Definitive Analysis
| Stable Growth | $352.81 - $1,272.92 | $1,122.94 |
| Multi-Stage | $165.69 - $181.04 | $173.23 |
| Blended Fair Value | $648.09 | |
| Current Price | $54.60 | |
| Upside | 1,086.97% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.28% | 22.05% | 2.20 | 3.88 | 3.49 | 2.21 | 0.17 | 1.48 | 2.82 | 2.13 | 0.59 | 0.56 |
| YoY Growth | - | - | -43.20% | 11.24% | 57.84% | 1,236.32% | -88.83% | -47.60% | 32.60% | 262.09% | 5.99% | 84.77% |
| Dividend Yield | - | - | 5.06% | 13.78% | 15.92% | 10.04% | 0.79% | 7.38% | 14.25% | 8.19% | 2.94% | 2.61% |
| Net Income To Common (M) | 273.97 |
| (-) Cash Dividends Paid (M) | 188.06 |
| (=) Cash Retained (M) | 85.91 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 54.79 | 34.25 | 20.55 |
| Cash Retained (M) | 85.91 | 85.91 | 85.91 |
| (-) Cash Required (M) | -54.79 | -34.25 | -20.55 |
| (=) Excess Retained (M) | 31.12 | 51.67 | 65.37 |
| (/) Shares Outstanding (M) | 42.80 | 42.80 | 42.80 |
| (=) Excess Retained per Share | 0.73 | 1.21 | 1.53 |
| LTM Dividend per Share | 4.39 | 4.39 | 4.39 |
| (+) Excess Retained per Share | 0.73 | 1.21 | 1.53 |
| (=) Adjusted Dividend | 5.12 | 5.60 | 5.92 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $352.81 | $1,122.94 | $1,272.92 |
| Upside / Downside | 546.18% | 1,956.67% | 2,231.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 273.97 | 291.78 | 310.74 | 330.94 | 352.45 | 375.36 | 386.62 |
| Payout Ratio | 68.64% | 72.91% | 77.18% | 81.46% | 85.73% | 90.00% | 92.50% |
| Projected Dividends (M) | 188.06 | 212.74 | 239.84 | 269.57 | 302.15 | 337.82 | 357.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 196.90 | 198.77 | 200.63 |
| Year 2 PV (M) | 205.45 | 209.37 | 213.32 |
| Year 3 PV (M) | 213.72 | 219.86 | 226.11 |
| Year 4 PV (M) | 221.71 | 230.24 | 239.01 |
| Year 5 PV (M) | 229.43 | 240.51 | 252.02 |
| PV of Terminal Value (M) | 6,025.05 | 6,316.06 | 6,618.21 |
| Equity Value (M) | 7,092.27 | 7,414.81 | 7,749.30 |
| Shares Outstanding (M) | 42.80 | 42.80 | 42.80 |
| Fair Value | $165.69 | $173.23 | $181.04 |
| Upside / Downside | 203.47% | 217.27% | 231.58% |
| 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% |