Definitive Analysis
| Stable Growth | $16.58 - $23.86 | $20.13 |
| Multi-Stage | $26.88 - $29.52 | $28.17 |
| Blended Fair Value | $24.15 | |
| Current Price | $67.63 | |
| Upside | -64.29% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.17% | 0.00% | 0.67 | 0.64 | 0.61 | 0.58 | 0.57 | 0.75 | 4.10 | 2.67 | 1.95 | 0.00 |
| YoY Growth | - | - | 4.33% | 5.02% | 5.29% | 2.32% | -24.07% | -81.79% | 53.59% | 36.85% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.06% | 1.11% | 1.01% | 1.01% | 1.22% | 3.18% | 14.15% | 9.21% | 6.73% | 0.00% |
| Net Income To Common (M) | 1,605.00 |
| (-) Cash Dividends Paid (M) | 472.00 |
| (=) Cash Retained (M) | 1,133.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 321.00 | 200.63 | 120.38 |
| Cash Retained (M) | 1,133.00 | 1,133.00 | 1,133.00 |
| (-) Cash Required (M) | -321.00 | -200.63 | -120.38 |
| (=) Excess Retained (M) | 812.00 | 932.38 | 1,012.63 |
| (/) Shares Outstanding (M) | 683.93 | 683.93 | 683.93 |
| (=) Excess Retained per Share | 1.19 | 1.36 | 1.48 |
| LTM Dividend per Share | 0.69 | 0.69 | 0.69 |
| (+) Excess Retained per Share | 1.19 | 1.36 | 1.48 |
| (=) Adjusted Dividend | 1.88 | 2.05 | 2.17 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $16.58 | $20.13 | $23.86 |
| Upside / Downside | -75.49% | -70.23% | -64.72% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,605.00 | 1,588.95 | 1,573.06 | 1,557.33 | 1,541.76 | 1,526.34 | 1,572.13 |
| Payout Ratio | 29.41% | 41.53% | 53.64% | 65.76% | 77.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 472.00 | 659.84 | 843.87 | 1,024.15 | 1,200.75 | 1,373.71 | 1,454.22 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 598.70 | 604.81 | 610.92 |
| Year 2 PV (M) | 694.74 | 708.99 | 723.39 |
| Year 3 PV (M) | 765.04 | 788.70 | 812.85 |
| Year 4 PV (M) | 813.86 | 847.59 | 882.35 |
| Year 5 PV (M) | 844.82 | 888.81 | 934.62 |
| PV of Terminal Value (M) | 14,666.04 | 15,429.74 | 16,224.92 |
| Equity Value (M) | 18,383.20 | 19,268.64 | 20,189.04 |
| Shares Outstanding (M) | 683.93 | 683.93 | 683.93 |
| Fair Value | $26.88 | $28.17 | $29.52 |
| Upside / Downside | -60.26% | -58.34% | -56.35% |
| 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% |