Definitive Analysis
| Stable Growth | $141.14 - $290.98 | $198.35 |
| Multi-Stage | $208.81 - $229.33 | $218.88 |
| Blended Fair Value | $208.61 | |
| Current Price | $56.31 | |
| Upside | 270.47% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.04% | -0.77% | 1.51 | 1.81 | 1.70 | 1.55 | 1.91 | 1.51 | 1.45 | 1.08 | 1.40 | 1.37 |
| YoY Growth | - | - | -16.55% | 6.38% | 9.53% | -18.62% | 26.09% | 4.55% | 34.56% | -23.06% | 2.16% | -16.13% |
| Dividend Yield | - | - | 2.99% | 4.81% | 5.52% | 5.53% | 10.87% | 8.34% | 8.77% | 8.34% | 9.68% | 9.40% |
| Net Income To Common (M) | 2,466.00 |
| (-) Cash Dividends Paid (M) | 787.00 |
| (=) Cash Retained (M) | 1,679.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 493.20 | 308.25 | 184.95 |
| Cash Retained (M) | 1,679.00 | 1,679.00 | 1,679.00 |
| (-) Cash Required (M) | -493.20 | -308.25 | -184.95 |
| (=) Excess Retained (M) | 1,185.80 | 1,370.75 | 1,494.05 |
| (/) Shares Outstanding (M) | 304.15 | 304.15 | 304.15 |
| (=) Excess Retained per Share | 3.90 | 4.51 | 4.91 |
| LTM Dividend per Share | 2.59 | 2.59 | 2.59 |
| (+) Excess Retained per Share | 3.90 | 4.51 | 4.91 |
| (=) Adjusted Dividend | 6.49 | 7.09 | 7.50 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 1.66% | 2.66% | 3.66% |
| Fair Value | $141.14 | $198.35 | $290.98 |
| Upside / Downside | 150.65% | 252.25% | 416.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,466.00 | 2,531.48 | 2,598.69 | 2,667.69 | 2,738.52 | 2,811.23 | 2,895.57 |
| Payout Ratio | 31.91% | 43.53% | 55.15% | 66.77% | 78.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 787.00 | 1,101.98 | 1,433.14 | 1,781.10 | 2,146.53 | 2,530.11 | 2,678.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | 1.66% | 2.66% | 3.66% |
| Year 1 PV (M) | 1,026.32 | 1,036.41 | 1,046.51 |
| Year 2 PV (M) | 1,243.08 | 1,267.66 | 1,292.48 |
| Year 3 PV (M) | 1,438.82 | 1,481.70 | 1,525.42 |
| Year 4 PV (M) | 1,614.96 | 1,679.45 | 1,745.85 |
| Year 5 PV (M) | 1,772.84 | 1,861.77 | 1,954.24 |
| PV of Terminal Value (M) | 56,414.11 | 59,244.03 | 62,186.38 |
| Equity Value (M) | 63,510.13 | 66,571.02 | 69,750.88 |
| Shares Outstanding (M) | 304.15 | 304.15 | 304.15 |
| Fair Value | $208.81 | $218.88 | $229.33 |
| Upside / Downside | 270.83% | 288.70% | 307.26% |
| 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% |