Definitive Analysis
| Stable Growth | $39.91 - $67.61 | $51.98 |
| Multi-Stage | $45.51 - $49.80 | $47.61 |
| Blended Fair Value | $49.80 | |
| Current Price | $84.25 | |
| Upside | -40.89% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.39% | 3.76% | 1.10 | 1.03 | 0.96 | 0.92 | 0.90 | 0.89 | 0.84 | 0.79 | 0.77 | 0.76 |
| YoY Growth | - | - | 7.41% | 7.34% | 3.91% | 2.71% | 0.75% | 6.72% | 5.28% | 2.49% | 1.32% | -0.02% |
| Dividend Yield | - | - | 1.31% | 1.41% | 1.66% | 1.61% | 1.47% | 1.88% | 1.58% | 1.55% | 1.64% | 2.09% |
| Net Income To Common (M) | 381.90 |
| (-) Cash Dividends Paid (M) | 134.20 |
| (=) Cash Retained (M) | 247.70 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 76.38 | 47.74 | 28.64 |
| Cash Retained (M) | 247.70 | 247.70 | 247.70 |
| (-) Cash Required (M) | -76.38 | -47.74 | -28.64 |
| (=) Excess Retained (M) | 171.32 | 199.96 | 219.06 |
| (/) Shares Outstanding (M) | 119.40 | 119.40 | 119.40 |
| (=) Excess Retained per Share | 1.43 | 1.67 | 1.83 |
| LTM Dividend per Share | 1.12 | 1.12 | 1.12 |
| (+) Excess Retained per Share | 1.43 | 1.67 | 1.83 |
| (=) Adjusted Dividend | 2.56 | 2.80 | 2.96 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Fair Value | $39.91 | $51.98 | $67.61 |
| Upside / Downside | -52.63% | -38.30% | -19.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 381.90 | 395.36 | 409.29 | 423.71 | 438.65 | 454.10 | 467.73 |
| Payout Ratio | 35.14% | 46.11% | 57.08% | 68.06% | 79.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 134.20 | 182.31 | 233.64 | 288.36 | 346.65 | 408.69 | 432.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Year 1 PV (M) | 165.49 | 167.10 | 168.72 |
| Year 2 PV (M) | 192.52 | 196.30 | 200.11 |
| Year 3 PV (M) | 215.70 | 222.07 | 228.57 |
| Year 4 PV (M) | 235.38 | 244.70 | 254.29 |
| Year 5 PV (M) | 251.90 | 264.43 | 277.45 |
| PV of Terminal Value (M) | 4,373.06 | 4,590.53 | 4,816.57 |
| Equity Value (M) | 5,434.06 | 5,685.13 | 5,945.71 |
| Shares Outstanding (M) | 119.40 | 119.40 | 119.40 |
| Fair Value | $45.51 | $47.61 | $49.80 |
| Upside / Downside | -45.98% | -43.48% | -40.89% |
| 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% |