Definitive Analysis
| Stable Growth | $96.54 - $195.35 | $134.74 |
| Multi-Stage | $151.82 - $166.53 | $159.04 |
| Blended Fair Value | $146.89 | |
| Current Price | $40.00 | |
| Upside | 267.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.73% | 0.00% | 2.03 | 2.00 | 1.06 | 2.63 | 2.65 | 2.46 | 2.97 | 2.33 | 0.53 | 0.41 |
| YoY Growth | - | - | 1.34% | 89.72% | -59.92% | -0.78% | 8.12% | -17.44% | 27.49% | 338.82% | 30.67% | 0.00% |
| Dividend Yield | - | - | 4.61% | 3.60% | 3.16% | 5.63% | 5.21% | 4.72% | 5.83% | 5.43% | 1.04% | 0.81% |
| Net Income To Common (M) | 697.74 |
| (-) Cash Dividends Paid (M) | 493.78 |
| (=) Cash Retained (M) | 203.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 139.55 | 87.22 | 52.33 |
| Cash Retained (M) | 203.96 | 203.96 | 203.96 |
| (-) Cash Required (M) | -139.55 | -87.22 | -52.33 |
| (=) Excess Retained (M) | 64.42 | 116.75 | 151.63 |
| (/) Shares Outstanding (M) | 122.45 | 122.45 | 122.45 |
| (=) Excess Retained per Share | 0.53 | 0.95 | 1.24 |
| LTM Dividend per Share | 4.03 | 4.03 | 4.03 |
| (+) Excess Retained per Share | 0.53 | 0.95 | 1.24 |
| (=) Adjusted Dividend | 4.56 | 4.99 | 5.27 |
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 1.49% | 2.49% | 3.49% |
| Fair Value | $96.54 | $134.74 | $195.35 |
| Upside / Downside | 141.34% | 236.86% | 388.37% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 697.74 | 715.09 | 732.88 | 751.10 | 769.78 | 788.93 | 812.59 |
| Payout Ratio | 70.77% | 74.61% | 78.46% | 82.31% | 86.15% | 90.00% | 92.50% |
| Projected Dividends (M) | 493.78 | 533.56 | 575.02 | 618.21 | 663.20 | 710.03 | 751.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.28% | 6.28% | 6.28% |
| Growth Rate | 1.49% | 2.49% | 3.49% |
| Year 1 PV (M) | 497.14 | 502.04 | 506.94 |
| Year 2 PV (M) | 499.20 | 509.08 | 519.07 |
| Year 3 PV (M) | 500.06 | 514.98 | 530.21 |
| Year 4 PV (M) | 499.82 | 519.82 | 540.40 |
| Year 5 PV (M) | 498.59 | 523.65 | 549.70 |
| PV of Terminal Value (M) | 16,096.36 | 16,905.17 | 17,746.17 |
| Equity Value (M) | 18,591.17 | 19,474.74 | 20,392.48 |
| Shares Outstanding (M) | 122.45 | 122.45 | 122.45 |
| Fair Value | $151.82 | $159.04 | $166.53 |
| Upside / Downside | 279.56% | 297.60% | 316.33% |
| 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% |