Definitive Analysis
| Stable Growth | $413.91 - $1,633.04 | $1,134.65 |
| Multi-Stage | $206.24 - $225.25 | $215.57 |
| Blended Fair Value | $675.11 | |
| Current Price | $110.35 | |
| Upside | 511.79% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.50% | 16.04% | 3.52 | 2.72 | 3.49 | 2.83 | 2.83 | 1.57 | 1.43 | 1.38 | 1.09 | 0.85 |
| YoY Growth | - | - | 29.28% | -22.00% | 23.37% | 0.00% | 80.03% | 9.47% | 3.83% | 27.29% | 27.78% | 6.92% |
| Dividend Yield | - | - | 3.19% | 4.47% | 7.97% | 7.35% | 5.59% | 3.65% | 5.59% | 6.13% | 4.64% | 3.59% |
| Net Income To Common (M) | 901.20 |
| (-) Cash Dividends Paid (M) | 684.40 |
| (=) Cash Retained (M) | 216.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 180.24 | 112.65 | 67.59 |
| Cash Retained (M) | 216.80 | 216.80 | 216.80 |
| (-) Cash Required (M) | -180.24 | -112.65 | -67.59 |
| (=) Excess Retained (M) | 36.56 | 104.15 | 149.21 |
| (/) Shares Outstanding (M) | 109.75 | 109.75 | 109.75 |
| (=) Excess Retained per Share | 0.33 | 0.95 | 1.36 |
| LTM Dividend per Share | 6.24 | 6.24 | 6.24 |
| (+) Excess Retained per Share | 0.33 | 0.95 | 1.36 |
| (=) Adjusted Dividend | 6.57 | 7.18 | 7.60 |
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $413.91 | $1,134.65 | $1,633.04 |
| Upside / Downside | 275.09% | 928.23% | 1,379.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 901.20 | 959.78 | 1,022.16 | 1,088.60 | 1,159.36 | 1,234.72 | 1,271.76 |
| Payout Ratio | 75.94% | 78.75% | 81.57% | 84.38% | 87.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 684.40 | 755.87 | 833.74 | 918.53 | 1,010.83 | 1,111.25 | 1,176.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.17% | 7.17% | 7.17% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 698.65 | 705.27 | 711.89 |
| Year 2 PV (M) | 712.28 | 725.85 | 739.55 |
| Year 3 PV (M) | 725.32 | 746.14 | 767.36 |
| Year 4 PV (M) | 737.78 | 766.15 | 795.34 |
| Year 5 PV (M) | 749.67 | 785.88 | 823.48 |
| PV of Terminal Value (M) | 19,011.40 | 19,929.66 | 20,883.06 |
| Equity Value (M) | 22,635.11 | 23,658.96 | 24,720.67 |
| Shares Outstanding (M) | 109.75 | 109.75 | 109.75 |
| Fair Value | $206.24 | $215.57 | $225.25 |
| Upside / Downside | 86.90% | 95.35% | 104.12% |
| 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% |