Value (M) | 21,202.08 | 22,226.15 | 23,289.41 |
| Equity Value (M) | 24,754.97 | 25,881.88 | 27,050.62 |
| Shares Outstanding (M) | 307.77 | 307.77 | 307.77 |
| Fair Value | $80.43 | $84.09 | $87.89 |
| Upside / Downside | 129.81% | 140.27% | 151.12% |
| 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% |