Definitive Analysis
| Stable Growth | $49.53 - $76.38 | $62.01 |
| Multi-Stage | $66.88 - $73.35 | $70.05 |
| Blended Fair Value | $66.03 | |
| Current Price | $33.37 | |
| Upside | 97.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 9.43% | 1.06 | 1.02 | 0.98 | 0.93 | 0.88 | 0.00 | 0.66 | 0.65 | 0.61 | 0.55 |
| YoY Growth | - | - | 4.17% | 4.15% | 5.86% | 5.29% | 0.00% | -100.00% | 2.10% | 5.70% | 12.06% | 26.46% |
| Dividend Yield | - | - | 3.19% | 3.64% | 3.04% | 3.18% | 4.47% | 0.00% | 2.77% | 2.63% | 2.79% | 2.23% |
| Net Income To Common (M) | 2,701.00 |
| (-) Cash Dividends Paid (M) | 556.00 |
| (=) Cash Retained (M) | 2,145.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 540.20 | 337.63 | 202.58 |
| Cash Retained (M) | 2,145.00 | 2,145.00 | 2,145.00 |
| (-) Cash Required (M) | -540.20 | -337.63 | -202.58 |
| (=) Excess Retained (M) | 1,604.80 | 1,807.38 | 1,942.43 |
| (/) Shares Outstanding (M) | 516.18 | 516.18 | 516.18 |
| (=) Excess Retained per Share | 3.11 | 3.50 | 3.76 |
| LTM Dividend per Share | 1.08 | 1.08 | 1.08 |
| (+) Excess Retained per Share | 3.11 | 3.50 | 3.76 |
| (=) Adjusted Dividend | 4.19 | 4.58 | 4.84 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.60% | 1.60% | 2.60% |
| Fair Value | $49.53 | $62.01 | $76.38 |
| Upside / Downside | 48.44% | 85.83% | 128.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,701.00 | 2,744.12 | 2,787.93 | 2,832.45 | 2,877.67 | 2,923.61 | 3,011.32 |
| Payout Ratio | 20.58% | 34.47% | 48.35% | 62.23% | 76.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 556.00 | 945.84 | 1,347.99 | 1,762.74 | 2,190.39 | 2,631.25 | 2,785.47 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.60% | 1.60% | 2.60% |
| Year 1 PV (M) | 858.43 | 866.97 | 875.50 |
| Year 2 PV (M) | 1,110.36 | 1,132.54 | 1,154.95 |
| Year 3 PV (M) | 1,317.81 | 1,357.50 | 1,397.98 |
| Year 4 PV (M) | 1,486.18 | 1,546.16 | 1,607.94 |
| Year 5 PV (M) | 1,620.31 | 1,702.47 | 1,787.92 |
| PV of Terminal Value (M) | 28,128.58 | 29,554.75 | 31,038.18 |
| Equity Value (M) | 34,521.67 | 36,160.38 | 37,862.46 |
| Shares Outstanding (M) | 516.18 | 516.18 | 516.18 |
| Fair Value | $66.88 | $70.05 | $73.35 |
| Upside / Downside | 100.42% | 109.93% | 119.81% |
| 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% |