Definitive Analysis
| Stable Growth | $75.73 - $134.98 | $100.68 |
| Multi-Stage | $77.75 - $85.12 | $81.36 |
| Blended Fair Value | $91.02 | |
| Current Price | $84.85 | |
| Upside | 7.28% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.62% | 4.94% | 0.93 | 0.89 | 0.85 | 0.82 | 0.81 | 0.78 | 0.73 | 0.69 | 0.66 | 0.62 |
| YoY Growth | - | - | 4.80% | 4.56% | 4.09% | 1.54% | 3.15% | 6.81% | 6.14% | 4.93% | 5.82% | 7.72% |
| Dividend Yield | - | - | 1.20% | 1.26% | 1.48% | 1.36% | 1.32% | 1.69% | 1.36% | 0.92% | 1.30% | 1.44% |
| Net Income To Common (M) | 698.58 |
| (-) Cash Dividends Paid (M) | 123.35 |
| (=) Cash Retained (M) | 575.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 139.72 | 87.32 | 52.39 |
| Cash Retained (M) | 575.23 | 575.23 | 575.23 |
| (-) Cash Required (M) | -139.72 | -87.32 | -52.39 |
| (=) Excess Retained (M) | 435.51 | 487.90 | 522.83 |
| (/) Shares Outstanding (M) | 128.97 | 128.97 | 128.97 |
| (=) Excess Retained per Share | 3.38 | 3.78 | 4.05 |
| LTM Dividend per Share | 0.96 | 0.96 | 0.96 |
| (+) Excess Retained per Share | 3.38 | 3.78 | 4.05 |
| (=) Adjusted Dividend | 4.33 | 4.74 | 5.01 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.19% | 4.19% | 5.19% |
| Fair Value | $75.73 | $100.68 | $134.98 |
| Upside / Downside | -10.75% | 18.66% | 59.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 698.58 | 727.87 | 758.39 | 790.19 | 823.32 | 857.84 | 883.58 |
| Payout Ratio | 17.66% | 32.13% | 46.59% | 61.06% | 75.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 123.35 | 233.83 | 353.37 | 482.51 | 621.87 | 772.06 | 817.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.19% | 4.19% | 5.19% |
| Year 1 PV (M) | 212.28 | 214.33 | 216.39 |
| Year 2 PV (M) | 291.22 | 296.89 | 302.61 |
| Year 3 PV (M) | 360.99 | 371.58 | 382.39 |
| Year 4 PV (M) | 422.35 | 438.96 | 456.06 |
| Year 5 PV (M) | 476.02 | 499.54 | 523.97 |
| PV of Terminal Value (M) | 8,263.69 | 8,671.92 | 9,096.13 |
| Equity Value (M) | 10,026.54 | 10,493.22 | 10,977.55 |
| Shares Outstanding (M) | 128.97 | 128.97 | 128.97 |
| Fair Value | $77.75 | $81.36 | $85.12 |
| Upside / Downside | -8.37% | -4.11% | 0.32% |
| 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% |