Definitive Analysis
| Stable Growth | $65.69 - $107.60 | $84.38 |
| Multi-Stage | $79.76 - $87.31 | $83.47 |
| Blended Fair Value | $83.92 | |
| Current Price | $104.94 | |
| Upside | -20.03% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.69% | 7.41% | 2.07 | 2.03 | 2.11 | 2.18 | 2.09 | 2.14 | 1.97 | 1.05 | 1.02 | 1.03 |
| YoY Growth | - | - | 1.92% | -3.70% | -3.14% | 4.45% | -2.73% | 8.93% | 88.32% | 2.88% | -0.95% | 1.25% |
| Dividend Yield | - | - | 1.97% | 1.61% | 2.73% | 3.05% | 2.62% | 4.84% | 3.33% | 1.32% | 2.34% | 3.89% |
| Net Income To Common (M) | 1,177.00 |
| (-) Cash Dividends Paid (M) | 418.00 |
| (=) Cash Retained (M) | 759.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 235.40 | 147.13 | 88.28 |
| Cash Retained (M) | 759.00 | 759.00 | 759.00 |
| (-) Cash Required (M) | -235.40 | -147.13 | -88.28 |
| (=) Excess Retained (M) | 523.60 | 611.88 | 670.73 |
| (/) Shares Outstanding (M) | 204.75 | 204.75 | 204.75 |
| (=) Excess Retained per Share | 2.56 | 2.99 | 3.28 |
| LTM Dividend per Share | 2.04 | 2.04 | 2.04 |
| (+) Excess Retained per Share | 2.56 | 2.99 | 3.28 |
| (=) Adjusted Dividend | 4.60 | 5.03 | 5.32 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.96% | 2.96% | 3.96% |
| Fair Value | $65.69 | $84.38 | $107.60 |
| Upside / Downside | -37.40% | -19.59% | 2.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,177.00 | 1,211.84 | 1,247.72 | 1,284.66 | 1,322.69 | 1,361.84 | 1,402.70 |
| Payout Ratio | 35.51% | 46.41% | 57.31% | 68.21% | 79.10% | 90.00% | 92.50% |
| Projected Dividends (M) | 418.00 | 562.43 | 715.05 | 876.21 | 1,046.28 | 1,225.66 | 1,297.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.96% | 2.96% | 3.96% |
| Year 1 PV (M) | 510.52 | 515.53 | 520.54 |
| Year 2 PV (M) | 589.15 | 600.76 | 612.49 |
| Year 3 PV (M) | 655.30 | 674.77 | 694.62 |
| Year 4 PV (M) | 710.28 | 738.55 | 767.67 |
| Year 5 PV (M) | 755.25 | 793.02 | 832.29 |
| PV of Terminal Value (M) | 13,111.18 | 13,766.87 | 14,448.54 |
| Equity Value (M) | 16,331.68 | 17,089.51 | 17,876.14 |
| Shares Outstanding (M) | 204.75 | 204.75 | 204.75 |
| Fair Value | $79.76 | $83.47 | $87.31 |
| Upside / Downside | -23.99% | -20.46% | -16.80% |
| 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% |