Definitive Analysis
| Stable Growth | $318.19 - $721.61 | $462.45 |
| Multi-Stage | $364.58 - $399.01 | $381.48 |
| Blended Fair Value | $421.96 | |
| Current Price | $118.82 | |
| Upside | 255.13% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 19.50% | 4.65% | 6.51 | 3.24 | 0.00 | 0.00 | 0.82 | 2.67 | 3.57 | 2.58 | 2.08 | 3.57 |
| YoY Growth | - | - | 100.62% | 0.00% | 0.00% | -100.00% | -69.22% | -25.18% | 38.22% | 24.01% | -41.65% | -13.57% |
| Dividend Yield | - | - | 7.04% | 3.13% | 0.00% | 0.00% | 1.02% | 5.90% | 4.29% | 2.01% | 1.86% | 5.27% |
| Net Income To Common (M) | 665.21 |
| (-) Cash Dividends Paid (M) | 468.58 |
| (=) Cash Retained (M) | 196.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 133.04 | 83.15 | 49.89 |
| Cash Retained (M) | 196.63 | 196.63 | 196.63 |
| (-) Cash Required (M) | -133.04 | -83.15 | -49.89 |
| (=) Excess Retained (M) | 63.59 | 113.48 | 146.74 |
| (/) Shares Outstanding (M) | 41.34 | 41.34 | 41.34 |
| (=) Excess Retained per Share | 1.54 | 2.74 | 3.55 |
| LTM Dividend per Share | 11.33 | 11.33 | 11.33 |
| (+) Excess Retained per Share | 1.54 | 2.74 | 3.55 |
| (=) Adjusted Dividend | 12.87 | 14.08 | 14.88 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 2.94% | 3.94% | 4.94% |
| Fair Value | $318.19 | $462.45 | $721.61 |
| Upside / Downside | 167.79% | 289.20% | 507.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 665.21 | 691.44 | 718.71 | 747.06 | 776.52 | 807.15 | 831.36 |
| Payout Ratio | 70.44% | 74.35% | 78.26% | 82.18% | 86.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 468.58 | 514.10 | 562.50 | 613.90 | 668.49 | 726.43 | 769.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | 2.94% | 3.94% | 4.94% |
| Year 1 PV (M) | 475.37 | 479.99 | 484.60 |
| Year 2 PV (M) | 480.92 | 490.31 | 499.79 |
| Year 3 PV (M) | 485.33 | 499.61 | 514.17 |
| Year 4 PV (M) | 488.66 | 507.93 | 527.76 |
| Year 5 PV (M) | 491.00 | 515.32 | 540.59 |
| PV of Terminal Value (M) | 12,651.74 | 13,278.29 | 13,929.42 |
| Equity Value (M) | 15,073.02 | 15,771.44 | 16,496.33 |
| Shares Outstanding (M) | 41.34 | 41.34 | 41.34 |
| Fair Value | $364.58 | $381.48 | $399.01 |
| Upside / Downside | 206.84% | 221.06% | 235.81% |
| 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% |