Definitive Analysis
| Stable Growth | $22.76 - $33.93 | $28.08 |
| Multi-Stage | $36.79 - $40.17 | $38.45 |
| Blended Fair Value | $33.26 | |
| Current Price | $61.17 | |
| Upside | -45.62% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -5.58% | 4.82% | 2.63 | 2.62 | 2.59 | 2.39 | 3.37 | 3.50 | 2.56 | 2.26 | 2.02 | 1.80 |
| YoY Growth | - | - | 0.27% | 1.09% | 8.50% | -29.13% | -3.69% | 36.52% | 13.15% | 11.81% | 12.43% | 9.87% |
| Dividend Yield | - | - | 4.68% | 5.33% | 4.63% | 2.81% | 4.43% | 4.84% | 3.34% | 3.36% | 2.61% | 2.40% |
| Net Income To Common (M) | 2,336.00 |
| (-) Cash Dividends Paid (M) | 2,269.00 |
| (=) Cash Retained (M) | 67.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 467.20 | 292.00 | 175.20 |
| Cash Retained (M) | 67.00 | 67.00 | 67.00 |
| (-) Cash Required (M) | -467.20 | -292.00 | -175.20 |
| (=) Excess Retained (M) | -400.20 | -225.00 | -108.20 |
| (/) Shares Outstanding (M) | 852.95 | 852.95 | 852.95 |
| (=) Excess Retained per Share | -0.47 | -0.26 | -0.13 |
| LTM Dividend per Share | 2.66 | 2.66 | 2.66 |
| (+) Excess Retained per Share | -0.47 | -0.26 | -0.13 |
| (=) Adjusted Dividend | 2.19 | 2.40 | 2.53 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.48% | 0.52% | 1.52% |
| Fair Value | $22.76 | $28.08 | $33.93 |
| Upside / Downside | -62.79% | -54.10% | -44.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,336.00 | 2,348.12 | 2,360.29 | 2,372.53 | 2,384.84 | 2,397.21 | 2,469.12 |
| Payout Ratio | 97.13% | 95.71% | 94.28% | 92.85% | 91.43% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,269.00 | 2,247.27 | 2,225.26 | 2,202.96 | 2,180.37 | 2,157.49 | 2,283.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -0.48% | 0.52% | 1.52% |
| Year 1 PV (M) | 2,039.38 | 2,059.87 | 2,080.36 |
| Year 2 PV (M) | 1,832.58 | 1,869.60 | 1,906.98 |
| Year 3 PV (M) | 1,646.38 | 1,696.51 | 1,747.65 |
| Year 4 PV (M) | 1,478.75 | 1,539.09 | 1,601.25 |
| Year 5 PV (M) | 1,327.86 | 1,395.93 | 1,466.76 |
| PV of Terminal Value (M) | 23,051.67 | 24,233.34 | 25,462.98 |
| Equity Value (M) | 31,376.62 | 32,794.34 | 34,265.99 |
| Shares Outstanding (M) | 852.95 | 852.95 | 852.95 |
| Fair Value | $36.79 | $38.45 | $40.17 |
| Upside / Downside | -39.86% | -37.15% | -34.32% |
| 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% |