Definitive Analysis
| Stable Growth | $213.93 - $567.51 | $327.13 |
| Multi-Stage | $145.51 - $159.03 | $152.15 |
| Blended Fair Value | $239.64 | |
| Current Price | $118.35 | |
| Upside | 102.48% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.35% | 6.43% | 1.16 | 1.12 | 1.08 | 1.00 | 0.91 | 0.89 | 0.88 | 0.78 | 0.74 | 0.69 |
| YoY Growth | - | - | 3.88% | 3.08% | 7.91% | 10.73% | 1.42% | 1.99% | 12.34% | 5.79% | 6.68% | 11.13% |
| Dividend Yield | - | - | 1.15% | 1.32% | 1.87% | 1.03% | 0.98% | 1.93% | 1.34% | 1.08% | 0.98% | 1.34% |
| Net Income To Common (M) | 607.04 |
| (-) Cash Dividends Paid (M) | 114.53 |
| (=) Cash Retained (M) | 492.51 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 121.41 | 75.88 | 45.53 |
| Cash Retained (M) | 492.51 | 492.51 | 492.51 |
| (-) Cash Required (M) | -121.41 | -75.88 | -45.53 |
| (=) Excess Retained (M) | 371.10 | 416.63 | 446.98 |
| (/) Shares Outstanding (M) | 66.56 | 66.56 | 66.56 |
| (=) Excess Retained per Share | 5.58 | 6.26 | 6.72 |
| LTM Dividend per Share | 1.72 | 1.72 | 1.72 |
| (+) Excess Retained per Share | 5.58 | 6.26 | 6.72 |
| (=) Adjusted Dividend | 7.30 | 7.98 | 8.44 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $213.93 | $327.13 | $567.51 |
| Upside / Downside | 80.76% | 176.41% | 379.52% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 607.04 | 646.50 | 688.52 | 733.27 | 780.94 | 831.70 | 856.65 |
| Payout Ratio | 18.87% | 33.09% | 47.32% | 61.55% | 75.77% | 90.00% | 92.50% |
| Projected Dividends (M) | 114.53 | 213.95 | 325.81 | 451.31 | 591.74 | 748.53 | 792.40 |
| 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) | 194.27 | 196.11 | 197.95 |
| Year 2 PV (M) | 268.62 | 273.73 | 278.90 |
| Year 3 PV (M) | 337.85 | 347.55 | 357.44 |
| Year 4 PV (M) | 402.23 | 417.70 | 433.61 |
| Year 5 PV (M) | 462.00 | 484.31 | 507.48 |
| PV of Terminal Value (M) | 8,020.24 | 8,407.62 | 8,809.82 |
| Equity Value (M) | 9,685.21 | 10,127.03 | 10,585.20 |
| Shares Outstanding (M) | 66.56 | 66.56 | 66.56 |
| Fair Value | $145.51 | $152.15 | $159.03 |
| Upside / Downside | 22.95% | 28.56% | 34.37% |
| 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% |