Definitive Analysis
| Stable Growth | $103.65 - $215.81 | $146.18 |
| Multi-Stage | $88.30 - $96.51 | $92.33 |
| Blended Fair Value | $119.25 | |
| Current Price | $134.17 | |
| Upside | -11.12% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.44% | 6.49% | 1.75 | 1.74 | 1.66 | 1.24 | 1.14 | 1.12 | 1.05 | 1.01 | 0.99 | 0.97 |
| YoY Growth | - | - | 0.95% | 4.30% | 33.98% | 8.94% | 2.16% | 6.50% | 3.58% | 2.40% | 1.67% | 4.02% |
| Dividend Yield | - | - | 1.18% | 0.88% | 0.95% | 0.62% | 0.68% | 1.21% | 1.01% | 0.86% | 1.08% | 1.15% |
| Net Income To Common (M) | 572.67 |
| (-) Cash Dividends Paid (M) | 172.59 |
| (=) Cash Retained (M) | 400.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 114.53 | 71.58 | 42.95 |
| Cash Retained (M) | 400.08 | 400.08 | 400.08 |
| (-) Cash Required (M) | -114.53 | -71.58 | -42.95 |
| (=) Excess Retained (M) | 285.55 | 328.50 | 357.13 |
| (/) Shares Outstanding (M) | 100.22 | 100.22 | 100.22 |
| (=) Excess Retained per Share | 2.85 | 3.28 | 3.56 |
| LTM Dividend per Share | 1.72 | 1.72 | 1.72 |
| (+) Excess Retained per Share | 2.85 | 3.28 | 3.56 |
| (=) Adjusted Dividend | 4.57 | 5.00 | 5.29 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.49% | 5.49% | 6.49% |
| Fair Value | $103.65 | $146.18 | $215.81 |
| Upside / Downside | -22.74% | 8.95% | 60.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 572.67 | 604.11 | 637.27 | 672.26 | 709.17 | 748.10 | 770.54 |
| Payout Ratio | 30.14% | 42.11% | 54.08% | 66.05% | 78.03% | 90.00% | 92.50% |
| Projected Dividends (M) | 172.59 | 254.39 | 344.65 | 444.06 | 553.34 | 673.29 | 712.75 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.49% | 5.49% | 6.49% |
| Year 1 PV (M) | 230.96 | 233.17 | 235.38 |
| Year 2 PV (M) | 284.10 | 289.57 | 295.08 |
| Year 3 PV (M) | 332.34 | 341.97 | 351.79 |
| Year 4 PV (M) | 375.99 | 390.60 | 405.62 |
| Year 5 PV (M) | 415.37 | 435.63 | 456.67 |
| PV of Terminal Value (M) | 7,210.81 | 7,562.52 | 7,927.83 |
| Equity Value (M) | 8,849.58 | 9,253.46 | 9,672.38 |
| Shares Outstanding (M) | 100.22 | 100.22 | 100.22 |
| Fair Value | $88.30 | $92.33 | $96.51 |
| Upside / Downside | -34.19% | -31.19% | -28.07% |
| 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% |