Definitive Analysis
| Stable Growth | $185.59 - $439.25 | $273.63 |
| Multi-Stage | $140.59 - $153.54 | $146.95 |
| Blended Fair Value | $210.29 | |
| Current Price | $132.49 | |
| Upside | 58.72% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.89% | 7.12% | 3.09 | 3.19 | 4.09 | 3.21 | 3.24 | 2.96 | 2.32 | 2.09 | 1.83 | 1.79 |
| YoY Growth | - | - | -3.09% | -21.99% | 27.45% | -0.86% | 9.44% | 27.51% | 11.12% | 14.09% | 2.30% | 15.02% |
| Dividend Yield | - | - | 3.19% | 3.62% | 4.71% | 2.70% | 3.09% | 3.95% | 2.50% | 2.07% | 2.10% | 2.06% |
| Net Income To Common (M) | 1,711.00 |
| (-) Cash Dividends Paid (M) | 610.50 |
| (=) Cash Retained (M) | 1,100.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 342.20 | 213.88 | 128.33 |
| Cash Retained (M) | 1,100.50 | 1,100.50 | 1,100.50 |
| (-) Cash Required (M) | -342.20 | -213.88 | -128.33 |
| (=) Excess Retained (M) | 758.30 | 886.63 | 972.18 |
| (/) Shares Outstanding (M) | 194.65 | 194.65 | 194.65 |
| (=) Excess Retained per Share | 3.90 | 4.55 | 4.99 |
| LTM Dividend per Share | 3.14 | 3.14 | 3.14 |
| (+) Excess Retained per Share | 3.90 | 4.55 | 4.99 |
| (=) Adjusted Dividend | 7.03 | 7.69 | 8.13 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.12% | 6.12% | 7.12% |
| Fair Value | $185.59 | $273.63 | $439.25 |
| Upside / Downside | 40.08% | 106.53% | 231.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,711.00 | 1,815.63 | 1,926.66 | 2,044.48 | 2,169.51 | 2,302.18 | 2,371.25 |
| Payout Ratio | 35.68% | 46.54% | 57.41% | 68.27% | 79.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 610.50 | 845.08 | 1,106.07 | 1,395.82 | 1,716.87 | 2,071.96 | 2,193.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.12% | 6.12% | 7.12% |
| Year 1 PV (M) | 767.31 | 774.61 | 781.91 |
| Year 2 PV (M) | 911.85 | 929.28 | 946.88 |
| Year 3 PV (M) | 1,044.82 | 1,074.92 | 1,105.60 |
| Year 4 PV (M) | 1,166.87 | 1,211.91 | 1,258.24 |
| Year 5 PV (M) | 1,278.61 | 1,340.60 | 1,404.96 |
| PV of Terminal Value (M) | 22,196.60 | 23,272.71 | 24,390.15 |
| Equity Value (M) | 27,366.06 | 28,604.02 | 29,887.74 |
| Shares Outstanding (M) | 194.65 | 194.65 | 194.65 |
| Fair Value | $140.59 | $146.95 | $153.54 |
| Upside / Downside | 6.11% | 10.91% | 15.89% |
| 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% |