Definitive Analysis
| Stable Growth | $50.51 - $92.05 | $67.75 |
| Multi-Stage | $86.50 - $94.81 | $90.58 |
| Blended Fair Value | $79.16 | |
| Current Price | $58.60 | |
| Upside | 35.09% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.80% | 2.86% | 2.48 | 2.39 | 1.71 | 1.99 | 2.17 | 2.16 | 1.96 | 1.47 | 2.45 | 1.87 |
| YoY Growth | - | - | 3.53% | 40.16% | -14.08% | -8.59% | 0.73% | 10.00% | 33.33% | -40.00% | 31.25% | 0.00% |
| Dividend Yield | - | - | 4.39% | 4.90% | 3.89% | 4.71% | 4.92% | 4.87% | 4.73% | 3.54% | 5.45% | 3.72% |
| Net Income To Common (M) | 963.10 |
| (-) Cash Dividends Paid (M) | 869.98 |
| (=) Cash Retained (M) | 93.12 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 192.62 | 120.39 | 72.23 |
| Cash Retained (M) | 93.12 | 93.12 | 93.12 |
| (-) Cash Required (M) | -192.62 | -120.39 | -72.23 |
| (=) Excess Retained (M) | -99.50 | -27.27 | 20.89 |
| (/) Shares Outstanding (M) | 271.47 | 271.47 | 271.47 |
| (=) Excess Retained per Share | -0.37 | -0.10 | 0.08 |
| LTM Dividend per Share | 3.20 | 3.20 | 3.20 |
| (+) Excess Retained per Share | -0.37 | -0.10 | 0.08 |
| (=) Adjusted Dividend | 2.84 | 3.10 | 3.28 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 0.86% | 1.86% | 2.86% |
| Fair Value | $50.51 | $67.75 | $92.05 |
| Upside / Downside | -13.80% | 15.62% | 57.08% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 963.10 | 981.03 | 999.29 | 1,017.90 | 1,036.84 | 1,056.14 | 1,087.83 |
| Payout Ratio | 90.33% | 90.26% | 90.20% | 90.13% | 90.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 869.98 | 885.53 | 901.35 | 917.45 | 933.85 | 950.53 | 1,006.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 0.86% | 1.86% | 2.86% |
| Year 1 PV (M) | 823.10 | 831.26 | 839.42 |
| Year 2 PV (M) | 778.74 | 794.26 | 809.93 |
| Year 3 PV (M) | 736.77 | 758.90 | 781.47 |
| Year 4 PV (M) | 697.06 | 725.12 | 754.02 |
| Year 5 PV (M) | 659.50 | 692.84 | 727.53 |
| PV of Terminal Value (M) | 19,785.65 | 20,786.13 | 21,826.67 |
| Equity Value (M) | 23,480.82 | 24,588.51 | 25,739.04 |
| Shares Outstanding (M) | 271.47 | 271.47 | 271.47 |
| Fair Value | $86.50 | $90.58 | $94.81 |
| Upside / Downside | 47.60% | 54.57% | 61.80% |
| 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% |