Definitive Analysis
| Stable Growth | $9.44 - $13.59 | $11.47 |
| Multi-Stage | $15.75 - $17.27 | $16.49 |
| Blended Fair Value | $13.98 | |
| Current Price | $36.03 | |
| Upside | -61.20% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -12.63% | 0.00% | 0.66 | 0.63 | 0.58 | 0.50 | 0.70 | 1.29 | 1.42 | 1.28 | 0.00 | 0.00 |
| YoY Growth | - | - | 5.06% | 7.50% | 16.88% | -28.32% | -46.18% | -9.22% | 10.77% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 2.11% | 2.09% | 1.62% | 1.28% | 1.59% | 2.90% | 3.20% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 764.96 |
| (-) Cash Dividends Paid (M) | 377.57 |
| (=) Cash Retained (M) | 387.39 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 152.99 | 95.62 | 57.37 |
| Cash Retained (M) | 387.39 | 387.39 | 387.39 |
| (-) Cash Required (M) | -152.99 | -95.62 | -57.37 |
| (=) Excess Retained (M) | 234.40 | 291.77 | 330.02 |
| (/) Shares Outstanding (M) | 572.15 | 572.15 | 572.15 |
| (=) Excess Retained per Share | 0.41 | 0.51 | 0.58 |
| LTM Dividend per Share | 0.66 | 0.66 | 0.66 |
| (+) Excess Retained per Share | 0.41 | 0.51 | 0.58 |
| (=) Adjusted Dividend | 1.07 | 1.17 | 1.24 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $9.44 | $11.47 | $13.59 |
| Upside / Downside | -73.79% | -68.17% | -62.27% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 764.96 | 757.31 | 749.73 | 742.24 | 734.81 | 727.47 | 749.29 |
| Payout Ratio | 49.36% | 57.49% | 65.61% | 73.74% | 81.87% | 90.00% | 92.50% |
| Projected Dividends (M) | 377.57 | 435.35 | 491.94 | 547.35 | 601.60 | 654.72 | 693.09 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 395.01 | 399.04 | 403.07 |
| Year 2 PV (M) | 405.00 | 413.31 | 421.70 |
| Year 3 PV (M) | 408.87 | 421.52 | 434.42 |
| Year 4 PV (M) | 407.76 | 424.66 | 442.08 |
| Year 5 PV (M) | 402.65 | 423.61 | 445.45 |
| PV of Terminal Value (M) | 6,989.96 | 7,353.94 | 7,732.93 |
| Equity Value (M) | 9,009.25 | 9,436.08 | 9,879.65 |
| Shares Outstanding (M) | 572.15 | 572.15 | 572.15 |
| Fair Value | $15.75 | $16.49 | $17.27 |
| Upside / Downside | -56.30% | -54.23% | -52.07% |
| 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% |