Definitive Analysis
| Stable Growth | $211.10 - $610.30 | $331.19 |
| Multi-Stage | $140.90 - $153.99 | $147.33 |
| Blended Fair Value | $239.26 | |
| Current Price | $307.62 | |
| Upside | -22.22% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.31% | 23.81% | 1.84 | 1.72 | 1.60 | 1.48 | 1.36 | 1.23 | 1.11 | 1.00 | 0.80 | 0.40 |
| YoY Growth | - | - | 7.01% | 7.43% | 8.25% | 8.98% | 9.91% | 10.71% | 11.92% | 24.45% | 99.82% | 84.23% |
| Dividend Yield | - | - | 0.79% | 0.64% | 0.93% | 0.80% | 0.80% | 1.14% | 0.93% | 0.87% | 0.66% | 0.38% |
| Net Income To Common (M) | 1,122.70 |
| (-) Cash Dividends Paid (M) | 256.20 |
| (=) Cash Retained (M) | 866.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 224.54 | 140.34 | 84.20 |
| Cash Retained (M) | 866.50 | 866.50 | 866.50 |
| (-) Cash Required (M) | -224.54 | -140.34 | -84.20 |
| (=) Excess Retained (M) | 641.96 | 726.16 | 782.30 |
| (/) Shares Outstanding (M) | 132.98 | 132.98 | 132.98 |
| (=) Excess Retained per Share | 4.83 | 5.46 | 5.88 |
| LTM Dividend per Share | 1.93 | 1.93 | 1.93 |
| (+) Excess Retained per Share | 4.83 | 5.46 | 5.88 |
| (=) Adjusted Dividend | 6.75 | 7.39 | 7.81 |
| WACC / Discount Rate | 8.88% | 8.88% | 8.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $211.10 | $331.19 | $610.30 |
| Upside / Downside | -31.38% | 7.66% | 98.39% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,122.70 | 1,195.68 | 1,273.39 | 1,356.17 | 1,444.32 | 1,538.20 | 1,584.34 |
| Payout Ratio | 22.82% | 36.26% | 49.69% | 63.13% | 76.56% | 90.00% | 92.50% |
| Projected Dividends (M) | 256.20 | 433.50 | 632.78 | 856.12 | 1,105.83 | 1,384.38 | 1,465.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.88% | 8.88% | 8.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 394.43 | 398.16 | 401.90 |
| Year 2 PV (M) | 523.83 | 533.81 | 543.88 |
| Year 3 PV (M) | 644.84 | 663.35 | 682.21 |
| Year 4 PV (M) | 757.84 | 786.98 | 816.96 |
| Year 5 PV (M) | 863.21 | 904.90 | 948.19 |
| PV of Terminal Value (M) | 15,552.40 | 16,303.59 | 17,083.52 |
| Equity Value (M) | 18,736.54 | 19,590.79 | 20,476.67 |
| Shares Outstanding (M) | 132.98 | 132.98 | 132.98 |
| Fair Value | $140.90 | $147.33 | $153.99 |
| Upside / Downside | -54.20% | -52.11% | -49.94% |
| 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% |