Definitive Analysis
| Stable Growth | $7,102.02 - $23,313.68 | $21,839.88 |
| Multi-Stage | $11,208.28 - $12,348.85 | $11,767.47 |
| Blended Fair Value | $16,803.68 | |
| Current Price | $2,760.00 | |
| Upside | 508.83% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.03% | 0.91% | 14.30 | 14.29 | 11.43 | 4.29 | 2.81 | 10.18 | 8.72 | 4.36 | 0.02 | 8.72 |
| YoY Growth | - | - | 0.07% | 25.06% | 166.68% | 52.23% | -72.36% | 16.77% | 100.02% | 28,775.00% | -99.83% | -33.25% |
| Dividend Yield | - | - | 0.64% | 2.02% | 2.06% | 0.83% | 0.75% | 4.58% | 2.35% | 0.79% | 0.00% | 2.24% |
| Net Income To Common (M) | 129,343.00 |
| (-) Cash Dividends Paid (M) | 18,228.00 |
| (=) Cash Retained (M) | 111,115.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 25,868.60 | 16,167.88 | 9,700.73 |
| Cash Retained (M) | 111,115.00 | 111,115.00 | 111,115.00 |
| (-) Cash Required (M) | -25,868.60 | -16,167.88 | -9,700.73 |
| (=) Excess Retained (M) | 85,246.40 | 94,947.13 | 101,414.28 |
| (/) Shares Outstanding (M) | 1,059.71 | 1,059.71 | 1,059.71 |
| (=) Excess Retained per Share | 80.44 | 89.60 | 95.70 |
| LTM Dividend per Share | 17.20 | 17.20 | 17.20 |
| (+) Excess Retained per Share | 80.44 | 89.60 | 95.70 |
| (=) Adjusted Dividend | 97.64 | 106.80 | 112.90 |
| WACC / Discount Rate | 2.64% | 2.64% | 2.64% |
| Growth Rate | 1.25% | 2.25% | 3.25% |
| Fair Value | $7,102.02 | $21,839.88 | $23,313.68 |
| Upside / Downside | 157.32% | 691.30% | 744.70% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 129,343.00 | 132,251.45 | 135,225.31 | 138,266.03 | 141,375.13 | 144,554.15 | 148,890.77 |
| Payout Ratio | 14.09% | 29.27% | 44.46% | 59.64% | 74.82% | 90.00% | 92.50% |
| Projected Dividends (M) | 18,228.00 | 38,715.57 | 60,115.30 | 82,457.86 | 105,774.83 | 130,098.73 | 137,723.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 2.64% | 2.64% | 2.64% |
| Growth Rate | 1.25% | 2.25% | 3.25% |
| Year 1 PV (M) | 37,350.62 | 37,719.52 | 38,088.42 |
| Year 2 PV (M) | 55,951.19 | 57,061.87 | 58,183.47 |
| Year 3 PV (M) | 74,040.35 | 76,255.91 | 78,515.23 |
| Year 4 PV (M) | 91,628.57 | 95,302.50 | 99,085.81 |
| Year 5 PV (M) | 108,726.09 | 114,202.47 | 119,897.33 |
| PV of Terminal Value (M) | 11,509,865.11 | 12,089,600.34 | 12,692,464.07 |
| Equity Value (M) | 11,877,561.93 | 12,470,142.60 | 13,086,234.32 |
| Shares Outstanding (M) | 1,059.71 | 1,059.71 | 1,059.71 |
| Fair Value | $11,208.28 | $11,767.47 | $12,348.85 |
| Upside / Downside | 306.10% | 326.36% | 347.42% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ESP | Espey Mfg. & Electronics Corp. | 3.53% | $1.65 | 54.01% |
| F-PC | Ford Motor Company 6% Notes due | 3.53% | $0.74 | 63.45% |
| TECTP | Tectonic Financial, Inc. | 3.53% | $0.38 | 79.28% |
| AMFCX | American Funds American Mutual Fund | 3.52% | $2.06 | 90.87% |
