Definitive Analysis
| Stable Growth | $225.04 - $1,168.58 | $454.90 |
| Multi-Stage | $127.94 - $139.78 | $133.75 |
| Blended Fair Value | $294.33 | |
| Current Price | $174.25 | |
| Upside | 68.91% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.13% | 16.76% | 3.02 | 2.93 | 2.84 | 2.67 | 2.42 | 2.04 | 1.67 | 1.31 | 1.03 | 0.79 |
| YoY Growth | - | - | 2.77% | 3.51% | 6.16% | 10.19% | 18.80% | 22.10% | 27.70% | 27.00% | 30.34% | 23.36% |
| Dividend Yield | - | - | 1.39% | 1.36% | 0.72% | 0.79% | 0.49% | 0.61% | 0.68% | 0.60% | 0.55% | 0.63% |
| Net Income To Common (M) | 219.56 |
| (-) Cash Dividends Paid (M) | 114.85 |
| (=) Cash Retained (M) | 104.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 43.91 | 27.45 | 16.47 |
| Cash Retained (M) | 104.71 | 104.71 | 104.71 |
| (-) Cash Required (M) | -43.91 | -27.45 | -16.47 |
| (=) Excess Retained (M) | 60.80 | 77.27 | 88.24 |
| (/) Shares Outstanding (M) | 37.37 | 37.37 | 37.37 |
| (=) Excess Retained per Share | 1.63 | 2.07 | 2.36 |
| LTM Dividend per Share | 3.07 | 3.07 | 3.07 |
| (+) Excess Retained per Share | 1.63 | 2.07 | 2.36 |
| (=) Adjusted Dividend | 4.70 | 5.14 | 5.44 |
| WACC / Discount Rate | 7.70% | 7.70% | 7.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $225.04 | $454.90 | $1,168.58 |
| Upside / Downside | 29.15% | 161.06% | 570.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 219.56 | 233.83 | 249.03 | 265.22 | 282.46 | 300.82 | 309.84 |
| Payout Ratio | 52.31% | 59.85% | 67.39% | 74.92% | 82.46% | 90.00% | 92.50% |
| Projected Dividends (M) | 114.85 | 139.94 | 167.81 | 198.71 | 232.92 | 270.73 | 286.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.70% | 7.70% | 7.70% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 128.71 | 129.93 | 131.15 |
| Year 2 PV (M) | 141.96 | 144.66 | 147.39 |
| Year 3 PV (M) | 154.61 | 159.05 | 163.57 |
| Year 4 PV (M) | 166.68 | 173.09 | 179.69 |
| Year 5 PV (M) | 178.20 | 186.81 | 195.74 |
| PV of Terminal Value (M) | 4,010.54 | 4,204.25 | 4,405.37 |
| Equity Value (M) | 4,780.70 | 4,997.79 | 5,222.92 |
| Shares Outstanding (M) | 37.37 | 37.37 | 37.37 |
| Fair Value | $127.94 | $133.75 | $139.78 |
| Upside / Downside | -26.58% | -23.24% | -19.78% |
| 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% |