Definitive Analysis
| Stable Growth | $31.11 - $49.34 | $39.42 |
| Multi-Stage | $37.96 - $41.35 | $39.62 |
| Blended Fair Value | $39.52 | |
| Current Price | $212.58 | |
| Upside | -81.41% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.36% | 3.22% | 1.95 | 1.95 | 1.99 | 2.40 | 0.96 | 1.57 | 1.62 | 1.63 | 1.70 | 1.71 |
| YoY Growth | - | - | 0.11% | -2.00% | -17.25% | 149.57% | -38.91% | -2.59% | -0.90% | -3.94% | -0.49% | 20.18% |
| Dividend Yield | - | - | 1.09% | 1.34% | 2.07% | 1.83% | 0.76% | 3.12% | 1.91% | 1.70% | 1.96% | 2.46% |
| Net Income To Common (M) | 1,416.00 |
| (-) Cash Dividends Paid (M) | 1,240.00 |
| (=) Cash Retained (M) | 176.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 283.20 | 177.00 | 106.20 |
| Cash Retained (M) | 176.00 | 176.00 | 176.00 |
| (-) Cash Required (M) | -283.20 | -177.00 | -106.20 |
| (=) Excess Retained (M) | -107.20 | -1.00 | 69.80 |
| (/) Shares Outstanding (M) | 478.13 | 478.13 | 478.13 |
| (=) Excess Retained per Share | -0.22 | 0.00 | 0.15 |
| LTM Dividend per Share | 2.59 | 2.59 | 2.59 |
| (+) Excess Retained per Share | -0.22 | 0.00 | 0.15 |
| (=) Adjusted Dividend | 2.37 | 2.59 | 2.74 |
| WACC / Discount Rate | 10.15% | 10.15% | 10.15% |
| Growth Rate | 2.36% | 3.36% | 4.36% |
| Fair Value | $31.11 | $39.42 | $49.34 |
| Upside / Downside | -85.36% | -81.46% | -76.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,416.00 | 1,463.54 | 1,512.68 | 1,563.47 | 1,615.97 | 1,670.23 | 1,720.34 |
| Payout Ratio | 87.57% | 88.06% | 88.54% | 89.03% | 89.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,240.00 | 1,288.75 | 1,339.37 | 1,391.93 | 1,446.52 | 1,503.21 | 1,591.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.15% | 10.15% | 10.15% |
| Growth Rate | 2.36% | 3.36% | 4.36% |
| Year 1 PV (M) | 1,158.65 | 1,169.97 | 1,181.29 |
| Year 2 PV (M) | 1,082.60 | 1,103.86 | 1,125.32 |
| Year 3 PV (M) | 1,011.51 | 1,041.45 | 1,071.97 |
| Year 4 PV (M) | 945.06 | 982.54 | 1,021.12 |
| Year 5 PV (M) | 882.96 | 926.94 | 972.65 |
| PV of Terminal Value (M) | 13,068.59 | 13,719.56 | 14,396.23 |
| Equity Value (M) | 18,149.37 | 18,944.31 | 19,768.58 |
| Shares Outstanding (M) | 478.13 | 478.13 | 478.13 |
| Fair Value | $37.96 | $39.62 | $41.35 |
| Upside / Downside | -82.14% | -81.36% | -80.55% |
| 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% |