Definitive Analysis
| Stable Growth | $68.66 - $113.30 | $88.46 |
| Multi-Stage | $85.88 - $93.79 | $89.76 |
| Blended Fair Value | $89.11 | |
| Current Price | $56.46 | |
| Upside | 57.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.54% | -1.30% | 4.68 | 3.46 | 4.01 | 10.64 | 6.73 | 3.41 | 0.00 | 0.00 | 0.15 | 0.64 |
| YoY Growth | - | - | 35.27% | -13.75% | -62.32% | 58.06% | 97.55% | 0.00% | 0.00% | -100.00% | -76.62% | -87.93% |
| Dividend Yield | - | - | 9.57% | 6.88% | 10.81% | 22.45% | 12.53% | 17.82% | 0.00% | 0.00% | 0.61% | 2.34% |
| Net Income To Common (M) | 705.00 |
| (-) Cash Dividends Paid (M) | 501.00 |
| (=) Cash Retained (M) | 204.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 141.00 | 88.13 | 52.88 |
| Cash Retained (M) | 204.00 | 204.00 | 204.00 |
| (-) Cash Required (M) | -141.00 | -88.13 | -52.88 |
| (=) Excess Retained (M) | 63.00 | 115.88 | 151.13 |
| (/) Shares Outstanding (M) | 119.72 | 119.72 | 119.72 |
| (=) Excess Retained per Share | 0.53 | 0.97 | 1.26 |
| LTM Dividend per Share | 4.18 | 4.18 | 4.18 |
| (+) Excess Retained per Share | 0.53 | 0.97 | 1.26 |
| (=) Adjusted Dividend | 4.71 | 5.15 | 5.45 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.09% | 3.09% | 4.09% |
| Fair Value | $68.66 | $88.46 | $113.30 |
| Upside / Downside | 21.61% | 56.69% | 100.66% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 705.00 | 726.81 | 749.29 | 772.47 | 796.37 | 821.00 | 845.63 |
| Payout Ratio | 71.06% | 74.85% | 78.64% | 82.43% | 86.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 501.00 | 544.02 | 589.23 | 636.71 | 686.57 | 738.90 | 782.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.09% | 3.09% | 4.09% |
| Year 1 PV (M) | 493.82 | 498.66 | 503.49 |
| Year 2 PV (M) | 485.50 | 495.05 | 504.70 |
| Year 3 PV (M) | 476.20 | 490.34 | 504.74 |
| Year 4 PV (M) | 466.11 | 484.64 | 503.72 |
| Year 5 PV (M) | 455.34 | 478.08 | 501.72 |
| PV of Terminal Value (M) | 7,904.70 | 8,299.49 | 8,709.90 |
| Equity Value (M) | 10,281.67 | 10,746.26 | 11,228.28 |
| Shares Outstanding (M) | 119.72 | 119.72 | 119.72 |
| Fair Value | $85.88 | $89.76 | $93.79 |
| Upside / Downside | 52.11% | 58.98% | 66.11% |
| 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% |