Definitive Analysis
| Stable Growth | $288.16 - $764.41 | $440.63 |
| Multi-Stage | $200.53 - $218.92 | $209.56 |
| Blended Fair Value | $325.09 | |
| Current Price | $221.45 | |
| Upside | 46.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.76% | 19.43% | 4.35 | 4.23 | 1.96 | 1.64 | 1.29 | 1.18 | 1.07 | 0.88 | 0.82 | 0.78 |
| YoY Growth | - | - | 3.00% | 115.35% | 20.02% | 26.51% | 9.25% | 10.13% | 22.13% | 7.54% | 5.03% | 5.64% |
| Dividend Yield | - | - | 2.25% | 2.08% | 1.35% | 1.70% | 1.57% | 4.35% | 2.95% | 2.78% | 1.62% | 1.68% |
| Net Income To Common (M) | 1,020.87 |
| (-) Cash Dividends Paid (M) | 394.16 |
| (=) Cash Retained (M) | 626.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 204.17 | 127.61 | 76.57 |
| Cash Retained (M) | 626.71 | 626.71 | 626.71 |
| (-) Cash Required (M) | -204.17 | -127.61 | -76.57 |
| (=) Excess Retained (M) | 422.53 | 499.10 | 550.14 |
| (/) Shares Outstanding (M) | 83.10 | 83.10 | 83.10 |
| (=) Excess Retained per Share | 5.08 | 6.01 | 6.62 |
| LTM Dividend per Share | 4.74 | 4.74 | 4.74 |
| (+) Excess Retained per Share | 5.08 | 6.01 | 6.62 |
| (=) Adjusted Dividend | 9.83 | 10.75 | 11.36 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $288.16 | $440.63 | $764.41 |
| Upside / Downside | 30.12% | 98.97% | 245.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,020.87 | 1,087.23 | 1,157.90 | 1,233.16 | 1,313.32 | 1,398.68 | 1,440.64 |
| Payout Ratio | 38.61% | 48.89% | 59.17% | 69.44% | 79.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 394.16 | 531.53 | 685.08 | 856.36 | 1,047.00 | 1,258.81 | 1,332.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 482.63 | 487.20 | 491.78 |
| Year 2 PV (M) | 564.83 | 575.59 | 586.45 |
| Year 3 PV (M) | 641.08 | 659.49 | 678.24 |
| Year 4 PV (M) | 711.69 | 739.06 | 767.21 |
| Year 5 PV (M) | 776.95 | 814.47 | 853.44 |
| PV of Terminal Value (M) | 13,487.79 | 14,139.25 | 14,815.65 |
| Equity Value (M) | 16,664.96 | 17,415.06 | 18,192.76 |
| Shares Outstanding (M) | 83.10 | 83.10 | 83.10 |
| Fair Value | $200.53 | $209.56 | $218.92 |
| Upside / Downside | -9.45% | -5.37% | -1.14% |
| 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% |