Definitive Analysis
| Stable Growth | $48.10 - $109.65 | $70.03 |
| Multi-Stage | $37.95 - $41.43 | $39.66 |
| Blended Fair Value | $54.84 | |
| Current Price | $25.76 | |
| Upside | 112.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.05% | 13.68% | 0.98 | 0.87 | 0.73 | 0.67 | 0.65 | 0.63 | 0.50 | 0.38 | 0.35 | 0.33 |
| YoY Growth | - | - | 13.09% | 18.70% | 9.05% | 2.18% | 3.12% | 27.65% | 30.64% | 9.15% | 4.28% | 23.08% |
| Dividend Yield | - | - | 3.90% | 3.46% | 2.91% | 2.67% | 2.61% | 2.53% | 1.99% | 1.52% | 1.39% | 1.34% |
| Net Income To Common (M) | 2,156.00 |
| (-) Cash Dividends Paid (M) | 905.00 |
| (=) Cash Retained (M) | 1,251.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 431.20 | 269.50 | 161.70 |
| Cash Retained (M) | 1,251.00 | 1,251.00 | 1,251.00 |
| (-) Cash Required (M) | -431.20 | -269.50 | -161.70 |
| (=) Excess Retained (M) | 819.80 | 981.50 | 1,089.30 |
| (/) Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| (=) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| (=) Adjusted Dividend | 1.90 | 2.08 | 2.19 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Fair Value | $48.10 | $70.03 | $109.65 |
| Upside / Downside | 86.74% | 171.85% | 325.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,156.00 | 2,284.45 | 2,420.56 | 2,564.77 | 2,717.57 | 2,879.48 | 2,965.87 |
| Payout Ratio | 41.98% | 51.58% | 61.19% | 70.79% | 80.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 905.00 | 1,178.34 | 1,481.03 | 1,815.61 | 2,184.80 | 2,591.53 | 2,743.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Year 1 PV (M) | 1,069.88 | 1,080.07 | 1,090.26 |
| Year 2 PV (M) | 1,220.94 | 1,244.31 | 1,267.91 |
| Year 3 PV (M) | 1,358.99 | 1,398.21 | 1,438.17 |
| Year 4 PV (M) | 1,484.81 | 1,542.21 | 1,601.26 |
| Year 5 PV (M) | 1,599.12 | 1,676.77 | 1,757.40 |
| PV of Terminal Value (M) | 27,760.73 | 29,108.64 | 30,508.41 |
| Equity Value (M) | 34,494.47 | 36,050.21 | 37,663.41 |
| Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| Fair Value | $37.95 | $39.66 | $41.43 |
| Upside / Downside | 47.31% | 53.96% | 60.85% |
| 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% |