Definitive Analysis
| Stable Growth | $257.14 - $682.13 | $393.20 |
| Multi-Stage | $180.19 - $196.64 | $188.27 |
| Blended Fair Value | $290.73 | |
| Current Price | $310.07 | |
| Upside | -6.24% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.48% | 16.93% | 4.78 | 4.45 | 4.01 | 3.18 | 2.45 | 2.23 | 1.85 | 1.54 | 1.32 | 1.15 |
| YoY Growth | - | - | 7.27% | 11.18% | 25.96% | 30.08% | 9.74% | 20.66% | 19.65% | 16.64% | 15.38% | 14.67% |
| Dividend Yield | - | - | 1.50% | 1.11% | 1.17% | 0.75% | 0.71% | 1.13% | 1.10% | 1.06% | 1.11% | 1.31% |
| Net Income To Common (M) | 412.12 |
| (-) Cash Dividends Paid (M) | 184.12 |
| (=) Cash Retained (M) | 228.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.42 | 51.51 | 30.91 |
| Cash Retained (M) | 228.00 | 228.00 | 228.00 |
| (-) Cash Required (M) | -82.42 | -51.51 | -30.91 |
| (=) Excess Retained (M) | 145.58 | 176.49 | 197.09 |
| (/) Shares Outstanding (M) | 37.59 | 37.59 | 37.59 |
| (=) Excess Retained per Share | 3.87 | 4.69 | 5.24 |
| LTM Dividend per Share | 4.90 | 4.90 | 4.90 |
| (+) Excess Retained per Share | 3.87 | 4.69 | 5.24 |
| (=) Adjusted Dividend | 8.77 | 9.59 | 10.14 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $257.14 | $393.20 | $682.13 |
| Upside / Downside | -17.07% | 26.81% | 119.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 412.12 | 438.90 | 467.43 | 497.82 | 530.17 | 564.63 | 581.57 |
| Payout Ratio | 44.68% | 53.74% | 62.81% | 71.87% | 80.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 184.12 | 235.87 | 293.57 | 357.78 | 429.10 | 508.17 | 537.96 |
| 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) | 214.17 | 216.20 | 218.23 |
| Year 2 PV (M) | 242.04 | 246.65 | 251.30 |
| Year 3 PV (M) | 267.84 | 275.53 | 283.36 |
| Year 4 PV (M) | 291.68 | 302.89 | 314.43 |
| Year 5 PV (M) | 313.65 | 328.80 | 344.52 |
| PV of Terminal Value (M) | 5,444.89 | 5,707.88 | 5,980.94 |
| Equity Value (M) | 6,774.27 | 7,077.95 | 7,392.79 |
| Shares Outstanding (M) | 37.59 | 37.59 | 37.59 |
| Fair Value | $180.19 | $188.27 | $196.64 |
| Upside / Downside | -41.89% | -39.28% | -36.58% |
| 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% |