Definitive Analysis
| Stable Growth | $16.98 - $24.61 | $20.68 |
| Multi-Stage | $26.63 - $29.26 | $27.92 |
| Blended Fair Value | $24.30 | |
| Current Price | $26.63 | |
| Upside | -8.75% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.23% | -6.81% | 0.44 | 0.38 | 0.25 | 0.11 | 0.28 | 0.29 | 0.30 | 0.28 | 0.80 | 0.95 |
| YoY Growth | - | - | 14.09% | 56.03% | 120.31% | -60.49% | -4.14% | -0.59% | 4.94% | -64.78% | -15.29% | 6.89% |
| Dividend Yield | - | - | 1.53% | 1.60% | 0.98% | 1.05% | 8.59% | 1.70% | 1.84% | 1.79% | 7.21% | 3.63% |
| Net Income To Common (M) | 1,330.00 |
| (-) Cash Dividends Paid (M) | 253.00 |
| (=) Cash Retained (M) | 1,077.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 266.00 | 166.25 | 99.75 |
| Cash Retained (M) | 1,077.00 | 1,077.00 | 1,077.00 |
| (-) Cash Required (M) | -266.00 | -166.25 | -99.75 |
| (=) Excess Retained (M) | 811.00 | 910.75 | 977.25 |
| (/) Shares Outstanding (M) | 572.96 | 572.96 | 572.96 |
| (=) Excess Retained per Share | 1.42 | 1.59 | 1.71 |
| LTM Dividend per Share | 0.44 | 0.44 | 0.44 |
| (+) Excess Retained per Share | 1.42 | 1.59 | 1.71 |
| (=) Adjusted Dividend | 1.86 | 2.03 | 2.15 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.66% | -0.66% | 0.34% |
| Fair Value | $16.98 | $20.68 | $24.61 |
| Upside / Downside | -36.24% | -22.33% | -7.59% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,330.00 | 1,321.26 | 1,312.58 | 1,303.95 | 1,295.38 | 1,286.87 | 1,325.48 |
| Payout Ratio | 19.02% | 33.22% | 47.41% | 61.61% | 75.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 253.00 | 438.90 | 622.34 | 803.35 | 981.96 | 1,158.18 | 1,226.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -1.66% | -0.66% | 0.34% |
| Year 1 PV (M) | 398.25 | 402.30 | 406.35 |
| Year 2 PV (M) | 512.40 | 522.87 | 533.45 |
| Year 3 PV (M) | 600.17 | 618.67 | 637.54 |
| Year 4 PV (M) | 665.66 | 693.15 | 721.48 |
| Year 5 PV (M) | 712.40 | 749.37 | 787.85 |
| PV of Terminal Value (M) | 12,367.26 | 13,008.96 | 13,677.02 |
| Equity Value (M) | 15,256.13 | 15,995.30 | 16,763.69 |
| Shares Outstanding (M) | 572.96 | 572.96 | 572.96 |
| Fair Value | $26.63 | $27.92 | $29.26 |
| Upside / Downside | -0.01% | 4.83% | 9.87% |
| 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% |