Definitive Analysis
| Stable Growth | $584.36 - $2,156.32 | $978.11 |
| Multi-Stage | $361.60 - $395.75 | $378.36 |
| Blended Fair Value | $678.24 | |
| Current Price | $425.26 | |
| Upside | 59.49% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.01% | 0.00% | 0.60 | 0.56 | 0.51 | 0.43 | 0.35 | 0.30 | 0.25 | 0.22 | 0.09 | 0.00 |
| YoY Growth | - | - | 7.61% | 8.61% | 19.02% | 24.13% | 16.51% | 17.32% | 17.21% | 140.30% | 0.00% | 0.00% |
| Dividend Yield | - | - | 0.12% | 0.11% | 0.17% | 0.19% | 0.21% | 0.28% | 0.37% | 0.42% | 0.28% | 0.00% |
| Net Income To Common (M) | 474.09 |
| (-) Cash Dividends Paid (M) | 15.34 |
| (=) Cash Retained (M) | 458.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 94.82 | 59.26 | 35.56 |
| Cash Retained (M) | 458.74 | 458.74 | 458.74 |
| (-) Cash Required (M) | -94.82 | -59.26 | -35.56 |
| (=) Excess Retained (M) | 363.93 | 399.48 | 423.19 |
| (/) Shares Outstanding (M) | 23.31 | 23.31 | 23.31 |
| (=) Excess Retained per Share | 15.62 | 17.14 | 18.16 |
| LTM Dividend per Share | 0.66 | 0.66 | 0.66 |
| (+) Excess Retained per Share | 15.62 | 17.14 | 18.16 |
| (=) Adjusted Dividend | 16.27 | 17.80 | 18.82 |
| WACC / Discount Rate | 8.44% | 8.44% | 8.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $584.36 | $978.11 | $2,156.32 |
| Upside / Downside | 37.41% | 130.00% | 407.06% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 474.09 | 504.90 | 537.72 | 572.67 | 609.90 | 649.54 | 669.03 |
| Payout Ratio | 3.24% | 20.59% | 37.94% | 55.29% | 72.65% | 90.00% | 92.50% |
| Projected Dividends (M) | 15.34 | 103.96 | 204.02 | 316.66 | 443.07 | 584.59 | 618.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.44% | 8.44% | 8.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 94.97 | 95.87 | 96.77 |
| Year 2 PV (M) | 170.26 | 173.51 | 176.78 |
| Year 3 PV (M) | 241.41 | 248.34 | 255.40 |
| Year 4 PV (M) | 308.58 | 320.44 | 332.65 |
| Year 5 PV (M) | 371.92 | 389.89 | 408.54 |
| PV of Terminal Value (M) | 7,240.13 | 7,589.83 | 7,952.91 |
| Equity Value (M) | 8,427.27 | 8,817.87 | 9,223.05 |
| Shares Outstanding (M) | 23.31 | 23.31 | 23.31 |
| Fair Value | $361.60 | $378.36 | $395.75 |
| Upside / Downside | -14.97% | -11.03% | -6.94% |
| 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% |