Definitive Analysis
| Stable Growth | $110.38 - $207.46 | $149.84 |
| Multi-Stage | $156.88 - $171.75 | $164.18 |
| Blended Fair Value | $157.01 | |
| Current Price | $89.60 | |
| Upside | 75.23% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.79% | 7.12% | 3.73 | 3.02 | 2.83 | 2.75 | 2.66 | 2.69 | 2.62 | 2.33 | 2.15 | 2.01 |
| YoY Growth | - | - | 23.51% | 6.92% | 2.76% | 3.26% | -0.89% | 2.57% | 12.40% | 8.71% | 6.59% | 7.18% |
| Dividend Yield | - | - | 4.02% | 3.75% | 3.24% | 2.61% | 2.72% | 2.27% | 2.50% | 1.64% | 1.88% | 1.84% |
| Net Income To Common (M) | 334.75 |
| (-) Cash Dividends Paid (M) | 271.60 |
| (=) Cash Retained (M) | 63.15 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 66.95 | 41.84 | 25.11 |
| Cash Retained (M) | 63.15 | 63.15 | 63.15 |
| (-) Cash Required (M) | -66.95 | -41.84 | -25.11 |
| (=) Excess Retained (M) | -3.80 | 21.31 | 38.04 |
| (/) Shares Outstanding (M) | 46.01 | 46.01 | 46.01 |
| (=) Excess Retained per Share | -0.08 | 0.46 | 0.83 |
| LTM Dividend per Share | 5.90 | 5.90 | 5.90 |
| (+) Excess Retained per Share | -0.08 | 0.46 | 0.83 |
| (=) Adjusted Dividend | 5.82 | 6.37 | 6.73 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 1.76% | 2.76% | 3.76% |
| Fair Value | $110.38 | $149.84 | $207.46 |
| Upside / Downside | 23.19% | 67.23% | 131.54% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 334.75 | 343.99 | 353.49 | 363.25 | 373.28 | 383.58 | 395.09 |
| Payout Ratio | 81.14% | 82.91% | 84.68% | 86.45% | 88.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 271.60 | 285.20 | 299.34 | 314.04 | 329.33 | 345.23 | 365.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 1.76% | 2.76% | 3.76% |
| Year 1 PV (M) | 263.63 | 266.22 | 268.81 |
| Year 2 PV (M) | 255.78 | 260.84 | 265.94 |
| Year 3 PV (M) | 248.06 | 255.44 | 262.97 |
| Year 4 PV (M) | 240.47 | 250.06 | 259.93 |
| Year 5 PV (M) | 233.01 | 244.69 | 256.83 |
| PV of Terminal Value (M) | 5,977.02 | 6,276.53 | 6,587.92 |
| Equity Value (M) | 7,217.97 | 7,553.77 | 7,902.41 |
| Shares Outstanding (M) | 46.01 | 46.01 | 46.01 |
| Fair Value | $156.88 | $164.18 | $171.75 |
| Upside / Downside | 75.09% | 83.23% | 91.69% |
| 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% |