Definitive Analysis
| Stable Growth | $77.17 - $141.87 | $103.86 |
| Multi-Stage | $124.14 - $136.07 | $129.99 |
| Blended Fair Value | $116.93 | |
| Current Price | $73.00 | |
| Upside | 60.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.08% | 0.00% | 4.28 | 12.78 | 13.62 | 4.97 | 3.78 | 1.19 | 4.89 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -66.54% | -6.20% | 174.00% | 31.58% | 216.67% | -75.61% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.01% | 14.04% | 10.09% | 3.50% | 4.02% | 3.20% | 22.70% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 448.27 |
| (-) Cash Dividends Paid (M) | 360.34 |
| (=) Cash Retained (M) | 87.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 89.65 | 56.03 | 33.62 |
| Cash Retained (M) | 87.93 | 87.93 | 87.93 |
| (-) Cash Required (M) | -89.65 | -56.03 | -33.62 |
| (=) Excess Retained (M) | -1.73 | 31.89 | 54.31 |
| (/) Shares Outstanding (M) | 84.27 | 84.27 | 84.27 |
| (=) Excess Retained per Share | -0.02 | 0.38 | 0.64 |
| LTM Dividend per Share | 4.28 | 4.28 | 4.28 |
| (+) Excess Retained per Share | -0.02 | 0.38 | 0.64 |
| (=) Adjusted Dividend | 4.26 | 4.65 | 4.92 |
| WACC / Discount Rate | 6.70% | 6.70% | 6.70% |
| Growth Rate | 1.13% | 2.13% | 3.13% |
| Fair Value | $77.17 | $103.86 | $141.87 |
| Upside / Downside | 5.71% | 42.28% | 94.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 448.27 | 457.80 | 467.54 | 477.49 | 487.64 | 498.01 | 512.95 |
| Payout Ratio | 80.38% | 82.31% | 84.23% | 86.15% | 88.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 360.34 | 376.81 | 393.81 | 411.37 | 429.50 | 448.21 | 474.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.70% | 6.70% | 6.70% |
| Growth Rate | 1.13% | 2.13% | 3.13% |
| Year 1 PV (M) | 349.68 | 353.13 | 356.59 |
| Year 2 PV (M) | 339.14 | 345.88 | 352.69 |
| Year 3 PV (M) | 328.76 | 338.61 | 348.65 |
| Year 4 PV (M) | 318.53 | 331.32 | 344.48 |
| Year 5 PV (M) | 308.47 | 324.03 | 340.21 |
| PV of Terminal Value (M) | 8,816.46 | 9,261.08 | 9,723.45 |
| Equity Value (M) | 10,461.04 | 10,954.05 | 11,466.08 |
| Shares Outstanding (M) | 84.27 | 84.27 | 84.27 |
| Fair Value | $124.14 | $129.99 | $136.07 |
| Upside / Downside | 70.06% | 78.07% | 86.40% |
| 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% |