| CRC | California Resources Corporation | 3.52% | $1.64 | 35.94% |
| FAF | First American Financial Corporation | 3.51% | $2.14 | 46.13% |
| GIC | Global Industrial Company | 3.51% | $1.03 | 58.36% |
| 0R0G.L | Mondelez International, Inc. | 3.50% | $1.89 | 69.92% |
| DCP | DCP Midstream, LP | 3.50% | $1.46 | 34.00% |
| LW | Lamb Weston Holdings, Inc. | 3.50% | $1.48 | 70.35% |
| WSO | Watsco, Inc. | 3.50% | $12.16 | 83.88% |
| 0QYY.L | Harley-Davidson, Inc. | 3.49% | $0.72 | 17.57% |
| LKFN | Lakeland Financial Corporation | 3.49% | $1.97 | 52.13% |
| TRST | TrustCo Bank Corp NY | 3.49% | $1.44 | 48.14% |
| OMC | Omnicom Group Inc. | 3.47% | $2.83 | 41.26% |
| PROV | Provident Financial Holdings, Inc. | 3.47% | $0.55 | 61.73% |
| UTL | Unitil Corporation | 3.47% | $1.70 | 61.75% |
| BF-A | Brown-Forman Corporation | 3.45% | $0.91 | 52.84% |
| COFS | ChoiceOne Financial Services, Inc. | 3.45% | $1.00 | 70.38% |
| FCBP | First Choice Bancorp | 3.45% | $1.00 | 34.34% |
| NXST | Nexstar Media Group, Inc. | 3.45% | $7.20 | 42.75% |
| STBA | S&T Bancorp, Inc. | 3.45% | $1.35 | 29.75% |
| VABK | Virginia National Bankshares Corporation | 3.45% | $1.37 | 55.94% |
| F-PB | Ford Motor Company 6.20% Notes | 3.44% | $0.74 | 63.45% |
| 0K3B.L | The Mosaic Company | 3.43% | $0.87 | 22.53% |
| CPF | Central Pacific Financial Corp. | 3.43% | $1.07 | 43.87% |
| CTBI | Community Trust Bancorp, Inc. | 3.43% | $1.93 | 37.41% |
| IIIN | Insteel Industries, Inc. | 3.43% | $1.11 | 53.05% |
| JJSF | J&J Snack Foods Corp. | 3.43% | $3.11 | 92.62% |
| TMP | Tompkins Financial Corporation | 3.43% | $2.49 | 42.22% |
| ALRS | Alerus Financial Corporation | 3.41% | $0.77 | 39.09% |
| CNXC | Concentrix Corporation | 3.41% | $1.40 | 28.16% |
| FBP | First BanCorp. | 3.41% | $0.71 | 34.06% |
| GLO | Clough Global Opportunities Fund | 3.41% | $0.19 | 15.90% |
| OPBK | OP Bancorp | 3.41% | $0.48 | 30.19% |
| PHX | PHX Minerals Inc. | 3.39% | $0.15 | 81.44% |
| WHG | Westwood Holdings Group, Inc. | 3.39% | $0.60 | 73.76% |
| SCVL | Shoe Carnival, Inc. | 3.38% | $0.59 | 28.17% |
| OGS | ONE Gas, Inc. | 3.37% | $2.61 | 61.93% |
| VALU | Value Line, Inc. | 3.36% | $1.25 | 55.36% |
| WTRG | Essential Utilities, Inc. | 3.36% | $1.30 | 54.79% |
| AVNT | Avient Corporation | 3.35% | $1.06 | 86.14% |
| KTB | Kontoor Brands, Inc. | 3.35% | $2.06 | 53.00% |
| VCTR | Victory Capital Holdings, Inc. | 3.35% | $2.15 | 48.89% |
| WAFD | WaFd, Inc. | 3.35% | $1.08 | 37.44% |
| PB | Prosperity Bancshares, Inc. | 3.34% | $2.32 | 41.44% |
| PFG | Principal Financial Group, Inc. | 3.34% | $2.99 | 43.04% |
| EVBN | Evans Bancorp, Inc. | 3.33% | $1.31 | 60.97% |
| NFYS | Enphys Acquisition Corp. | 3.33% | $0.37 | 68.70% |
| KMPR | Kemper Corporation | 3.32% | $1.31 | 32.45% |