Definitive Analysis
| Stable Growth | $168.74 - $447.62 | $258.02 |
| Multi-Stage | $114.07 - $124.71 | $119.29 |
| Blended Fair Value | $188.66 | |
| Current Price | $63.55 | |
| Upside | 196.86% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 28.57% | 23.06% | 0.99 | 0.79 | 0.73 | 0.75 | 0.53 | 0.28 | 0.12 | 0.12 | 0.12 | 0.13 |
| YoY Growth | - | - | 25.91% | 8.35% | -2.96% | 42.00% | 86.87% | 129.08% | 2.89% | 0.65% | -6.53% | 2.27% |
| Dividend Yield | - | - | 1.63% | 1.19% | 2.07% | 1.94% | 1.31% | 0.87% | 0.54% | 0.43% | 0.67% | 1.05% |
| Net Income To Common (M) | 517.87 |
| (-) Cash Dividends Paid (M) | 70.82 |
| (=) Cash Retained (M) | 447.05 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 103.57 | 64.73 | 38.84 |
| Cash Retained (M) | 447.05 | 447.05 | 447.05 |
| (-) Cash Required (M) | -103.57 | -64.73 | -38.84 |
| (=) Excess Retained (M) | 343.48 | 382.32 | 408.21 |
| (/) Shares Outstanding (M) | 71.99 | 71.99 | 71.99 |
| (=) Excess Retained per Share | 4.77 | 5.31 | 5.67 |
| LTM Dividend per Share | 0.98 | 0.98 | 0.98 |
| (+) Excess Retained per Share | 4.77 | 5.31 | 5.67 |
| (=) Adjusted Dividend | 5.75 | 6.29 | 6.65 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $168.74 | $258.02 | $447.62 |
| Upside / Downside | 165.52% | 306.01% | 604.36% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 517.87 | 551.53 | 587.38 | 625.56 | 666.23 | 709.53 | 730.82 |
| Payout Ratio | 13.68% | 28.94% | 44.21% | 59.47% | 74.74% | 90.00% | 92.50% |
| Projected Dividends (M) | 70.82 | 159.62 | 259.66 | 372.03 | 497.91 | 638.58 | 676.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 144.93 | 146.31 | 147.68 |
| Year 2 PV (M) | 214.08 | 218.15 | 222.27 |
| Year 3 PV (M) | 278.50 | 286.50 | 294.64 |
| Year 4 PV (M) | 338.45 | 351.46 | 364.85 |
| Year 5 PV (M) | 394.13 | 413.17 | 432.94 |
| PV of Terminal Value (M) | 6,842.16 | 7,172.64 | 7,515.76 |
| Equity Value (M) | 8,212.25 | 8,588.23 | 8,978.15 |
| Shares Outstanding (M) | 71.99 | 71.99 | 71.99 |
| Fair Value | $114.07 | $119.29 | $124.71 |
| Upside / Downside | 79.50% | 87.72% | 96.24% |
| 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% |