Definitive Analysis
| Stable Growth | $148.65 - $394.32 | $227.30 |
| Multi-Stage | $102.03 - $111.46 | $106.66 |
| Blended Fair Value | $166.98 | |
| Current Price | $50.98 | |
| Upside | 227.54% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.18% | 17.38% | 1.58 | 1.43 | 1.34 | 1.29 | 1.22 | 1.06 | 0.90 | 0.78 | 0.55 | 0.41 |
| YoY Growth | - | - | 10.11% | 7.06% | 3.91% | 5.21% | 14.97% | 18.50% | 15.20% | 42.72% | 32.06% | 30.30% |
| Dividend Yield | - | - | 3.63% | 3.19% | 3.91% | 3.01% | 2.99% | 6.37% | 2.98% | 1.61% | 1.05% | 0.98% |
| Net Income To Common (M) | 721.70 |
| (-) Cash Dividends Paid (M) | 192.61 |
| (=) Cash Retained (M) | 529.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 144.34 | 90.21 | 54.13 |
| Cash Retained (M) | 529.09 | 529.09 | 529.09 |
| (-) Cash Required (M) | -144.34 | -90.21 | -54.13 |
| (=) Excess Retained (M) | 384.75 | 438.88 | 474.96 |
| (/) Shares Outstanding (M) | 113.89 | 113.89 | 113.89 |
| (=) Excess Retained per Share | 3.38 | 3.85 | 4.17 |
| LTM Dividend per Share | 1.69 | 1.69 | 1.69 |
| (+) Excess Retained per Share | 3.38 | 3.85 | 4.17 |
| (=) Adjusted Dividend | 5.07 | 5.54 | 5.86 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $148.65 | $227.30 | $394.32 |
| Upside / Downside | 191.58% | 345.85% | 673.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 721.70 | 768.61 | 818.57 | 871.77 | 928.44 | 988.79 | 1,018.45 |
| Payout Ratio | 26.69% | 39.35% | 52.01% | 64.68% | 77.34% | 90.00% | 92.50% |
| Projected Dividends (M) | 192.61 | 302.45 | 425.76 | 563.82 | 718.03 | 889.91 | 942.07 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 274.63 | 277.23 | 279.83 |
| Year 2 PV (M) | 351.03 | 357.71 | 364.46 |
| Year 3 PV (M) | 422.09 | 434.20 | 446.55 |
| Year 4 PV (M) | 488.08 | 506.85 | 526.15 |
| Year 5 PV (M) | 549.26 | 575.79 | 603.33 |
| PV of Terminal Value (M) | 9,535.10 | 9,995.65 | 10,473.83 |
| Equity Value (M) | 11,620.18 | 12,147.43 | 12,694.16 |
| Shares Outstanding (M) | 113.89 | 113.89 | 113.89 |
| Fair Value | $102.03 | $106.66 | $111.46 |
| Upside / Downside | 100.14% | 109.22% | 118.64% |
| 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% |