Definitive Analysis
| Stable Growth | $119.62 - $477.39 | $322.49 |
| Multi-Stage | $59.02 - $64.51 | $61.72 |
| Blended Fair Value | $192.10 | |
| Current Price | $37.14 | |
| Upside | 417.24% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.94% | 11.94% | 1.24 | 1.14 | 1.04 | 0.93 | 0.84 | 0.68 | 0.54 | 0.51 | 0.47 | 0.44 |
| YoY Growth | - | - | 9.34% | 9.76% | 11.59% | 11.21% | 23.37% | 25.06% | 7.16% | 7.44% | 7.98% | 8.15% |
| Dividend Yield | - | - | 3.15% | 3.09% | 2.37% | 1.82% | 1.87% | 1.66% | 1.50% | 1.48% | 1.46% | 1.37% |
| Net Income To Common (M) | 668.45 |
| (-) Cash Dividends Paid (M) | 366.25 |
| (=) Cash Retained (M) | 302.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 133.69 | 83.56 | 50.13 |
| Cash Retained (M) | 302.20 | 302.20 | 302.20 |
| (-) Cash Required (M) | -133.69 | -83.56 | -50.13 |
| (=) Excess Retained (M) | 168.51 | 218.64 | 252.06 |
| (/) Shares Outstanding (M) | 278.47 | 278.47 | 278.47 |
| (=) Excess Retained per Share | 0.61 | 0.79 | 0.91 |
| LTM Dividend per Share | 1.32 | 1.32 | 1.32 |
| (+) Excess Retained per Share | 0.61 | 0.79 | 0.91 |
| (=) Adjusted Dividend | 1.92 | 2.10 | 2.22 |
| WACC / Discount Rate | 7.19% | 7.19% | 7.19% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $119.62 | $322.49 | $477.39 |
| Upside / Downside | 222.09% | 768.30% | 1,185.38% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 668.45 | 711.90 | 758.17 | 807.45 | 859.94 | 915.83 | 943.31 |
| Payout Ratio | 54.79% | 61.83% | 68.87% | 75.92% | 82.96% | 90.00% | 92.50% |
| Projected Dividends (M) | 366.25 | 440.19 | 522.19 | 612.99 | 713.39 | 824.25 | 872.56 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.19% | 7.19% | 7.19% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 406.79 | 410.65 | 414.50 |
| Year 2 PV (M) | 445.96 | 454.45 | 463.03 |
| Year 3 PV (M) | 483.79 | 497.68 | 511.83 |
| Year 4 PV (M) | 520.31 | 540.32 | 560.90 |
| Year 5 PV (M) | 555.56 | 582.39 | 610.25 |
| PV of Terminal Value (M) | 14,024.00 | 14,701.37 | 15,404.66 |
| Equity Value (M) | 16,436.41 | 17,186.85 | 17,965.16 |
| Shares Outstanding (M) | 278.47 | 278.47 | 278.47 |
| Fair Value | $59.02 | $61.72 | $64.51 |
| Upside / Downside | 58.92% | 66.18% | 73.71% |
| 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% |