Definitive Analysis
| Stable Growth | $117.02 - $291.02 | $175.36 |
| Multi-Stage | $136.33 - $149.33 | $142.71 |
| Blended Fair Value | $159.03 | |
| Current Price | $83.56 | |
| Upside | 90.32% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.28% | 8.27% | 3.43 | 2.48 | 2.92 | 2.50 | 1.87 | 2.30 | 2.14 | 2.02 | 1.88 | 1.61 |
| YoY Growth | - | - | 38.17% | -15.02% | 17.02% | 33.77% | -19.01% | 7.42% | 6.23% | 7.54% | 16.61% | 3.95% |
| Dividend Yield | - | - | 4.16% | 3.40% | 4.63% | 3.58% | 2.94% | 5.11% | 4.10% | 3.81% | 3.86% | 3.84% |
| Net Income To Common (M) | 3,094.00 |
| (-) Cash Dividends Paid (M) | 2,029.00 |
| (=) Cash Retained (M) | 1,065.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 618.80 | 386.75 | 232.05 |
| Cash Retained (M) | 1,065.00 | 1,065.00 | 1,065.00 |
| (-) Cash Required (M) | -618.80 | -386.75 | -232.05 |
| (=) Excess Retained (M) | 446.20 | 678.25 | 832.95 |
| (/) Shares Outstanding (M) | 572.25 | 572.25 | 572.25 |
| (=) Excess Retained per Share | 0.78 | 1.19 | 1.46 |
| LTM Dividend per Share | 3.55 | 3.55 | 3.55 |
| (+) Excess Retained per Share | 0.78 | 1.19 | 1.46 |
| (=) Adjusted Dividend | 4.33 | 4.73 | 5.00 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 2.87% | 3.87% | 4.87% |
| Fair Value | $117.02 | $175.36 | $291.02 |
| Upside / Downside | 40.05% | 109.86% | 248.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,094.00 | 3,213.79 | 3,338.23 | 3,467.47 | 3,601.73 | 3,741.18 | 3,853.42 |
| Payout Ratio | 65.58% | 70.46% | 75.35% | 80.23% | 85.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,029.00 | 2,264.53 | 2,515.26 | 2,782.00 | 3,065.64 | 3,367.06 | 3,564.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | 2.87% | 3.87% | 4.87% |
| Year 1 PV (M) | 2,102.41 | 2,122.85 | 2,143.29 |
| Year 2 PV (M) | 2,168.01 | 2,210.37 | 2,253.13 |
| Year 3 PV (M) | 2,226.27 | 2,291.82 | 2,358.65 |
| Year 4 PV (M) | 2,277.61 | 2,367.47 | 2,459.97 |
| Year 5 PV (M) | 2,322.47 | 2,437.57 | 2,557.19 |
| PV of Terminal Value (M) | 66,917.53 | 70,233.86 | 73,680.38 |
| Equity Value (M) | 78,014.31 | 81,663.94 | 85,452.60 |
| Shares Outstanding (M) | 572.25 | 572.25 | 572.25 |
| Fair Value | $136.33 | $142.71 | $149.33 |
| Upside / Downside | 63.15% | 70.78% | 78.71% |
| 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% |