Definitive Analysis
| Stable Growth | $157.70 - $406.45 | $238.99 |
| Multi-Stage | $107.52 - $117.54 | $112.44 |
| Blended Fair Value | $175.71 | |
| Current Price | $200.47 | |
| Upside | -12.35% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.37% | 21.95% | 0.82 | 0.72 | 0.65 | 0.54 | 0.54 | 0.48 | 0.27 | 0.25 | 0.19 | 0.16 |
| YoY Growth | - | - | 13.82% | 10.81% | 20.65% | -0.54% | 13.22% | 76.55% | 9.61% | 30.18% | 20.28% | 40.10% |
| Dividend Yield | - | - | 0.45% | 0.50% | 0.64% | 0.56% | 0.68% | 0.99% | 0.36% | 0.30% | 0.24% | 0.20% |
| Net Income To Common (M) | 1,180.00 |
| (-) Cash Dividends Paid (M) | 164.00 |
| (=) Cash Retained (M) | 1,016.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 236.00 | 147.50 | 88.50 |
| Cash Retained (M) | 1,016.00 | 1,016.00 | 1,016.00 |
| (-) Cash Required (M) | -236.00 | -147.50 | -88.50 |
| (=) Excess Retained (M) | 780.00 | 868.50 | 927.50 |
| (/) Shares Outstanding (M) | 171.43 | 171.43 | 171.43 |
| (=) Excess Retained per Share | 4.55 | 5.07 | 5.41 |
| LTM Dividend per Share | 0.96 | 0.96 | 0.96 |
| (+) Excess Retained per Share | 4.55 | 5.07 | 5.41 |
| (=) Adjusted Dividend | 5.51 | 6.02 | 6.37 |
| WACC / Discount Rate | 9.18% | 9.18% | 9.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $157.70 | $238.99 | $406.45 |
| Upside / Downside | -21.34% | 19.22% | 102.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,180.00 | 1,256.70 | 1,338.39 | 1,425.38 | 1,518.03 | 1,616.70 | 1,665.20 |
| Payout Ratio | 13.90% | 29.12% | 44.34% | 59.56% | 74.78% | 90.00% | 92.50% |
| Projected Dividends (M) | 164.00 | 365.93 | 593.43 | 848.95 | 1,135.18 | 1,455.03 | 1,540.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.18% | 9.18% | 9.18% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 332.01 | 335.15 | 338.30 |
| Year 2 PV (M) | 488.49 | 497.79 | 507.19 |
| Year 3 PV (M) | 634.03 | 652.23 | 670.78 |
| Year 4 PV (M) | 769.20 | 798.78 | 829.21 |
| Year 5 PV (M) | 894.52 | 937.73 | 982.59 |
| PV of Terminal Value (M) | 15,312.90 | 16,052.51 | 16,820.44 |
| Equity Value (M) | 18,431.15 | 19,274.20 | 20,148.50 |
| Shares Outstanding (M) | 171.43 | 171.43 | 171.43 |
| Fair Value | $107.52 | $112.44 | $117.54 |
| Upside / Downside | -46.37% | -43.91% | -41.37% |
| 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% |