Definitive Analysis
| Stable Growth | $9.33 - $14.15 | $11.60 |
| Multi-Stage | $14.19 - $15.50 | $14.84 |
| Blended Fair Value | $13.22 | |
| Current Price | $36.19 | |
| Upside | -63.48% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.10% | 12.87% | 0.86 | 0.83 | 0.80 | 0.77 | 0.78 | 0.77 | 0.74 | 0.45 | 0.45 | 0.46 |
| YoY Growth | - | - | 2.78% | 3.85% | 4.36% | -1.89% | 1.54% | 4.33% | 65.76% | -1.38% | -2.43% | 81.74% |
| Dividend Yield | - | - | 2.37% | 2.25% | 2.33% | 2.07% | 3.10% | 4.04% | 2.72% | 1.84% | 1.63% | 1.82% |
| Net Income To Common (M) | 352.80 |
| (-) Cash Dividends Paid (M) | 290.60 |
| (=) Cash Retained (M) | 62.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 70.56 | 44.10 | 26.46 |
| Cash Retained (M) | 62.20 | 62.20 | 62.20 |
| (-) Cash Required (M) | -70.56 | -44.10 | -26.46 |
| (=) Excess Retained (M) | -8.36 | 18.10 | 35.74 |
| (/) Shares Outstanding (M) | 336.48 | 336.48 | 336.48 |
| (=) Excess Retained per Share | -0.02 | 0.05 | 0.11 |
| LTM Dividend per Share | 0.86 | 0.86 | 0.86 |
| (+) Excess Retained per Share | -0.02 | 0.05 | 0.11 |
| (=) Adjusted Dividend | 0.84 | 0.92 | 0.97 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.10% | 1.10% | 2.10% |
| Fair Value | $9.33 | $11.60 | $14.15 |
| Upside / Downside | -74.21% | -67.95% | -60.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 352.80 | 356.69 | 360.61 | 364.58 | 368.60 | 372.66 | 383.84 |
| Payout Ratio | 82.37% | 83.90% | 85.42% | 86.95% | 88.47% | 90.00% | 92.50% |
| Projected Dividends (M) | 290.60 | 299.24 | 308.04 | 317.00 | 326.11 | 335.39 | 355.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.10% | 1.10% | 2.10% |
| Year 1 PV (M) | 271.58 | 274.29 | 277.00 |
| Year 2 PV (M) | 253.71 | 258.81 | 263.95 |
| Year 3 PV (M) | 236.95 | 244.12 | 251.44 |
| Year 4 PV (M) | 221.23 | 230.20 | 239.44 |
| Year 5 PV (M) | 206.48 | 217.01 | 227.95 |
| PV of Terminal Value (M) | 3,584.55 | 3,767.21 | 3,957.24 |
| Equity Value (M) | 4,774.50 | 4,991.63 | 5,217.02 |
| Shares Outstanding (M) | 336.48 | 336.48 | 336.48 |
| Fair Value | $14.19 | $14.84 | $15.50 |
| Upside / Downside | -60.79% | -59.01% | -57.16% |
| 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% |