Definitive Analysis
| Stable Growth | $218.78 - $580.37 | $334.54 |
| Multi-Stage | $156.11 - $170.21 | $163.03 |
| Blended Fair Value | $248.79 | |
| Current Price | $205.24 | |
| Upside | 21.22% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.36% | 8.97% | 5.58 | 5.33 | 5.00 | 4.77 | 1.72 | 2.73 | 3.14 | 2.66 | 2.37 | 2.27 |
| YoY Growth | - | - | 4.79% | 6.54% | 4.76% | 177.89% | -37.14% | -13.08% | 18.28% | 12.33% | 4.06% | -3.84% |
| Dividend Yield | - | - | 2.72% | 3.41% | 3.22% | 3.83% | 1.15% | 3.15% | 2.59% | 2.33% | 2.79% | 3.71% |
| Net Income To Common (M) | 1,100.10 |
| (-) Cash Dividends Paid (M) | 667.60 |
| (=) Cash Retained (M) | 432.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 220.02 | 137.51 | 82.51 |
| Cash Retained (M) | 432.50 | 432.50 | 432.50 |
| (-) Cash Required (M) | -220.02 | -137.51 | -82.51 |
| (=) Excess Retained (M) | 212.48 | 294.99 | 349.99 |
| (/) Shares Outstanding (M) | 117.95 | 117.95 | 117.95 |
| (=) Excess Retained per Share | 1.80 | 2.50 | 2.97 |
| LTM Dividend per Share | 5.66 | 5.66 | 5.66 |
| (+) Excess Retained per Share | 1.80 | 2.50 | 2.97 |
| (=) Adjusted Dividend | 7.46 | 8.16 | 8.63 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $218.78 | $334.54 | $580.37 |
| Upside / Downside | 6.60% | 63.00% | 182.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,100.10 | 1,171.61 | 1,247.76 | 1,328.87 | 1,415.24 | 1,507.23 | 1,552.45 |
| Payout Ratio | 60.69% | 66.55% | 72.41% | 78.27% | 84.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 667.60 | 779.68 | 903.52 | 1,040.16 | 1,190.74 | 1,356.51 | 1,436.02 |
| 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) | 707.95 | 714.66 | 721.37 |
| Year 2 PV (M) | 744.92 | 759.11 | 773.43 |
| Year 3 PV (M) | 778.68 | 801.03 | 823.81 |
| Year 4 PV (M) | 809.40 | 840.53 | 872.54 |
| Year 5 PV (M) | 837.25 | 877.69 | 919.67 |
| PV of Terminal Value (M) | 14,534.57 | 15,236.59 | 15,965.48 |
| Equity Value (M) | 18,412.76 | 19,229.60 | 20,076.31 |
| Shares Outstanding (M) | 117.95 | 117.95 | 117.95 |
| Fair Value | $156.11 | $163.03 | $170.21 |
| Upside / Downside | -23.94% | -20.57% | -17.07% |
| 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% |