Definitive Analysis
| Stable Growth | $116.16 - $222.45 | $158.81 |
| Multi-Stage | $108.95 - $119.15 | $113.96 |
| Blended Fair Value | $136.38 | |
| Current Price | $108.96 | |
| Upside | 25.17% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.78% | 5.90% | 1.87 | 1.75 | 1.61 | 1.56 | 1.55 | 1.55 | 1.46 | 1.25 | 1.08 | 1.05 |
| YoY Growth | - | - | 6.81% | 8.33% | 3.46% | 0.81% | -0.27% | 6.46% | 16.76% | 15.81% | 2.37% | 0.00% |
| Dividend Yield | - | - | 2.23% | 3.07% | 3.55% | 3.14% | 3.27% | 4.61% | 2.83% | 2.42% | 2.28% | 2.86% |
| Net Income To Common (M) | 5,243.00 |
| (-) Cash Dividends Paid (M) | 1,419.00 |
| (=) Cash Retained (M) | 3,824.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,048.60 | 655.38 | 393.23 |
| Cash Retained (M) | 3,824.00 | 3,824.00 | 3,824.00 |
| (-) Cash Required (M) | -1,048.60 | -655.38 | -393.23 |
| (=) Excess Retained (M) | 2,775.40 | 3,168.63 | 3,430.78 |
| (/) Shares Outstanding (M) | 721.47 | 721.47 | 721.47 |
| (=) Excess Retained per Share | 3.85 | 4.39 | 4.76 |
| LTM Dividend per Share | 1.97 | 1.97 | 1.97 |
| (+) Excess Retained per Share | 3.85 | 4.39 | 4.76 |
| (=) Adjusted Dividend | 5.81 | 6.36 | 6.72 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.90% | 4.90% | 5.90% |
| Fair Value | $116.16 | $158.81 | $222.45 |
| Upside / Downside | 6.61% | 45.75% | 104.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 5,243.00 | 5,499.80 | 5,769.18 | 6,051.75 | 6,348.16 | 6,659.10 | 6,858.87 |
| Payout Ratio | 27.06% | 39.65% | 52.24% | 64.83% | 77.41% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,419.00 | 2,180.77 | 3,013.75 | 3,923.10 | 4,914.30 | 5,993.19 | 6,344.45 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 3.90% | 4.90% | 5.90% |
| Year 1 PV (M) | 1,979.85 | 1,998.91 | 2,017.96 |
| Year 2 PV (M) | 2,484.01 | 2,532.06 | 2,580.56 |
| Year 3 PV (M) | 2,935.61 | 3,021.20 | 3,108.43 |
| Year 4 PV (M) | 3,338.52 | 3,468.92 | 3,603.10 |
| Year 5 PV (M) | 3,696.36 | 3,877.70 | 4,066.09 |
| PV of Terminal Value (M) | 64,168.63 | 67,316.70 | 70,587.14 |
| Equity Value (M) | 78,602.98 | 82,215.48 | 85,963.28 |
| Shares Outstanding (M) | 721.47 | 721.47 | 721.47 |
| Fair Value | $108.95 | $113.96 | $119.15 |
| Upside / Downside | -0.01% | 4.59% | 9.35% |
| 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% |