Definitive Analysis
| Stable Growth | $26.43 - $42.61 | $33.72 |
| Multi-Stage | $52.08 - $57.15 | $54.56 |
| Blended Fair Value | $44.14 | |
| Current Price | $40.85 | |
| Upside | 8.06% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.20% | 1.26% | 2.02 | 2.02 | 2.02 | 2.02 | 1.90 | 2.00 | 2.00 | 2.00 | 2.00 | 1.90 |
| YoY Growth | - | - | 0.00% | 0.00% | 0.00% | 6.32% | -5.00% | 0.00% | 0.00% | 0.00% | 5.26% | 6.61% |
| Dividend Yield | - | - | 4.88% | 4.90% | 4.95% | 5.05% | 4.97% | 5.88% | 5.26% | 5.19% | 5.03% | 4.78% |
| Net Income To Common (M) | 952.63 |
| (-) Cash Dividends Paid (M) | 775.46 |
| (=) Cash Retained (M) | 177.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 190.53 | 119.08 | 71.45 |
| Cash Retained (M) | 177.17 | 177.17 | 177.17 |
| (-) Cash Required (M) | -190.53 | -119.08 | -71.45 |
| (=) Excess Retained (M) | -13.35 | 58.09 | 105.73 |
| (/) Shares Outstanding (M) | 384.54 | 384.54 | 384.54 |
| (=) Excess Retained per Share | -0.03 | 0.15 | 0.27 |
| LTM Dividend per Share | 2.02 | 2.02 | 2.02 |
| (+) Excess Retained per Share | -0.03 | 0.15 | 0.27 |
| (=) Adjusted Dividend | 1.98 | 2.17 | 2.29 |
| WACC / Discount Rate | 6.79% | 6.79% | 6.79% |
| Growth Rate | -0.66% | 0.34% | 1.34% |
| Fair Value | $26.43 | $33.72 | $42.61 |
| Upside / Downside | -35.31% | -17.46% | 4.30% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 952.63 | 955.83 | 959.04 | 962.26 | 965.49 | 968.73 | 997.79 |
| Payout Ratio | 81.40% | 83.12% | 84.84% | 86.56% | 88.28% | 90.00% | 92.50% |
| Projected Dividends (M) | 775.46 | 794.50 | 813.66 | 832.94 | 852.34 | 871.86 | 922.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.79% | 6.79% | 6.79% |
| Growth Rate | -0.66% | 0.34% | 1.34% |
| Year 1 PV (M) | 736.59 | 744.01 | 751.42 |
| Year 2 PV (M) | 699.38 | 713.53 | 727.82 |
| Year 3 PV (M) | 663.77 | 684.02 | 704.68 |
| Year 4 PV (M) | 629.73 | 655.47 | 682.00 |
| Year 5 PV (M) | 597.21 | 627.88 | 659.80 |
| PV of Terminal Value (M) | 16,698.71 | 17,556.32 | 18,448.81 |
| Equity Value (M) | 20,025.39 | 20,981.23 | 21,974.53 |
| Shares Outstanding (M) | 384.54 | 384.54 | 384.54 |
| Fair Value | $52.08 | $54.56 | $57.15 |
| Upside / Downside | 27.48% | 33.57% | 39.89% |
| 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% |