Definitive Analysis
| Stable Growth | $36.76 - $53.79 | $44.97 |
| Multi-Stage | $52.34 - $57.34 | $54.79 |
| Blended Fair Value | $49.88 | |
| Current Price | $128.27 | |
| Upside | -61.11% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -24.44% | -17.39% | 1.32 | 0.80 | 0.01 | 0.01 | 1.03 | 5.35 | 5.38 | 3.03 | 3.07 | 4.72 |
| YoY Growth | - | - | 64.71% | 5,763.88% | -6.95% | -98.57% | -80.80% | -0.57% | 77.63% | -1.37% | -34.84% | -47.07% |
| Dividend Yield | - | - | 1.58% | 0.75% | 0.01% | 0.02% | 0.82% | 8.89% | 4.16% | 1.66% | 2.68% | 5.05% |
| Net Income To Common (M) | 504.28 |
| (-) Cash Dividends Paid (M) | 176.38 |
| (=) Cash Retained (M) | 327.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 100.86 | 63.03 | 37.82 |
| Cash Retained (M) | 327.90 | 327.90 | 327.90 |
| (-) Cash Required (M) | -100.86 | -63.03 | -37.82 |
| (=) Excess Retained (M) | 227.04 | 264.86 | 290.08 |
| (/) Shares Outstanding (M) | 105.85 | 105.85 | 105.85 |
| (=) Excess Retained per Share | 2.14 | 2.50 | 2.74 |
| LTM Dividend per Share | 1.67 | 1.67 | 1.67 |
| (+) Excess Retained per Share | 2.14 | 2.50 | 2.74 |
| (=) Adjusted Dividend | 3.81 | 4.17 | 4.41 |
| WACC / Discount Rate | 9.83% | 9.83% | 9.83% |
| Growth Rate | -0.48% | 0.52% | 1.52% |
| Fair Value | $36.76 | $44.97 | $53.79 |
| Upside / Downside | -71.34% | -64.94% | -58.07% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 504.28 | 506.88 | 509.50 | 512.14 | 514.79 | 517.45 | 532.97 |
| Payout Ratio | 34.98% | 45.98% | 56.99% | 67.99% | 79.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 176.38 | 233.07 | 290.35 | 348.21 | 406.66 | 465.70 | 493.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.83% | 9.83% | 9.83% |
| Growth Rate | -0.48% | 0.52% | 1.52% |
| Year 1 PV (M) | 210.09 | 212.21 | 214.32 |
| Year 2 PV (M) | 235.92 | 240.68 | 245.50 |
| Year 3 PV (M) | 255.04 | 262.80 | 270.73 |
| Year 4 PV (M) | 268.48 | 279.44 | 290.73 |
| Year 5 PV (M) | 277.15 | 291.36 | 306.15 |
| PV of Terminal Value (M) | 4,293.50 | 4,513.59 | 4,742.62 |
| Equity Value (M) | 5,540.19 | 5,800.09 | 6,070.03 |
| Shares Outstanding (M) | 105.85 | 105.85 | 105.85 |
| Fair Value | $52.34 | $54.79 | $57.34 |
| Upside / Downside | -59.20% | -57.28% | -55.29% |
| 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% |