Definitive Analysis
| Stable Growth | $27.11 - $60.94 | $39.28 |
| Multi-Stage | $19.10 - $20.88 | $19.97 |
| Blended Fair Value | $29.63 | |
| Current Price | $82.62 | |
| Upside | -64.14% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 0.08 | 0.08 | 0.08 | 0.02 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -0.31% | 0.00% | 295.12% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.10% | 0.09% | 0.14% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 545.10 |
| (-) Cash Dividends Paid (M) | 32.10 |
| (=) Cash Retained (M) | 513.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 109.02 | 68.14 | 40.88 |
| Cash Retained (M) | 513.00 | 513.00 | 513.00 |
| (-) Cash Required (M) | -109.02 | -68.14 | -40.88 |
| (=) Excess Retained (M) | 403.98 | 444.86 | 472.12 |
| (/) Shares Outstanding (M) | 403.70 | 403.70 | 403.70 |
| (=) Excess Retained per Share | 1.00 | 1.10 | 1.17 |
| LTM Dividend per Share | 0.08 | 0.08 | 0.08 |
| (+) Excess Retained per Share | 1.00 | 1.10 | 1.17 |
| (=) Adjusted Dividend | 1.08 | 1.18 | 1.25 |
| WACC / Discount Rate | 9.70% | 9.70% | 9.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $27.11 | $39.28 | $60.94 |
| Upside / Downside | -67.18% | -52.45% | -26.24% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 545.10 | 580.53 | 618.27 | 658.45 | 701.25 | 746.83 | 769.24 |
| Payout Ratio | 5.89% | 22.71% | 39.53% | 56.36% | 73.18% | 90.00% | 92.50% |
| Projected Dividends (M) | 32.10 | 131.84 | 244.42 | 371.07 | 513.16 | 672.15 | 711.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.70% | 9.70% | 9.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 119.05 | 120.18 | 121.31 |
| Year 2 PV (M) | 199.30 | 203.10 | 206.93 |
| Year 3 PV (M) | 273.22 | 281.06 | 289.05 |
| Year 4 PV (M) | 341.18 | 354.30 | 367.80 |
| Year 5 PV (M) | 403.54 | 423.03 | 443.27 |
| PV of Terminal Value (M) | 6,372.95 | 6,680.76 | 7,000.36 |
| Equity Value (M) | 7,709.24 | 8,062.44 | 8,428.72 |
| Shares Outstanding (M) | 403.70 | 403.70 | 403.70 |
| Fair Value | $19.10 | $19.97 | $20.88 |
| Upside / Downside | -76.89% | -75.83% | -74.73% |
| 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% |