Definitive Analysis
| Stable Growth | $34.77 - $48.26 | $41.53 |
| Multi-Stage | $64.85 - $71.20 | $67.96 |
| Blended Fair Value | $54.75 | |
| Current Price | $59.49 | |
| Upside | -7.97% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.07% | -2.29% | 2.10 | 2.01 | 2.00 | 1.61 | 2.04 | 2.46 | 2.87 | 3.58 | 3.30 | 2.99 |
| YoY Growth | - | - | 4.41% | 0.74% | 23.85% | -21.01% | -16.87% | -14.43% | -19.83% | 8.52% | 10.40% | 12.85% |
| Dividend Yield | - | - | 4.54% | 4.20% | 5.09% | 2.78% | 3.34% | 11.32% | 6.96% | 6.93% | 8.67% | 8.66% |
| Net Income To Common (M) | 411.00 |
| (-) Cash Dividends Paid (M) | 226.00 |
| (=) Cash Retained (M) | 185.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.20 | 51.38 | 30.83 |
| Cash Retained (M) | 185.00 | 185.00 | 185.00 |
| (-) Cash Required (M) | -82.20 | -51.38 | -30.83 |
| (=) Excess Retained (M) | 102.80 | 133.63 | 154.18 |
| (/) Shares Outstanding (M) | 67.60 | 67.60 | 67.60 |
| (=) Excess Retained per Share | 1.52 | 1.98 | 2.28 |
| LTM Dividend per Share | 3.34 | 3.34 | 3.34 |
| (+) Excess Retained per Share | 1.52 | 1.98 | 2.28 |
| (=) Adjusted Dividend | 4.86 | 5.32 | 5.62 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.29% | -3.29% | -2.29% |
| Fair Value | $34.77 | $41.53 | $48.26 |
| Upside / Downside | -41.55% | -30.18% | -18.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 411.00 | 397.48 | 384.41 | 371.77 | 359.54 | 347.71 | 358.14 |
| Payout Ratio | 54.99% | 61.99% | 68.99% | 76.00% | 83.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 226.00 | 246.40 | 265.21 | 282.52 | 298.41 | 312.94 | 331.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.29% | -3.29% | -2.29% |
| Year 1 PV (M) | 223.52 | 225.85 | 228.19 |
| Year 2 PV (M) | 218.24 | 222.82 | 227.46 |
| Year 3 PV (M) | 210.89 | 217.57 | 224.39 |
| Year 4 PV (M) | 202.06 | 210.64 | 219.49 |
| Year 5 PV (M) | 192.23 | 202.48 | 213.17 |
| PV of Terminal Value (M) | 3,337.02 | 3,515.03 | 3,700.56 |
| Equity Value (M) | 4,383.96 | 4,594.40 | 4,813.25 |
| Shares Outstanding (M) | 67.60 | 67.60 | 67.60 |
| Fair Value | $64.85 | $67.96 | $71.20 |
| Upside / Downside | 9.01% | 14.25% | 19.69% |
| 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% |