Dividend Discount Models Snapshot
| Model | Range | Selected |
|---|---|---|
| Stable Growth DDM | $133.25 - $243.43 | $178.02 |
| Multi-Stage DDM | $100.63 - $110.15 | $105.30 |
| Blended Fair Value | $141.66 | |
| Stock Price | $259.51 | |
Dividend History (Last 10 Years)
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.028 | 0.989 | 0.950 | 0.909 | 0.858 | 0.803 | 0.759 | 0.686 | 0.608 | 0.552 |
| YoY % | 3.95% | 4.05% | 4.53% | 5.97% | 6.78% | 5.80% | 10.75% | 12.79% | 10.07% | 10.69% |
| Yield | 0.40% | 0.38% | 0.37% | 0.35% | 0.33% | 0.31% | 0.29% | 0.26% | 0.23% | 0.21% |
| CAGR | Value |
|---|---|
| 5 Year | 5.05% |
| 10 Year | 7.49% |
Discounted Dividend Model - Stable Growth
| Metric | Range | Selected |
|---|---|---|
| LT Growth | 3.56% to 5.56% | 4.56% |
| WACC | 9.00% | 9.00% |
| Fair Value | $133.25 - $243.43 | $178.02 |
Calculation Details (Millions)
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (*) Adjusted Net Income | 112,010.00 | 112,010.00 | 112,010.00 |
| (=) Cash Required | 22,402.00 | 14,001.25 | 8,400.75 |
| (=) Excess Retained per Share | 5.97 | 6.53 | 6.91 |
| LTM Dividend per Share | 1.028 | 1.028 | 1.028 |
| (=) Adjusted Dividend | 7.000 | 7.560 | 7.933 |
Multi-Stage Projections (BASE Case - Millions)
| Metric | TTM | Year 1 | Year 2 | Year 3 | Year 4 | Year 5 |
|---|---|---|---|---|---|---|
| Net Income | 112,010.00 | 117,117.64 | 122,458.18 | 128,042.25 | 133,880.96 | 139,985.90 |
| Projected Dividends | 15,421.00 | 29,279.41 | 50,207.85 | 72,984.08 | 97,733.10 | 125,987.31 |
Multi-Stage Valuation (Millions)
| Present Values | LOW | BASE | HIGH |
|---|---|---|---|
| Year 1 PV | 27,776.37 | 28,044.59 | 28,312.80 |
| Year 2 PV | 43,279.76 | 44,119.63 | 44,967.58 |
| Year 3 PV | 57,166.46 | 58,838.54 | 60,542.92 |
| Year 4 PV | 69,559.23 | 72,285.12 | 75,090.35 |
| Year 5 PV | 81,477.91 | 85,488.48 | 89,655.43 |
| TV PV | 1,230,657.40 | 1,291,233.65 | 1,354,172.13 |
| Equity Value | 1,509,917.14 | 1,580,010.01 | 1,652,741.22 |
| Fair Value | $100.63 | $105.30 | $110.15 |
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|---|---|---|---|---|
| HWBK | HWBK | 2.27% | $0.77 | 24.18% |
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| DKS | DKS | 2.26% | $4.52 | 38.61% |
| EML | EML | 2.26% | $0.44 | 37.05% |
| SBCF | SBCF | 2.26% | $0.71 | 43.09% |
| WMK | WMK | 2.26% | $1.45 | 35.88% |
| 0JYA.L | 0JYA.L | 2.25% | $3.72 | 74.60% |
| FSBC | FSBC | 2.25% | $0.80 | 29.79% |
| IBM | IBM | 2.25% | $6.56 | 78.75% |
| 0KYZ.L | 0KYZ.L | 2.24% | $4.32 | 54.40% |
| BPOP | BPOP | 2.24% | $2.82 | 24.06% |
| MFIN | MFIN | 2.24% | $0.23 | 12.50% |
| MS | MS | 2.24% | $4.07 | 40.12% |
| FXNC | FXNC | 2.23% | $0.55 | 86.28% |
| BAC | BAC | 2.22% | $1.24 | 31.97% |
| SSB | SSB | 2.22% | $2.09 | 30.58% |
| VLGEA | VLGEA | 2.22% | $0.77 | 20.42% |
| WWW | WWW | 2.22% | $0.41 | 37.79% |
| CCBG | CCBG | 2.21% | $0.93 | 26.22% |
| CG | CG | 2.20% | $1.34 | 76.25% |
| NHI | NHI | 2.20% | $1.69 | 54.58% |
| VNO | VNO | 2.20% | $0.73 | 15.58% |
| BANC | BANC | 2.19% | $0.43 | 32.44% |
| EBTC | EBTC | 2.19% | $0.87 | 26.66% |
| RHP | RHP | 2.19% | $2.09 | 57.31% |
| CDP | CDP | 2.18% | $0.60 | 45.15% |
| FDS | FDS | 2.18% | $6.20 | 39.64% |
| ISBA | ISBA | 2.18% | $1.10 | 44.52% |
| WH | WH | 2.18% | $1.64 | 37.28% |
| EFSC | EFSC | 2.17% | $1.17 | 22.34% |
| ETH | ETH | 2.17% | $0.64 | 34.57% |
| SEM | SEM | 2.17% | $0.32 | 36.19% |
| BFST | BFST | 2.16% | $0.56 | 20.21% |
| CWBC | CWBC | 2.16% | $0.48 | 26.89% |
| EHTH | EHTH | 2.16% | $0.09 | 5.60% |
| TPL | TPL | 2.16% | $6.42 | 31.02% |
| CBSH | CBSH | 2.15% | $1.12 | 26.40% |
| COLM | COLM | 2.15% | $1.20 | 35.55% |
| HTH | HTH | 2.15% | $0.73 | 28.46% |
| NATH | NATH | 2.15% | $1.98 | 35.76% |
| RCKY | RCKY | 2.15% | $0.62 | 22.50% |
| BDX | BDX | 2.14% | $4.17 | 71.28% |
| CI | CI | 2.14% | $5.96 | 26.01% |
| FBIZ | FBIZ | 2.14% | $1.15 | 18.19% |
| JBSS | JBSS | 2.14% | $1.49 | 26.50% |
| JNPR | JNPR | 2.14% | $0.86 | 82.37% |
| POOL | POOL | 2.14% | $4.92 | 44.68% |
| CSCO | CSCO | 2.13% | $1.62 | 62.56% |
| CSTR | CSTR | 2.13% | $0.43 | 30.48% |
| HTLF | HTLF | 2.13% | $1.38 | 69.73% |