Definitive Analysis
| Stable Growth | $97.79 - $220.77 | $141.90 |
| Multi-Stage | $115.20 - $126.12 | $120.56 |
| Blended Fair Value | $131.23 | |
| Current Price | $89.66 | |
| Upside | 46.36% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.67% | 4.81% | 3.30 | 3.24 | 3.17 | 3.09 | 2.94 | 2.76 | 2.59 | 2.43 | 2.30 | 2.18 |
| YoY Growth | - | - | 2.12% | 2.01% | 2.54% | 5.39% | 6.35% | 6.72% | 6.59% | 5.68% | 5.46% | 5.41% |
| Dividend Yield | - | - | 3.47% | 4.37% | 4.00% | 3.96% | 3.61% | 3.64% | 2.73% | 3.04% | 2.75% | 2.90% |
| Net Income To Common (M) | 594.30 |
| (-) Cash Dividends Paid (M) | 415.54 |
| (=) Cash Retained (M) | 178.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 118.86 | 74.29 | 44.57 |
| Cash Retained (M) | 178.76 | 178.76 | 178.76 |
| (-) Cash Required (M) | -118.86 | -74.29 | -44.57 |
| (=) Excess Retained (M) | 59.90 | 104.48 | 134.19 |
| (/) Shares Outstanding (M) | 119.44 | 119.44 | 119.44 |
| (=) Excess Retained per Share | 0.50 | 0.87 | 1.12 |
| LTM Dividend per Share | 3.48 | 3.48 | 3.48 |
| (+) Excess Retained per Share | 0.50 | 0.87 | 1.12 |
| (=) Adjusted Dividend | 3.98 | 4.35 | 4.60 |
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 2.81% | 3.81% | 4.81% |
| Fair Value | $97.79 | $141.90 | $220.77 |
| Upside / Downside | 9.07% | 58.27% | 146.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 594.30 | 616.96 | 640.47 | 664.89 | 690.23 | 716.54 | 738.04 |
| Payout Ratio | 69.92% | 73.94% | 77.95% | 81.97% | 85.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 415.54 | 456.15 | 499.26 | 545.00 | 593.49 | 644.89 | 682.69 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.00% | 7.00% | 7.00% |
| Growth Rate | 2.81% | 3.81% | 4.81% |
| Year 1 PV (M) | 422.22 | 426.32 | 430.43 |
| Year 2 PV (M) | 427.74 | 436.10 | 444.54 |
| Year 3 PV (M) | 432.18 | 444.92 | 457.90 |
| Year 4 PV (M) | 435.62 | 452.82 | 470.52 |
| Year 5 PV (M) | 438.13 | 459.86 | 482.44 |
| PV of Terminal Value (M) | 11,603.73 | 12,179.14 | 12,777.14 |
| Equity Value (M) | 13,759.63 | 14,399.16 | 15,062.97 |
| Shares Outstanding (M) | 119.44 | 119.44 | 119.44 |
| Fair Value | $115.20 | $120.56 | $126.12 |
| Upside / Downside | 28.49% | 34.46% | 40.66% |
| 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% |