Definitive Analysis
| Stable Growth | $99.46 - $207.80 | $140.45 |
| Multi-Stage | $125.15 - $136.92 | $130.93 |
| Blended Fair Value | $135.69 | |
| Current Price | $95.30 | |
| Upside | 42.38% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.53% | 7.76% | 4.79 | 4.19 | 4.49 | 4.19 | 3.63 | 2.90 | 2.27 | 2.27 | 2.27 | 2.27 |
| YoY Growth | - | - | 14.29% | -6.67% | 7.14% | 15.47% | 25.00% | 28.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.18% | 4.63% | 5.32% | 5.84% | 4.92% | 4.21% | 3.33% | 3.31% | 3.08% | 3.07% |
| Net Income To Common (M) | 404.79 |
| (-) Cash Dividends Paid (M) | 348.48 |
| (=) Cash Retained (M) | 56.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 80.96 | 50.60 | 30.36 |
| Cash Retained (M) | 56.31 | 56.31 | 56.31 |
| (-) Cash Required (M) | -80.96 | -50.60 | -30.36 |
| (=) Excess Retained (M) | -24.65 | 5.71 | 25.95 |
| (/) Shares Outstanding (M) | 72.73 | 72.73 | 72.73 |
| (=) Excess Retained per Share | -0.34 | 0.08 | 0.36 |
| LTM Dividend per Share | 4.79 | 4.79 | 4.79 |
| (+) Excess Retained per Share | -0.34 | 0.08 | 0.36 |
| (=) Adjusted Dividend | 4.45 | 4.87 | 5.15 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Fair Value | $99.46 | $140.45 | $207.80 |
| Upside / Downside | 4.37% | 47.38% | 118.05% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 404.79 | 419.06 | 433.83 | 449.12 | 464.94 | 481.33 | 495.77 |
| Payout Ratio | 86.09% | 86.87% | 87.65% | 88.44% | 89.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 348.48 | 364.04 | 380.26 | 397.18 | 414.81 | 433.20 | 458.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Year 1 PV (M) | 336.58 | 339.86 | 343.15 |
| Year 2 PV (M) | 325.06 | 331.43 | 337.87 |
| Year 3 PV (M) | 313.91 | 323.18 | 332.64 |
| Year 4 PV (M) | 303.12 | 315.12 | 327.47 |
| Year 5 PV (M) | 292.67 | 307.23 | 322.36 |
| PV of Terminal Value (M) | 7,531.45 | 7,905.99 | 8,295.28 |
| Equity Value (M) | 9,102.79 | 9,522.81 | 9,958.75 |
| Shares Outstanding (M) | 72.73 | 72.73 | 72.73 |
| Fair Value | $125.15 | $130.93 | $136.92 |
| Upside / Downside | 31.32% | 37.38% | 43.67% |
| 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% |