Definitive Analysis
| Stable Growth | $21.25 - $31.60 | $26.18 |
| Multi-Stage | $33.07 - $36.20 | $34.60 |
| Blended Fair Value | $30.39 | |
| Current Price | $70.63 | |
| Upside | -56.97% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.36% | 4.65% | 1.61 | 1.60 | 1.58 | 1.56 | 1.54 | 1.50 | 1.50 | 1.49 | 1.38 | 1.19 |
| YoY Growth | - | - | 0.83% | 1.30% | 1.25% | 0.99% | 2.44% | 0.62% | 0.18% | 8.29% | 16.02% | 16.25% |
| Dividend Yield | - | - | 2.28% | 2.86% | 3.06% | 3.41% | 2.75% | 3.88% | 3.19% | 3.37% | 4.00% | 3.88% |
| Net Income To Common (M) | 10,329.00 |
| (-) Cash Dividends Paid (M) | 6,462.00 |
| (=) Cash Retained (M) | 3,867.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,065.80 | 1,291.13 | 774.68 |
| Cash Retained (M) | 3,867.00 | 3,867.00 | 3,867.00 |
| (-) Cash Required (M) | -2,065.80 | -1,291.13 | -774.68 |
| (=) Excess Retained (M) | 1,801.20 | 2,575.88 | 3,092.33 |
| (/) Shares Outstanding (M) | 3,998.50 | 3,998.50 | 3,998.50 |
| (=) Excess Retained per Share | 0.45 | 0.64 | 0.77 |
| LTM Dividend per Share | 1.62 | 1.62 | 1.62 |
| (+) Excess Retained per Share | 0.45 | 0.64 | 0.77 |
| (=) Adjusted Dividend | 2.07 | 2.26 | 2.39 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Fair Value | $21.25 | $26.18 | $31.60 |
| Upside / Downside | -69.91% | -62.93% | -55.26% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10,329.00 | 10,373.28 | 10,417.76 | 10,462.42 | 10,507.28 | 10,552.32 | 10,868.89 |
| Payout Ratio | 62.56% | 68.05% | 73.54% | 79.02% | 84.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,462.00 | 7,058.95 | 7,660.91 | 8,267.90 | 8,879.95 | 9,497.09 | 10,053.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.57% | 0.43% | 1.43% |
| Year 1 PV (M) | 6,405.86 | 6,470.29 | 6,534.71 |
| Year 2 PV (M) | 6,308.91 | 6,436.45 | 6,565.27 |
| Year 3 PV (M) | 6,178.83 | 6,367.14 | 6,559.24 |
| Year 4 PV (M) | 6,022.25 | 6,268.20 | 6,521.62 |
| Year 5 PV (M) | 5,844.89 | 6,144.78 | 6,456.87 |
| PV of Terminal Value (M) | 101,467.12 | 106,673.30 | 112,091.02 |
| Equity Value (M) | 132,227.87 | 138,360.17 | 144,728.73 |
| Shares Outstanding (M) | 3,998.50 | 3,998.50 | 3,998.50 |
| Fair Value | $33.07 | $34.60 | $36.20 |
| Upside / Downside | -53.18% | -51.01% | -48.75% |
| 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% |