Definitive Analysis
| Stable Growth | $208.72 - $553.68 | $319.16 |
| Multi-Stage | $143.46 - $156.71 | $149.96 |
| Blended Fair Value | $234.56 | |
| Current Price | $192.62 | |
| Upside | 21.77% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.20% | 8.34% | 2.25 | 1.87 | 1.75 | 1.51 | 1.27 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 |
| YoY Growth | - | - | 20.47% | 6.96% | 15.89% | 18.96% | 4.65% | 7.35% | 3.94% | 1.10% | 4.62% | 1.49% |
| Dividend Yield | - | - | 1.42% | 1.31% | 2.95% | 2.19% | 1.45% | 3.87% | 4.03% | 4.55% | 4.11% | 3.43% |
| Net Income To Common (M) | 1,105.30 |
| (-) Cash Dividends Paid (M) | 307.83 |
| (=) Cash Retained (M) | 797.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 221.06 | 138.16 | 82.90 |
| Cash Retained (M) | 797.48 | 797.48 | 797.48 |
| (-) Cash Required (M) | -221.06 | -138.16 | -82.90 |
| (=) Excess Retained (M) | 576.42 | 659.32 | 714.58 |
| (/) Shares Outstanding (M) | 124.22 | 124.22 | 124.22 |
| (=) Excess Retained per Share | 4.64 | 5.31 | 5.75 |
| LTM Dividend per Share | 2.48 | 2.48 | 2.48 |
| (+) Excess Retained per Share | 4.64 | 5.31 | 5.75 |
| (=) Adjusted Dividend | 7.12 | 7.79 | 8.23 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $208.72 | $319.16 | $553.68 |
| Upside / Downside | 8.36% | 65.69% | 187.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,105.30 | 1,177.15 | 1,253.66 | 1,335.15 | 1,421.94 | 1,514.36 | 1,559.79 |
| Payout Ratio | 27.85% | 40.28% | 52.71% | 65.14% | 77.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 307.83 | 474.15 | 660.81 | 869.72 | 1,103.00 | 1,362.93 | 1,442.81 |
| 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) | 430.53 | 434.61 | 438.69 |
| Year 2 PV (M) | 544.81 | 555.19 | 565.66 |
| Year 3 PV (M) | 651.08 | 669.77 | 688.82 |
| Year 4 PV (M) | 749.75 | 778.59 | 808.24 |
| Year 5 PV (M) | 841.21 | 881.84 | 924.02 |
| PV of Terminal Value (M) | 14,603.32 | 15,308.67 | 16,041.01 |
| Equity Value (M) | 17,820.71 | 18,628.66 | 19,466.45 |
| Shares Outstanding (M) | 124.22 | 124.22 | 124.22 |
| Fair Value | $143.46 | $149.96 | $156.71 |
| Upside / Downside | -25.52% | -22.15% | -18.64% |
| 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% |