Definitive Analysis
| Stable Growth | $24.02 - $35.98 | $29.69 |
| Multi-Stage | $25.23 - $27.57 | $26.38 |
| Blended Fair Value | $28.03 | |
| Current Price | $134.33 | |
| Upside | -79.13% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.51% | 7.40% | 0.47 | 0.42 | 0.43 | 0.41 | 0.41 | 0.38 | 0.42 | 0.34 | 0.30 | 0.31 |
| YoY Growth | - | - | 12.59% | -2.63% | 5.66% | -0.76% | 8.44% | -8.94% | 21.42% | 14.04% | -4.13% | 35.51% |
| Dividend Yield | - | - | 0.57% | 0.37% | 0.40% | 0.34% | 0.31% | 0.69% | 1.00% | 0.78% | 0.98% | 1.45% |
| Net Income To Common (M) | 443.08 |
| (-) Cash Dividends Paid (M) | 77.06 |
| (=) Cash Retained (M) | 366.02 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 88.62 | 55.38 | 33.23 |
| Cash Retained (M) | 366.02 | 366.02 | 366.02 |
| (-) Cash Required (M) | -88.62 | -55.38 | -33.23 |
| (=) Excess Retained (M) | 277.40 | 310.63 | 332.79 |
| (/) Shares Outstanding (M) | 161.34 | 161.34 | 161.34 |
| (=) Excess Retained per Share | 1.72 | 1.93 | 2.06 |
| LTM Dividend per Share | 0.48 | 0.48 | 0.48 |
| (+) Excess Retained per Share | 1.72 | 1.93 | 2.06 |
| (=) Adjusted Dividend | 2.20 | 2.40 | 2.54 |
| WACC / Discount Rate | 11.89% | 11.89% | 11.89% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Fair Value | $24.02 | $29.69 | $35.98 |
| Upside / Downside | -82.12% | -77.90% | -73.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 443.08 | 458.62 | 474.70 | 491.35 | 508.58 | 526.42 | 542.21 |
| Payout Ratio | 17.39% | 31.91% | 46.44% | 60.96% | 75.48% | 90.00% | 92.50% |
| Projected Dividends (M) | 77.06 | 146.36 | 220.43 | 299.51 | 383.87 | 473.78 | 501.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 11.89% | 11.89% | 11.89% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Year 1 PV (M) | 129.55 | 130.81 | 132.08 |
| Year 2 PV (M) | 172.70 | 176.09 | 179.51 |
| Year 3 PV (M) | 207.71 | 213.84 | 220.10 |
| Year 4 PV (M) | 235.63 | 244.96 | 254.57 |
| Year 5 PV (M) | 257.41 | 270.22 | 283.53 |
| PV of Terminal Value (M) | 3,066.99 | 3,219.53 | 3,378.09 |
| Equity Value (M) | 4,069.99 | 4,255.46 | 4,447.87 |
| Shares Outstanding (M) | 161.34 | 161.34 | 161.34 |
| Fair Value | $25.23 | $26.38 | $27.57 |
| Upside / Downside | -81.22% | -80.36% | -79.48% |
| 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% |