Definitive Analysis
| Stable Growth | $49.13 - $101.95 | $69.20 |
| Multi-Stage | $44.49 - $48.49 | $46.45 |
| Blended Fair Value | $57.83 | |
| Current Price | $42.25 | |
| Upside | 36.87% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.48% | 8.02% | 2.16 | 2.15 | 2.09 | 2.00 | 1.89 | 1.65 | 1.51 | 2.87 | 1.16 | 1.07 |
| YoY Growth | - | - | 0.34% | 3.18% | 4.30% | 5.69% | 14.43% | 9.39% | -47.34% | 147.88% | 8.36% | 7.07% |
| Dividend Yield | - | - | 6.59% | 6.12% | 6.44% | 2.62% | 2.88% | 2.60% | 2.00% | 4.04% | 1.61% | 1.73% |
| Net Income To Common (M) | 322.96 |
| (-) Cash Dividends Paid (M) | 257.72 |
| (=) Cash Retained (M) | 65.24 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 64.59 | 40.37 | 24.22 |
| Cash Retained (M) | 65.24 | 65.24 | 65.24 |
| (-) Cash Required (M) | -64.59 | -40.37 | -24.22 |
| (=) Excess Retained (M) | 0.65 | 24.87 | 41.02 |
| (/) Shares Outstanding (M) | 118.71 | 118.71 | 118.71 |
| (=) Excess Retained per Share | 0.01 | 0.21 | 0.35 |
| LTM Dividend per Share | 2.17 | 2.17 | 2.17 |
| (+) Excess Retained per Share | 0.01 | 0.21 | 0.35 |
| (=) Adjusted Dividend | 2.18 | 2.38 | 2.52 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.47% | 5.47% | 6.47% |
| Fair Value | $49.13 | $69.20 | $101.95 |
| Upside / Downside | 16.29% | 63.80% | 141.31% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 322.96 | 340.63 | 359.26 | 378.91 | 399.64 | 421.50 | 434.14 |
| Payout Ratio | 79.80% | 81.84% | 83.88% | 85.92% | 87.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 257.72 | 278.77 | 301.35 | 325.56 | 351.52 | 379.35 | 401.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.47% | 5.47% | 6.47% |
| Year 1 PV (M) | 253.10 | 255.52 | 257.95 |
| Year 2 PV (M) | 248.40 | 253.18 | 258.01 |
| Year 3 PV (M) | 243.65 | 250.72 | 257.91 |
| Year 4 PV (M) | 238.85 | 248.13 | 257.68 |
| Year 5 PV (M) | 234.03 | 245.44 | 257.30 |
| PV of Terminal Value (M) | 4,062.70 | 4,260.90 | 4,466.76 |
| Equity Value (M) | 5,280.74 | 5,513.90 | 5,755.61 |
| Shares Outstanding (M) | 118.71 | 118.71 | 118.71 |
| Fair Value | $44.49 | $46.45 | $48.49 |
| Upside / Downside | 5.29% | 9.94% | 14.76% |
| 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% |