Definitive Analysis
| Stable Growth | $195.52 - $907.50 | $438.46 |
| Multi-Stage | $100.63 - $110.19 | $105.32 |
| Blended Fair Value | $271.89 | |
| Current Price | $325.94 | |
| Upside | -16.58% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.23% | 13.81% | 0.21 | 0.19 | 0.17 | 0.16 | 0.15 | 0.13 | 0.11 | 0.09 | 0.08 | 0.07 |
| YoY Growth | - | - | 6.21% | 11.87% | 6.36% | 6.73% | 15.31% | 21.66% | 19.96% | 19.42% | 14.78% | 17.23% |
| Dividend Yield | - | - | 0.09% | 0.11% | 0.10% | 0.12% | 0.13% | 0.11% | 0.14% | 0.14% | 0.12% | 0.11% |
| Net Income To Common (M) | 641.78 |
| (-) Cash Dividends Paid (M) | 31.97 |
| (=) Cash Retained (M) | 609.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 128.36 | 80.22 | 48.13 |
| Cash Retained (M) | 609.81 | 609.81 | 609.81 |
| (-) Cash Required (M) | -128.36 | -80.22 | -48.13 |
| (=) Excess Retained (M) | 481.45 | 529.59 | 561.68 |
| (/) Shares Outstanding (M) | 140.64 | 140.64 | 140.64 |
| (=) Excess Retained per Share | 3.42 | 3.77 | 3.99 |
| LTM Dividend per Share | 0.23 | 0.23 | 0.23 |
| (+) Excess Retained per Share | 3.42 | 3.77 | 3.99 |
| (=) Adjusted Dividend | 3.65 | 3.99 | 4.22 |
| WACC / Discount Rate | 7.47% | 7.47% | 7.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $195.52 | $438.46 | $907.50 |
| Upside / Downside | -40.01% | 34.52% | 178.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 641.78 | 683.49 | 727.92 | 775.23 | 825.62 | 879.29 | 905.67 |
| Payout Ratio | 4.98% | 21.98% | 38.99% | 55.99% | 73.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 31.97 | 150.27 | 283.81 | 434.07 | 602.67 | 791.36 | 837.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.47% | 7.47% | 7.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 138.51 | 139.82 | 141.13 |
| Year 2 PV (M) | 241.13 | 245.72 | 250.36 |
| Year 3 PV (M) | 339.95 | 349.71 | 359.65 |
| Year 4 PV (M) | 435.06 | 451.79 | 469.00 |
| Year 5 PV (M) | 526.57 | 552.00 | 578.41 |
| PV of Terminal Value (M) | 12,471.03 | 13,073.39 | 13,698.79 |
| Equity Value (M) | 14,152.25 | 14,812.43 | 15,497.35 |
| Shares Outstanding (M) | 140.64 | 140.64 | 140.64 |
| Fair Value | $100.63 | $105.32 | $110.19 |
| Upside / Downside | -69.13% | -67.69% | -66.19% |
| 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% |