Definitive Analysis
| Stable Growth | $878.18 - $1,586.25 | $1,486.55 |
| Multi-Stage | $249.76 - $273.52 | $261.42 |
| Blended Fair Value | $873.98 | |
| Current Price | $312.53 | |
| Upside | 179.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.93% | 5.58% | 2.24 | 2.14 | 0.00 | 2.01 | 1.88 | 1.76 | 1.74 | 1.71 | 1.64 | 1.48 |
| YoY Growth | - | - | 5.03% | 0.00% | -100.00% | 6.83% | 6.71% | 1.36% | 1.78% | 3.99% | 11.02% | 13.61% |
| Dividend Yield | - | - | 0.72% | 0.95% | 0.00% | 1.21% | 1.42% | 1.80% | 2.05% | 2.30% | 1.75% | 1.89% |
| Net Income To Common (M) | 1,554.17 |
| (-) Cash Dividends Paid (M) | 437.08 |
| (=) Cash Retained (M) | 1,117.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 310.83 | 194.27 | 116.56 |
| Cash Retained (M) | 1,117.09 | 1,117.09 | 1,117.09 |
| (-) Cash Required (M) | -310.83 | -194.27 | -116.56 |
| (=) Excess Retained (M) | 806.25 | 922.82 | 1,000.53 |
| (/) Shares Outstanding (M) | 194.85 | 194.85 | 194.85 |
| (=) Excess Retained per Share | 4.14 | 4.74 | 5.13 |
| LTM Dividend per Share | 2.24 | 2.24 | 2.24 |
| (+) Excess Retained per Share | 4.14 | 4.74 | 5.13 |
| (=) Adjusted Dividend | 6.38 | 6.98 | 7.38 |
| WACC / Discount Rate | 6.27% | 6.27% | 6.27% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $878.18 | $1,486.55 | $1,586.25 |
| Upside / Downside | 180.99% | 375.65% | 407.55% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,554.17 | 1,655.19 | 1,762.78 | 1,877.36 | 1,999.39 | 2,129.35 | 2,193.23 |
| Payout Ratio | 28.12% | 40.50% | 52.87% | 65.25% | 77.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 437.08 | 670.33 | 932.05 | 1,224.96 | 1,552.02 | 1,916.41 | 2,028.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.27% | 6.27% | 6.27% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 624.87 | 630.80 | 636.72 |
| Year 2 PV (M) | 809.94 | 825.36 | 840.94 |
| Year 3 PV (M) | 992.30 | 1,020.78 | 1,049.81 |
| Year 4 PV (M) | 1,171.98 | 1,217.05 | 1,263.41 |
| Year 5 PV (M) | 1,349.02 | 1,414.18 | 1,481.83 |
| PV of Terminal Value (M) | 43,718.40 | 45,830.02 | 48,022.45 |
| Equity Value (M) | 48,666.52 | 50,938.20 | 53,295.16 |
| Shares Outstanding (M) | 194.85 | 194.85 | 194.85 |
| Fair Value | $249.76 | $261.42 | $273.52 |
| Upside / Downside | -20.08% | -16.35% | -12.48% |
| 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% |