Definitive Analysis
| Stable Growth | $316.88 - $1,450.78 | $720.91 |
| Multi-Stage | $164.59 - $180.09 | $172.20 |
| Blended Fair Value | $446.55 | |
| Current Price | $200.58 | |
| Upside | 122.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.05% | 6.50% | 1.60 | 1.50 | 1.40 | 1.20 | 1.16 | 1.09 | 1.03 | 0.97 | 0.93 | 0.89 |
| YoY Growth | - | - | 6.77% | 7.23% | 16.75% | 3.47% | 6.48% | 5.92% | 5.24% | 4.43% | 4.56% | 4.76% |
| Dividend Yield | - | - | 0.98% | 1.22% | 1.08% | 0.85% | 1.07% | 0.90% | 0.83% | 1.27% | 1.08% | 1.15% |
| Net Income To Common (M) | 480.08 |
| (-) Cash Dividends Paid (M) | 115.21 |
| (=) Cash Retained (M) | 364.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 96.02 | 60.01 | 36.01 |
| Cash Retained (M) | 364.87 | 364.87 | 364.87 |
| (-) Cash Required (M) | -96.02 | -60.01 | -36.01 |
| (=) Excess Retained (M) | 268.86 | 304.86 | 328.87 |
| (/) Shares Outstanding (M) | 65.81 | 65.81 | 65.81 |
| (=) Excess Retained per Share | 4.09 | 4.63 | 5.00 |
| LTM Dividend per Share | 1.75 | 1.75 | 1.75 |
| (+) Excess Retained per Share | 4.09 | 4.63 | 5.00 |
| (=) Adjusted Dividend | 5.84 | 6.38 | 6.75 |
| WACC / Discount Rate | 7.44% | 7.44% | 7.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $316.88 | $720.91 | $1,450.78 |
| Upside / Downside | 57.98% | 259.41% | 623.29% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 480.08 | 511.28 | 544.52 | 579.91 | 617.61 | 657.75 | 677.48 |
| Payout Ratio | 24.00% | 37.20% | 50.40% | 63.60% | 76.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 115.21 | 190.19 | 274.43 | 368.82 | 474.32 | 591.97 | 626.67 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.44% | 7.44% | 7.44% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 175.35 | 177.01 | 178.67 |
| Year 2 PV (M) | 233.28 | 237.72 | 242.21 |
| Year 3 PV (M) | 289.06 | 297.36 | 305.81 |
| Year 4 PV (M) | 342.74 | 355.92 | 369.48 |
| Year 5 PV (M) | 394.39 | 413.44 | 433.22 |
| PV of Terminal Value (M) | 9,397.01 | 9,850.89 | 10,322.14 |
| Equity Value (M) | 10,831.83 | 11,332.34 | 11,851.53 |
| Shares Outstanding (M) | 65.81 | 65.81 | 65.81 |
| Fair Value | $164.59 | $172.20 | $180.09 |
| Upside / Downside | -17.94% | -14.15% | -10.22% |
| 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% |