Definitive Analysis
| Stable Growth | $110.66 - $179.52 | $141.56 |
| Multi-Stage | $139.46 - $152.52 | $145.87 |
| Blended Fair Value | $143.72 | |
| Current Price | $217.93 | |
| Upside | -34.05% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.48% | 11.05% | 5.00 | 5.00 | 4.68 | 4.23 | 3.34 | 3.33 | 2.99 | 2.65 | 2.41 | 2.24 |
| YoY Growth | - | - | -0.02% | 6.80% | 10.66% | 26.77% | 0.30% | 11.41% | 12.84% | 9.95% | 7.62% | 27.57% |
| Dividend Yield | - | - | 2.52% | 2.65% | 3.37% | 2.71% | 2.48% | 3.83% | 2.91% | 2.35% | 2.63% | 3.70% |
| Net Income To Common (M) | 893.30 |
| (-) Cash Dividends Paid (M) | 449.40 |
| (=) Cash Retained (M) | 443.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 178.66 | 111.66 | 67.00 |
| Cash Retained (M) | 443.90 | 443.90 | 443.90 |
| (-) Cash Required (M) | -178.66 | -111.66 | -67.00 |
| (=) Excess Retained (M) | 265.24 | 332.24 | 376.90 |
| (/) Shares Outstanding (M) | 89.80 | 89.80 | 89.80 |
| (=) Excess Retained per Share | 2.95 | 3.70 | 4.20 |
| LTM Dividend per Share | 5.00 | 5.00 | 5.00 |
| (+) Excess Retained per Share | 2.95 | 3.70 | 4.20 |
| (=) Adjusted Dividend | 7.96 | 8.70 | 9.20 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.78% | 2.78% | 3.78% |
| Fair Value | $110.66 | $141.56 | $179.52 |
| Upside / Downside | -49.22% | -35.04% | -17.63% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 893.30 | 918.12 | 943.63 | 969.85 | 996.80 | 1,024.49 | 1,055.23 |
| Payout Ratio | 50.31% | 58.25% | 66.18% | 74.12% | 82.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 449.40 | 534.77 | 624.54 | 718.88 | 817.99 | 922.04 | 976.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.78% | 2.78% | 3.78% |
| Year 1 PV (M) | 485.41 | 490.17 | 494.94 |
| Year 2 PV (M) | 514.56 | 524.72 | 534.98 |
| Year 3 PV (M) | 537.61 | 553.62 | 569.93 |
| Year 4 PV (M) | 555.26 | 577.40 | 600.21 |
| Year 5 PV (M) | 568.12 | 596.58 | 626.17 |
| PV of Terminal Value (M) | 9,862.47 | 10,356.59 | 10,870.32 |
| Equity Value (M) | 12,523.42 | 13,099.08 | 13,696.56 |
| Shares Outstanding (M) | 89.80 | 89.80 | 89.80 |
| Fair Value | $139.46 | $145.87 | $152.52 |
| Upside / Downside | -36.01% | -33.07% | -30.01% |
| 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% |