Definitive Analysis
| Stable Growth | $139.01 - $308.76 | $200.59 |
| Multi-Stage | $160.64 - $175.88 | $168.12 |
| Blended Fair Value | $184.36 | |
| Current Price | $64.10 | |
| Upside | 187.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.48% | 7.36% | 2.97 | 2.96 | 2.86 | 2.25 | 2.22 | 2.07 | 2.27 | 2.10 | 1.80 | 1.52 |
| YoY Growth | - | - | 0.65% | 3.50% | 26.75% | 1.66% | 6.84% | -8.78% | 8.53% | 16.46% | 18.45% | 3.83% |
| Dividend Yield | - | - | 4.68% | 5.42% | 4.66% | 2.82% | 3.16% | 3.00% | 4.57% | 3.41% | 3.37% | 3.20% |
| Net Income To Common (M) | 410.95 |
| (-) Cash Dividends Paid (M) | 254.75 |
| (=) Cash Retained (M) | 156.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.19 | 51.37 | 30.82 |
| Cash Retained (M) | 156.20 | 156.20 | 156.20 |
| (-) Cash Required (M) | -82.19 | -51.37 | -30.82 |
| (=) Excess Retained (M) | 74.01 | 104.83 | 125.38 |
| (/) Shares Outstanding (M) | 57.08 | 57.08 | 57.08 |
| (=) Excess Retained per Share | 1.30 | 1.84 | 2.20 |
| LTM Dividend per Share | 4.46 | 4.46 | 4.46 |
| (+) Excess Retained per Share | 1.30 | 1.84 | 2.20 |
| (=) Adjusted Dividend | 5.76 | 6.30 | 6.66 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 2.87% | 3.87% | 4.87% |
| Fair Value | $139.01 | $200.59 | $308.76 |
| Upside / Downside | 116.87% | 212.93% | 381.68% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 410.95 | 426.84 | 443.34 | 460.48 | 478.28 | 496.77 | 511.68 |
| Payout Ratio | 61.99% | 67.59% | 73.19% | 78.80% | 84.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 254.75 | 288.51 | 324.50 | 362.84 | 403.66 | 447.10 | 473.30 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 2.87% | 3.87% | 4.87% |
| Year 1 PV (M) | 266.72 | 269.31 | 271.91 |
| Year 2 PV (M) | 277.34 | 282.75 | 288.23 |
| Year 3 PV (M) | 286.68 | 295.13 | 303.73 |
| Year 4 PV (M) | 294.85 | 306.48 | 318.46 |
| Year 5 PV (M) | 301.91 | 316.88 | 332.43 |
| PV of Terminal Value (M) | 7,742.82 | 8,126.56 | 8,525.37 |
| Equity Value (M) | 9,170.32 | 9,597.12 | 10,040.12 |
| Shares Outstanding (M) | 57.08 | 57.08 | 57.08 |
| Fair Value | $160.64 | $168.12 | $175.88 |
| Upside / Downside | 150.61% | 162.28% | 174.39% |
| 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% |