Definitive Analysis
| Stable Growth | $133.94 - $265.29 | $185.46 |
| Multi-Stage | $118.80 - $129.99 | $124.30 |
| Blended Fair Value | $154.88 | |
| Current Price | $67.34 | |
| Upside | 130.00% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.75% | -6.35% | 1.27 | 1.27 | 1.90 | 2.53 | 2.52 | 2.51 | 2.50 | 2.49 | 2.48 | 2.46 |
| YoY Growth | - | - | 0.01% | -33.33% | -24.78% | 0.42% | 0.41% | 0.43% | 0.43% | 0.50% | 0.60% | 0.66% |
| Dividend Yield | - | - | 2.27% | 2.42% | 6.00% | 4.60% | 4.15% | 6.17% | 4.96% | 5.43% | 4.06% | 4.44% |
| Net Income To Common (M) | 439.62 |
| (-) Cash Dividends Paid (M) | 70.34 |
| (=) Cash Retained (M) | 369.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 87.92 | 54.95 | 32.97 |
| Cash Retained (M) | 369.27 | 369.27 | 369.27 |
| (-) Cash Required (M) | -87.92 | -54.95 | -32.97 |
| (=) Excess Retained (M) | 281.35 | 314.32 | 336.30 |
| (/) Shares Outstanding (M) | 55.39 | 55.39 | 55.39 |
| (=) Excess Retained per Share | 5.08 | 5.67 | 6.07 |
| LTM Dividend per Share | 1.27 | 1.27 | 1.27 |
| (+) Excess Retained per Share | 5.08 | 5.67 | 6.07 |
| (=) Adjusted Dividend | 6.35 | 6.94 | 7.34 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.16% | 5.16% | 6.16% |
| Fair Value | $133.94 | $185.46 | $265.29 |
| Upside / Downside | 98.90% | 175.41% | 293.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 439.62 | 462.30 | 486.15 | 511.24 | 537.62 | 565.36 | 582.32 |
| Payout Ratio | 16.00% | 30.80% | 45.60% | 60.40% | 75.20% | 90.00% | 92.50% |
| Projected Dividends (M) | 70.34 | 142.39 | 221.69 | 308.79 | 404.29 | 508.83 | 538.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.16% | 5.16% | 6.16% |
| Year 1 PV (M) | 129.28 | 130.52 | 131.76 |
| Year 2 PV (M) | 182.73 | 186.26 | 189.82 |
| Year 3 PV (M) | 231.08 | 237.80 | 244.65 |
| Year 4 PV (M) | 274.68 | 285.38 | 296.39 |
| Year 5 PV (M) | 313.86 | 329.22 | 345.17 |
| PV of Terminal Value (M) | 5,448.62 | 5,715.24 | 5,992.20 |
| Equity Value (M) | 6,580.25 | 6,884.42 | 7,199.99 |
| Shares Outstanding (M) | 55.39 | 55.39 | 55.39 |
| Fair Value | $118.80 | $124.30 | $129.99 |
| Upside / Downside | 76.42% | 84.58% | 93.04% |
| 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% |