Definitive Analysis
| Stable Growth | $163.74 - $328.03 | $227.69 |
| Multi-Stage | $157.30 - $171.32 | $164.19 |
| Blended Fair Value | $195.94 | |
| Current Price | $145.72 | |
| Upside | 34.46% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.16% | 16.78% | 9.42 | 8.17 | 14.50 | 28.37 | 3.99 | 5.31 | 4.71 | 4.98 | 2.21 | 2.10 |
| YoY Growth | - | - | 15.20% | -43.61% | -48.90% | 610.78% | -24.77% | 12.69% | -5.52% | 125.41% | 5.11% | 5.39% |
| Dividend Yield | - | - | 7.17% | 6.07% | 11.93% | 19.48% | 3.50% | 7.57% | 4.86% | 4.44% | 2.32% | 2.99% |
| Net Income To Common (M) | 798.00 |
| (-) Cash Dividends Paid (M) | 770.00 |
| (=) Cash Retained (M) | 28.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 159.60 | 99.75 | 59.85 |
| Cash Retained (M) | 28.00 | 28.00 | 28.00 |
| (-) Cash Required (M) | -159.60 | -99.75 | -59.85 |
| (=) Excess Retained (M) | -131.60 | -71.75 | -31.85 |
| (/) Shares Outstanding (M) | 83.68 | 83.68 | 83.68 |
| (=) Excess Retained per Share | -1.57 | -0.86 | -0.38 |
| LTM Dividend per Share | 9.20 | 9.20 | 9.20 |
| (+) Excess Retained per Share | -1.57 | -0.86 | -0.38 |
| (=) Adjusted Dividend | 7.63 | 8.34 | 8.82 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.24% | 5.24% | 6.24% |
| Fair Value | $163.74 | $227.69 | $328.03 |
| Upside / Downside | 12.37% | 56.25% | 125.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 798.00 | 839.82 | 883.84 | 930.16 | 978.90 | 1,030.21 | 1,061.11 |
| Payout Ratio | 96.49% | 95.19% | 93.89% | 92.60% | 91.30% | 90.00% | 92.50% |
| Projected Dividends (M) | 770.00 | 799.45 | 829.88 | 861.29 | 893.72 | 927.19 | 981.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.24% | 5.24% | 6.24% |
| Year 1 PV (M) | 725.82 | 732.78 | 739.75 |
| Year 2 PV (M) | 684.05 | 697.24 | 710.55 |
| Year 3 PV (M) | 644.56 | 663.29 | 682.37 |
| Year 4 PV (M) | 607.23 | 630.86 | 655.19 |
| Year 5 PV (M) | 571.94 | 599.91 | 628.95 |
| PV of Terminal Value (M) | 9,928.88 | 10,414.36 | 10,918.64 |
| Equity Value (M) | 13,162.48 | 13,738.43 | 14,335.45 |
| Shares Outstanding (M) | 83.68 | 83.68 | 83.68 |
| Fair Value | $157.30 | $164.19 | $171.32 |
| Upside / Downside | 7.95% | 12.67% | 17.57% |
| 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% |