Definitive Analysis
| Stable Growth | $1,090.58 - $4,085.75 | $3,245.56 |
| Multi-Stage | $544.98 - $596.24 | $570.14 |
| Blended Fair Value | $1,907.85 | |
| Current Price | $131.20 | |
| Upside | 1,354.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.68% | 12.65% | 5.06 | 3.94 | 2.95 | 2.45 | 1.47 | 2.44 | 2.39 | 2.19 | 1.89 | 1.66 |
| YoY Growth | - | - | 28.61% | 33.44% | 20.37% | 66.77% | -39.87% | 2.12% | 9.33% | 15.57% | 14.08% | 7.90% |
| Dividend Yield | - | - | 3.86% | 3.45% | 3.26% | 2.40% | 2.02% | 3.04% | 3.11% | 2.34% | 2.37% | 2.61% |
| Net Income To Common (M) | 260.08 |
| (-) Cash Dividends Paid (M) | 116.43 |
| (=) Cash Retained (M) | 143.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 52.02 | 32.51 | 19.51 |
| Cash Retained (M) | 143.65 | 143.65 | 143.65 |
| (-) Cash Required (M) | -52.02 | -32.51 | -19.51 |
| (=) Excess Retained (M) | 91.63 | 111.14 | 124.14 |
| (/) Shares Outstanding (M) | 12.63 | 12.63 | 12.63 |
| (=) Excess Retained per Share | 7.26 | 8.80 | 9.83 |
| LTM Dividend per Share | 9.22 | 9.22 | 9.22 |
| (+) Excess Retained per Share | 7.26 | 8.80 | 9.83 |
| (=) Adjusted Dividend | 16.47 | 18.02 | 19.05 |
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.25% | 6.25% | 7.25% |
| Fair Value | $1,090.58 | $3,245.56 | $4,085.75 |
| Upside / Downside | 731.23% | 2,373.75% | 3,014.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 260.08 | 276.32 | 293.58 | 311.92 | 331.41 | 352.11 | 362.67 |
| Payout Ratio | 44.77% | 53.81% | 62.86% | 71.91% | 80.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 116.43 | 148.70 | 184.55 | 224.29 | 268.29 | 316.90 | 335.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.84% | 6.84% | 6.84% |
| Growth Rate | 5.25% | 6.25% | 7.25% |
| Year 1 PV (M) | 137.87 | 139.18 | 140.49 |
| Year 2 PV (M) | 158.65 | 161.68 | 164.74 |
| Year 3 PV (M) | 178.79 | 183.93 | 189.17 |
| Year 4 PV (M) | 198.28 | 205.93 | 213.79 |
| Year 5 PV (M) | 217.16 | 227.68 | 238.60 |
| PV of Terminal Value (M) | 5,992.06 | 6,282.19 | 6,583.45 |
| Equity Value (M) | 6,882.82 | 7,200.59 | 7,530.24 |
| Shares Outstanding (M) | 12.63 | 12.63 | 12.63 |
| Fair Value | $544.98 | $570.14 | $596.24 |
| Upside / Downside | 315.38% | 334.56% | 354.45% |
| 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% |