Definitive Analysis
| Stable Growth | $56.04 - $177.51 | $90.21 |
| Multi-Stage | $49.10 - $53.60 | $51.31 |
| Blended Fair Value | $70.76 | |
| Current Price | $26.79 | |
| Upside | 164.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.95% | 6.21% | 1.07 | 1.04 | 1.00 | 0.95 | 0.87 | 0.84 | 0.78 | 0.50 | 0.59 | 0.46 |
| YoY Growth | - | - | 2.93% | 3.97% | 5.48% | 9.60% | 2.93% | 8.01% | 55.70% | -14.69% | 28.26% | -22.05% |
| Dividend Yield | - | - | 4.01% | 4.07% | 2.82% | 2.88% | 2.26% | 2.77% | 2.88% | 2.04% | 2.43% | 2.13% |
| Net Income To Common (M) | 1,024.69 |
| (-) Cash Dividends Paid (M) | 1,013.45 |
| (=) Cash Retained (M) | 11.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 204.94 | 128.09 | 76.85 |
| Cash Retained (M) | 11.25 | 11.25 | 11.25 |
| (-) Cash Required (M) | -204.94 | -128.09 | -76.85 |
| (=) Excess Retained (M) | -193.69 | -116.84 | -65.61 |
| (/) Shares Outstanding (M) | 478.60 | 478.60 | 478.60 |
| (=) Excess Retained per Share | -0.40 | -0.24 | -0.14 |
| LTM Dividend per Share | 2.12 | 2.12 | 2.12 |
| (+) Excess Retained per Share | -0.40 | -0.24 | -0.14 |
| (=) Adjusted Dividend | 1.71 | 1.87 | 1.98 |
| WACC / Discount Rate | 7.39% | 7.39% | 7.39% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Fair Value | $56.04 | $90.21 | $177.51 |
| Upside / Downside | 109.19% | 236.72% | 562.59% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,024.69 | 1,078.07 | 1,134.24 | 1,193.33 | 1,255.50 | 1,320.91 | 1,360.53 |
| Payout Ratio | 98.90% | 97.12% | 95.34% | 93.56% | 91.78% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,013.45 | 1,047.05 | 1,081.40 | 1,116.49 | 1,152.30 | 1,188.82 | 1,258.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.39% | 7.39% | 7.39% |
| Growth Rate | 4.21% | 5.21% | 6.21% |
| Year 1 PV (M) | 965.69 | 974.95 | 984.22 |
| Year 2 PV (M) | 919.87 | 937.61 | 955.52 |
| Year 3 PV (M) | 875.92 | 901.38 | 927.33 |
| Year 4 PV (M) | 833.77 | 866.23 | 899.64 |
| Year 5 PV (M) | 793.35 | 832.15 | 872.45 |
| PV of Terminal Value (M) | 19,110.40 | 20,045.09 | 21,016.00 |
| Equity Value (M) | 23,498.99 | 24,557.41 | 25,655.15 |
| Shares Outstanding (M) | 478.60 | 478.60 | 478.60 |
| Fair Value | $49.10 | $51.31 | $53.60 |
| Upside / Downside | 83.28% | 91.53% | 100.09% |
| 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% |