Definitive Analysis
| Stable Growth | $104.57 - $277.39 | $159.89 |
| Multi-Stage | $77.22 - $84.06 | $80.58 |
| Blended Fair Value | $120.24 | |
| Current Price | $139.46 | |
| Upside | -13.78% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.25% | 10.13% | 4.00 | 3.63 | 3.25 | 2.76 | 2.51 | 2.46 | 2.28 | 2.04 | 1.83 | 1.68 |
| YoY Growth | - | - | 10.13% | 11.94% | 17.55% | 10.00% | 2.17% | 7.57% | 11.78% | 11.69% | 9.20% | 9.91% |
| Dividend Yield | - | - | 2.87% | 2.77% | 2.66% | 2.24% | 2.19% | 3.21% | 2.80% | 2.79% | 3.21% | 2.76% |
| Net Income To Common (M) | 1,613.70 |
| (-) Cash Dividends Paid (M) | 1,484.20 |
| (=) Cash Retained (M) | 129.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 322.74 | 201.71 | 121.03 |
| Cash Retained (M) | 129.50 | 129.50 | 129.50 |
| (-) Cash Required (M) | -322.74 | -201.71 | -121.03 |
| (=) Excess Retained (M) | -193.24 | -72.21 | 8.47 |
| (/) Shares Outstanding (M) | 362.00 | 362.00 | 362.00 |
| (=) Excess Retained per Share | -0.53 | -0.20 | 0.02 |
| LTM Dividend per Share | 4.10 | 4.10 | 4.10 |
| (+) Excess Retained per Share | -0.53 | -0.20 | 0.02 |
| (=) Adjusted Dividend | 3.57 | 3.90 | 4.12 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $104.57 | $159.89 | $277.39 |
| Upside / Downside | -25.02% | 14.65% | 98.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,613.70 | 1,718.59 | 1,830.30 | 1,949.27 | 2,075.97 | 2,210.91 | 2,277.24 |
| Payout Ratio | 91.97% | 91.58% | 91.18% | 90.79% | 90.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,484.20 | 1,573.88 | 1,668.96 | 1,769.74 | 1,876.57 | 1,989.82 | 2,106.44 |
| 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) | 1,429.09 | 1,442.63 | 1,456.18 |
| Year 2 PV (M) | 1,376.00 | 1,402.21 | 1,428.66 |
| Year 3 PV (M) | 1,324.85 | 1,362.88 | 1,401.64 |
| Year 4 PV (M) | 1,275.59 | 1,324.64 | 1,375.10 |
| Year 5 PV (M) | 1,228.13 | 1,287.45 | 1,349.04 |
| PV of Terminal Value (M) | 21,320.27 | 22,350.05 | 23,419.24 |
| Equity Value (M) | 27,953.92 | 29,169.86 | 30,429.85 |
| Shares Outstanding (M) | 362.00 | 362.00 | 362.00 |
| Fair Value | $77.22 | $80.58 | $84.06 |
| Upside / Downside | -44.63% | -42.22% | -39.72% |
| 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% |