Definitive Analysis
| Stable Growth | $66.72 - $98.70 | $82.02 |
| Multi-Stage | $82.55 - $90.50 | $86.45 |
| Blended Fair Value | $84.23 | |
| Current Price | $245.54 | |
| Upside | -65.69% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.76% | 0.62% | 0.80 | 0.79 | 0.78 | 0.77 | 0.77 | 0.77 | 0.76 | 0.68 | 0.67 | 0.69 |
| YoY Growth | - | - | 0.75% | 1.52% | 0.51% | 0.26% | 0.77% | 0.52% | 12.21% | 0.88% | -2.01% | -8.18% |
| Dividend Yield | - | - | 0.32% | 0.50% | 1.16% | 2.49% | 2.36% | 4.22% | 1.48% | 1.16% | 1.40% | 1.67% |
| Net Income To Common (M) | 413.70 |
| (-) Cash Dividends Paid (M) | 40.30 |
| (=) Cash Retained (M) | 373.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.74 | 51.71 | 31.03 |
| Cash Retained (M) | 373.40 | 373.40 | 373.40 |
| (-) Cash Required (M) | -82.74 | -51.71 | -31.03 |
| (=) Excess Retained (M) | 290.66 | 321.69 | 342.37 |
| (/) Shares Outstanding (M) | 50.60 | 50.60 | 50.60 |
| (=) Excess Retained per Share | 5.74 | 6.36 | 6.77 |
| LTM Dividend per Share | 0.80 | 0.80 | 0.80 |
| (+) Excess Retained per Share | 5.74 | 6.36 | 6.77 |
| (=) Adjusted Dividend | 6.54 | 7.15 | 7.56 |
| WACC / Discount Rate | 10.46% | 10.46% | 10.46% |
| Growth Rate | 0.60% | 1.60% | 2.60% |
| Fair Value | $66.72 | $82.02 | $98.70 |
| Upside / Downside | -72.83% | -66.60% | -59.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 413.70 | 420.30 | 427.01 | 433.82 | 440.75 | 447.78 | 461.21 |
| Payout Ratio | 9.74% | 25.79% | 41.84% | 57.90% | 73.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 40.30 | 108.41 | 178.68 | 251.17 | 325.92 | 403.00 | 426.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 10.46% | 10.46% | 10.46% |
| Growth Rate | 0.60% | 1.60% | 2.60% |
| Year 1 PV (M) | 97.18 | 98.15 | 99.11 |
| Year 2 PV (M) | 143.58 | 146.45 | 149.35 |
| Year 3 PV (M) | 180.92 | 186.37 | 191.93 |
| Year 4 PV (M) | 210.45 | 218.95 | 227.70 |
| Year 5 PV (M) | 233.27 | 245.10 | 257.40 |
| PV of Terminal Value (M) | 3,311.42 | 3,479.31 | 3,653.95 |
| Equity Value (M) | 4,176.82 | 4,374.32 | 4,579.43 |
| Shares Outstanding (M) | 50.60 | 50.60 | 50.60 |
| Fair Value | $82.55 | $86.45 | $90.50 |
| Upside / Downside | -66.38% | -64.79% | -63.14% |
| 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% |