Definitive Analysis
| Stable Growth | $216.89 - $575.36 | $331.65 |
| Multi-Stage | $147.49 - $161.19 | $154.21 |
| Blended Fair Value | $242.93 | |
| Current Price | $148.07 | |
| Upside | 64.07% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.51% | 39.56% | 1.65 | 1.56 | 1.37 | 0.60 | 0.25 | 0.92 | 0.71 | 0.50 | 0.40 | 0.27 |
| YoY Growth | - | - | 5.91% | 13.42% | 128.65% | 141.90% | -72.87% | 28.28% | 42.82% | 23.99% | 49.28% | 358.51% |
| Dividend Yield | - | - | 1.20% | 1.50% | 1.42% | 0.59% | 0.26% | 1.46% | 1.45% | 0.81% | 0.69% | 0.57% |
| Net Income To Common (M) | 774.06 |
| (-) Cash Dividends Paid (M) | 144.44 |
| (=) Cash Retained (M) | 629.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 154.81 | 96.76 | 58.05 |
| Cash Retained (M) | 629.61 | 629.61 | 629.61 |
| (-) Cash Required (M) | -154.81 | -96.76 | -58.05 |
| (=) Excess Retained (M) | 474.80 | 532.85 | 571.56 |
| (/) Shares Outstanding (M) | 83.72 | 83.72 | 83.72 |
| (=) Excess Retained per Share | 5.67 | 6.37 | 6.83 |
| LTM Dividend per Share | 1.73 | 1.73 | 1.73 |
| (+) Excess Retained per Share | 5.67 | 6.37 | 6.83 |
| (=) Adjusted Dividend | 7.40 | 8.09 | 8.55 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $216.89 | $331.65 | $575.36 |
| Upside / Downside | 46.48% | 123.98% | 288.57% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 774.06 | 824.37 | 877.95 | 935.02 | 995.80 | 1,060.52 | 1,092.34 |
| Payout Ratio | 18.66% | 32.93% | 47.20% | 61.46% | 75.73% | 90.00% | 92.50% |
| Projected Dividends (M) | 144.44 | 271.45 | 414.36 | 574.70 | 754.14 | 954.47 | 1,010.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 246.48 | 248.82 | 251.15 |
| Year 2 PV (M) | 341.63 | 348.13 | 354.70 |
| Year 3 PV (M) | 430.23 | 442.58 | 455.17 |
| Year 4 PV (M) | 512.62 | 532.33 | 552.61 |
| Year 5 PV (M) | 589.10 | 617.56 | 647.10 |
| PV of Terminal Value (M) | 10,226.85 | 10,720.81 | 11,233.67 |
| Equity Value (M) | 12,346.91 | 12,910.23 | 13,494.40 |
| Shares Outstanding (M) | 83.72 | 83.72 | 83.72 |
| Fair Value | $147.49 | $154.21 | $161.19 |
| Upside / Downside | -0.39% | 4.15% | 8.86% |
| 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% |