Definitive Analysis
| Stable Growth | $46.12 - $71.51 | $57.88 |
| Multi-Stage | $67.49 - $73.67 | $70.53 |
| Blended Fair Value | $64.20 | |
| Current Price | $170.26 | |
| Upside | -62.29% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -1.49% | 9.59% | 4.43 | 4.64 | 4.99 | 5.12 | 5.12 | 4.77 | 4.38 | 3.97 | 3.55 | 2.71 |
| YoY Growth | - | - | -4.68% | -7.04% | -2.50% | 0.13% | 7.24% | 8.98% | 10.23% | 11.79% | 31.01% | 53.07% |
| Dividend Yield | - | - | 3.35% | 2.69% | 3.58% | 5.04% | 7.15% | 10.52% | 5.06% | 4.28% | 5.36% | 4.23% |
| Net Income To Common (M) | 1,495.00 |
| (-) Cash Dividends Paid (M) | 1,400.00 |
| (=) Cash Retained (M) | 95.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 299.00 | 186.88 | 112.13 |
| Cash Retained (M) | 95.00 | 95.00 | 95.00 |
| (-) Cash Required (M) | -299.00 | -186.88 | -112.13 |
| (=) Excess Retained (M) | -204.00 | -91.88 | -17.13 |
| (/) Shares Outstanding (M) | 312.75 | 312.75 | 312.75 |
| (=) Excess Retained per Share | -0.65 | -0.29 | -0.05 |
| LTM Dividend per Share | 4.48 | 4.48 | 4.48 |
| (+) Excess Retained per Share | -0.65 | -0.29 | -0.05 |
| (=) Adjusted Dividend | 3.82 | 4.18 | 4.42 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Fair Value | $46.12 | $57.88 | $71.51 |
| Upside / Downside | -72.91% | -66.01% | -58.00% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,495.00 | 1,521.09 | 1,547.63 | 1,574.64 | 1,602.12 | 1,630.08 | 1,678.98 |
| Payout Ratio | 93.65% | 92.92% | 92.19% | 91.46% | 90.73% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,400.00 | 1,413.34 | 1,426.72 | 1,440.14 | 1,453.59 | 1,467.07 | 1,553.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Year 1 PV (M) | 1,282.75 | 1,295.48 | 1,308.21 |
| Year 2 PV (M) | 1,175.24 | 1,198.69 | 1,222.36 |
| Year 3 PV (M) | 1,076.68 | 1,109.06 | 1,142.08 |
| Year 4 PV (M) | 986.32 | 1,026.06 | 1,067.00 |
| Year 5 PV (M) | 903.48 | 949.22 | 996.79 |
| PV of Terminal Value (M) | 15,684.39 | 16,478.42 | 17,304.28 |
| Equity Value (M) | 21,108.85 | 22,056.92 | 23,040.73 |
| Shares Outstanding (M) | 312.75 | 312.75 | 312.75 |
| Fair Value | $67.49 | $70.53 | $73.67 |
| Upside / Downside | -60.36% | -58.58% | -56.73% |
| 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% |