Definitive Analysis
| Stable Growth | $135.11 - $358.42 | $206.60 |
| Multi-Stage | $93.21 - $101.80 | $97.42 |
| Blended Fair Value | $152.01 | |
| Current Price | $55.62 | |
| Upside | 173.31% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.94% | 9.94% | 1.68 | 1.92 | 1.83 | 1.77 | 1.76 | 1.77 | 1.60 | 0.88 | 0.73 | 0.73 |
| YoY Growth | - | - | -12.06% | 4.83% | 3.07% | 0.77% | -0.38% | 10.17% | 82.95% | 19.61% | -0.14% | 12.35% |
| Dividend Yield | - | - | 3.43% | 4.49% | 6.22% | 2.73% | 3.18% | 7.15% | 3.44% | 1.68% | 1.68% | 1.68% |
| Net Income To Common (M) | 848.00 |
| (-) Cash Dividends Paid (M) | 263.00 |
| (=) Cash Retained (M) | 585.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 169.60 | 106.00 | 63.60 |
| Cash Retained (M) | 585.00 | 585.00 | 585.00 |
| (-) Cash Required (M) | -169.60 | -106.00 | -63.60 |
| (=) Excess Retained (M) | 415.40 | 479.00 | 521.40 |
| (/) Shares Outstanding (M) | 147.22 | 147.22 | 147.22 |
| (=) Excess Retained per Share | 2.82 | 3.25 | 3.54 |
| LTM Dividend per Share | 1.79 | 1.79 | 1.79 |
| (+) Excess Retained per Share | 2.82 | 3.25 | 3.54 |
| (=) Adjusted Dividend | 4.61 | 5.04 | 5.33 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $135.11 | $206.60 | $358.42 |
| Upside / Downside | 142.92% | 271.46% | 544.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 848.00 | 903.12 | 961.82 | 1,024.34 | 1,090.92 | 1,161.83 | 1,196.69 |
| Payout Ratio | 31.01% | 42.81% | 54.61% | 66.41% | 78.20% | 90.00% | 92.50% |
| Projected Dividends (M) | 263.00 | 386.64 | 525.24 | 680.22 | 853.13 | 1,045.65 | 1,106.94 |
| 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) | 351.07 | 354.39 | 357.72 |
| Year 2 PV (M) | 433.04 | 441.29 | 449.61 |
| Year 3 PV (M) | 509.22 | 523.84 | 538.74 |
| Year 4 PV (M) | 579.91 | 602.21 | 625.15 |
| Year 5 PV (M) | 645.38 | 676.55 | 708.92 |
| PV of Terminal Value (M) | 11,203.81 | 11,744.96 | 12,306.82 |
| Equity Value (M) | 13,722.43 | 14,343.25 | 14,986.96 |
| Shares Outstanding (M) | 147.22 | 147.22 | 147.22 |
| Fair Value | $93.21 | $97.42 | $101.80 |
| Upside / Downside | 67.58% | 75.16% | 83.02% |
| 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% |