Definitive Analysis
| Stable Growth | $78.84 - $209.14 | $120.55 |
| Multi-Stage | $54.29 - $59.29 | $56.75 |
| Blended Fair Value | $88.65 | |
| Current Price | $88.76 | |
| Upside | -0.12% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.86% | 37.03% | 0.97 | 0.87 | 0.80 | 0.69 | 0.54 | 0.42 | 0.28 | 0.21 | 0.20 | 0.18 |
| YoY Growth | - | - | 10.86% | 8.76% | 16.72% | 27.85% | 26.37% | 51.90% | 30.33% | 8.50% | 10.32% | 333.11% |
| Dividend Yield | - | - | 1.16% | 1.37% | 1.42% | 0.91% | 0.77% | 0.97% | 0.43% | 0.40% | 0.56% | 0.57% |
| Net Income To Common (M) | 852.00 |
| (-) Cash Dividends Paid (M) | 250.60 |
| (=) Cash Retained (M) | 601.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 170.40 | 106.50 | 63.90 |
| Cash Retained (M) | 601.40 | 601.40 | 601.40 |
| (-) Cash Required (M) | -170.40 | -106.50 | -63.90 |
| (=) Excess Retained (M) | 431.00 | 494.90 | 537.50 |
| (/) Shares Outstanding (M) | 253.50 | 253.50 | 253.50 |
| (=) Excess Retained per Share | 1.70 | 1.95 | 2.12 |
| LTM Dividend per Share | 0.99 | 0.99 | 0.99 |
| (+) Excess Retained per Share | 1.70 | 1.95 | 2.12 |
| (=) Adjusted Dividend | 2.69 | 2.94 | 3.11 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $78.84 | $120.55 | $209.14 |
| Upside / Downside | -11.18% | 35.82% | 135.62% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 852.00 | 907.38 | 966.36 | 1,029.17 | 1,096.07 | 1,167.31 | 1,202.33 |
| Payout Ratio | 29.41% | 41.53% | 53.65% | 65.77% | 77.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 250.60 | 376.84 | 518.43 | 676.84 | 853.65 | 1,050.58 | 1,112.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 342.17 | 345.41 | 348.66 |
| Year 2 PV (M) | 427.43 | 435.57 | 443.79 |
| Year 3 PV (M) | 506.69 | 521.24 | 536.06 |
| Year 4 PV (M) | 580.26 | 602.58 | 625.53 |
| Year 5 PV (M) | 648.43 | 679.75 | 712.26 |
| PV of Terminal Value (M) | 11,256.66 | 11,800.36 | 12,364.87 |
| Equity Value (M) | 13,761.63 | 14,384.90 | 15,031.16 |
| Shares Outstanding (M) | 253.50 | 253.50 | 253.50 |
| Fair Value | $54.29 | $56.75 | $59.29 |
| Upside / Downside | -38.84% | -36.07% | -33.20% |
| 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% |