Definitive Analysis
| Stable Growth | $242.26 - $508.73 | $342.70 |
| Multi-Stage | $178.00 - $194.38 | $186.04 |
| Blended Fair Value | $264.37 | |
| Current Price | $411.65 | |
| Upside | -35.78% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.03% | 25.46% | 2.40 | 2.40 | 2.40 | 2.45 | 1.67 | 1.30 | 1.18 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.04% | 0.03% | -2.03% | 46.86% | 28.13% | 10.26% | 0.00% | 0.00% | 0.00% | -100.00% |
| Dividend Yield | - | - | 0.58% | 1.08% | 1.65% | 0.83% | 0.56% | 0.78% | 1.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 791.81 |
| (-) Cash Dividends Paid (M) | 157.27 |
| (=) Cash Retained (M) | 634.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 158.36 | 98.98 | 59.39 |
| Cash Retained (M) | 634.54 | 634.54 | 634.54 |
| (-) Cash Required (M) | -158.36 | -98.98 | -59.39 |
| (=) Excess Retained (M) | 476.18 | 535.57 | 575.16 |
| (/) Shares Outstanding (M) | 60.54 | 60.54 | 60.54 |
| (=) Excess Retained per Share | 7.87 | 8.85 | 9.50 |
| LTM Dividend per Share | 2.60 | 2.60 | 2.60 |
| (+) Excess Retained per Share | 7.87 | 8.85 | 9.50 |
| (=) Adjusted Dividend | 10.46 | 11.44 | 12.10 |
| WACC / Discount Rate | 10.06% | 10.06% | 10.06% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $242.26 | $342.70 | $508.73 |
| Upside / Downside | -41.15% | -16.75% | 23.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 791.81 | 843.28 | 898.09 | 956.47 | 1,018.64 | 1,084.85 | 1,117.40 |
| Payout Ratio | 19.86% | 33.89% | 47.92% | 61.94% | 75.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 157.27 | 285.78 | 430.34 | 592.48 | 773.88 | 976.36 | 1,033.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.06% | 10.06% | 10.06% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 257.23 | 259.67 | 262.11 |
| Year 2 PV (M) | 348.65 | 355.29 | 361.99 |
| Year 3 PV (M) | 432.05 | 444.46 | 457.10 |
| Year 4 PV (M) | 507.96 | 527.49 | 547.58 |
| Year 5 PV (M) | 576.84 | 604.70 | 633.62 |
| PV of Terminal Value (M) | 8,653.88 | 9,071.87 | 9,505.85 |
| Equity Value (M) | 10,776.61 | 11,263.48 | 11,768.26 |
| Shares Outstanding (M) | 60.54 | 60.54 | 60.54 |
| Fair Value | $178.00 | $186.04 | $194.38 |
| Upside / Downside | -56.76% | -54.81% | -52.78% |
| 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% |