Definitive Analysis
| Stable Growth | $189.39 - $502.40 | $289.60 |
| Multi-Stage | $127.75 - $139.68 | $133.61 |
| Blended Fair Value | $211.60 | |
| Current Price | $93.79 | |
| Upside | 125.62% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.73% | 19.73% | 0.89 | 0.89 | 0.88 | 0.72 | 0.64 | 0.65 | 0.59 | 0.46 | 0.32 | 0.24 |
| YoY Growth | - | - | 0.40% | 0.80% | 22.86% | 12.38% | -0.88% | 9.62% | 26.59% | 45.22% | 35.06% | 60.62% |
| Dividend Yield | - | - | 0.84% | 1.07% | 1.60% | 0.78% | 0.72% | 1.72% | 1.04% | 0.72% | 0.48% | 0.48% |
| Net Income To Common (M) | 623.57 |
| (-) Cash Dividends Paid (M) | 73.86 |
| (=) Cash Retained (M) | 549.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 124.71 | 77.95 | 46.77 |
| Cash Retained (M) | 549.71 | 549.71 | 549.71 |
| (-) Cash Required (M) | -124.71 | -77.95 | -46.77 |
| (=) Excess Retained (M) | 425.00 | 471.77 | 502.95 |
| (/) Shares Outstanding (M) | 77.23 | 77.23 | 77.23 |
| (=) Excess Retained per Share | 5.50 | 6.11 | 6.51 |
| LTM Dividend per Share | 0.96 | 0.96 | 0.96 |
| (+) Excess Retained per Share | 5.50 | 6.11 | 6.51 |
| (=) Adjusted Dividend | 6.46 | 7.06 | 7.47 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $189.39 | $289.60 | $502.40 |
| Upside / Downside | 101.93% | 208.77% | 435.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 623.57 | 664.11 | 707.27 | 753.24 | 802.21 | 854.35 | 879.98 |
| Payout Ratio | 11.84% | 27.48% | 43.11% | 58.74% | 74.37% | 90.00% | 92.50% |
| Projected Dividends (M) | 73.86 | 182.47 | 304.88 | 442.44 | 596.59 | 768.91 | 813.98 |
| 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) | 165.68 | 167.25 | 168.82 |
| Year 2 PV (M) | 251.36 | 256.15 | 260.99 |
| Year 3 PV (M) | 331.22 | 340.72 | 350.41 |
| Year 4 PV (M) | 405.53 | 421.12 | 437.17 |
| Year 5 PV (M) | 474.58 | 497.50 | 521.30 |
| PV of Terminal Value (M) | 8,238.67 | 8,636.60 | 9,049.76 |
| Equity Value (M) | 9,867.04 | 10,319.36 | 10,788.45 |
| Shares Outstanding (M) | 77.23 | 77.23 | 77.23 |
| Fair Value | $127.75 | $133.61 | $139.68 |
| Upside / Downside | 36.21% | 42.46% | 48.93% |
| 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% |