Definitive Analysis
| Stable Growth | $192.52 - $510.71 | $294.39 |
| Multi-Stage | $130.16 - $142.30 | $136.12 |
| Blended Fair Value | $215.25 | |
| Current Price | $167.46 | |
| Upside | 28.54% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.96% | 6.02% | 1.11 | 1.08 | 1.05 | 0.99 | 0.96 | 0.96 | 0.95 | 0.88 | 0.78 | 0.70 |
| YoY Growth | - | - | 2.87% | 2.98% | 5.47% | 3.02% | 0.51% | 0.77% | 7.87% | 13.05% | 11.44% | 13.25% |
| Dividend Yield | - | - | 0.71% | 0.54% | 0.95% | 0.91% | 0.93% | 1.55% | 1.60% | 1.53% | 1.81% | 1.83% |
| Net Income To Common (M) | 344.33 |
| (-) Cash Dividends Paid (M) | 47.36 |
| (=) Cash Retained (M) | 296.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 68.87 | 43.04 | 25.82 |
| Cash Retained (M) | 296.96 | 296.96 | 296.96 |
| (-) Cash Required (M) | -68.87 | -43.04 | -25.82 |
| (=) Excess Retained (M) | 228.10 | 253.92 | 271.14 |
| (/) Shares Outstanding (M) | 41.95 | 41.95 | 41.95 |
| (=) Excess Retained per Share | 5.44 | 6.05 | 6.46 |
| LTM Dividend per Share | 1.13 | 1.13 | 1.13 |
| (+) Excess Retained per Share | 5.44 | 6.05 | 6.46 |
| (=) Adjusted Dividend | 6.57 | 7.18 | 7.59 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $192.52 | $294.39 | $510.71 |
| Upside / Downside | 14.97% | 75.80% | 204.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 344.33 | 366.71 | 390.54 | 415.93 | 442.97 | 471.76 | 485.91 |
| Payout Ratio | 13.76% | 29.00% | 44.25% | 59.50% | 74.75% | 90.00% | 92.50% |
| Projected Dividends (M) | 47.36 | 106.36 | 172.83 | 247.49 | 331.12 | 424.58 | 449.47 |
| 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) | 96.58 | 97.49 | 98.41 |
| Year 2 PV (M) | 142.49 | 145.20 | 147.94 |
| Year 3 PV (M) | 185.27 | 190.59 | 196.01 |
| Year 4 PV (M) | 225.08 | 233.73 | 242.64 |
| Year 5 PV (M) | 262.05 | 274.71 | 287.85 |
| PV of Terminal Value (M) | 4,549.26 | 4,768.99 | 4,997.13 |
| Equity Value (M) | 5,460.73 | 5,710.72 | 5,969.98 |
| Shares Outstanding (M) | 41.95 | 41.95 | 41.95 |
| Fair Value | $130.16 | $136.12 | $142.30 |
| Upside / Downside | -22.27% | -18.71% | -15.02% |
| 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% |