Definitive Analysis
| Stable Growth | $153.98 - $408.46 | $235.45 |
| Multi-Stage | $106.48 - $116.28 | $111.29 |
| Blended Fair Value | $173.37 | |
| Current Price | $99.95 | |
| Upside | 73.46% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.82% | 2.22% | 2.14 | 2.02 | 1.88 | 1.67 | 1.44 | 1.17 | 0.91 | 0.82 | 0.74 | 0.64 |
| YoY Growth | - | - | 5.51% | 7.63% | 12.89% | 15.46% | 23.51% | 28.33% | 10.47% | 11.28% | 16.13% | -62.80% |
| Dividend Yield | - | - | 2.05% | 1.34% | 1.69% | 1.84% | 1.69% | 1.50% | 1.37% | 1.88% | 2.28% | 2.15% |
| Net Income To Common (M) | 823.66 |
| (-) Cash Dividends Paid (M) | 273.05 |
| (=) Cash Retained (M) | 550.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 164.73 | 102.96 | 61.77 |
| Cash Retained (M) | 550.61 | 550.61 | 550.61 |
| (-) Cash Required (M) | -164.73 | -102.96 | -61.77 |
| (=) Excess Retained (M) | 385.88 | 447.65 | 488.83 |
| (/) Shares Outstanding (M) | 125.48 | 125.48 | 125.48 |
| (=) Excess Retained per Share | 3.08 | 3.57 | 3.90 |
| LTM Dividend per Share | 2.18 | 2.18 | 2.18 |
| (+) Excess Retained per Share | 3.08 | 3.57 | 3.90 |
| (=) Adjusted Dividend | 5.25 | 5.74 | 6.07 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $153.98 | $235.45 | $408.46 |
| Upside / Downside | 54.06% | 135.57% | 308.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 823.66 | 877.19 | 934.21 | 994.93 | 1,059.60 | 1,128.48 | 1,162.33 |
| Payout Ratio | 33.15% | 44.52% | 55.89% | 67.26% | 78.63% | 90.00% | 92.50% |
| Projected Dividends (M) | 273.05 | 390.53 | 522.13 | 669.19 | 833.17 | 1,015.63 | 1,075.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 354.60 | 357.96 | 361.32 |
| Year 2 PV (M) | 430.48 | 438.68 | 446.96 |
| Year 3 PV (M) | 500.97 | 515.35 | 530.00 |
| Year 4 PV (M) | 566.34 | 588.12 | 610.52 |
| Year 5 PV (M) | 626.85 | 657.13 | 688.57 |
| PV of Terminal Value (M) | 10,882.16 | 11,407.78 | 11,953.50 |
| Equity Value (M) | 13,361.41 | 13,965.02 | 14,590.88 |
| Shares Outstanding (M) | 125.48 | 125.48 | 125.48 |
| Fair Value | $106.48 | $111.29 | $116.28 |
| Upside / Downside | 6.54% | 11.35% | 16.34% |
| 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% |