Definitive Analysis
| Stable Growth | $58.64 - $94.96 | $74.96 |
| Multi-Stage | $73.00 - $79.91 | $76.39 |
| Blended Fair Value | $75.68 | |
| Current Price | $104.35 | |
| Upside | -27.48% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.74% | 6.34% | 1.99 | 1.92 | 1.80 | 1.78 | 1.71 | 1.66 | 1.58 | 1.47 | 1.30 | 1.18 |
| YoY Growth | - | - | 3.91% | 6.43% | 1.08% | 4.56% | 2.81% | 4.97% | 7.89% | 12.36% | 10.23% | 9.74% |
| Dividend Yield | - | - | 1.91% | 1.84% | 2.05% | 2.19% | 1.61% | 1.96% | 2.50% | 2.10% | 0.96% | 1.49% |
| Net Income To Common (M) | 282.06 |
| (-) Cash Dividends Paid (M) | 106.13 |
| (=) Cash Retained (M) | 175.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 56.41 | 35.26 | 21.15 |
| Cash Retained (M) | 175.93 | 175.93 | 175.93 |
| (-) Cash Required (M) | -56.41 | -35.26 | -21.15 |
| (=) Excess Retained (M) | 119.52 | 140.67 | 154.78 |
| (/) Shares Outstanding (M) | 53.23 | 53.23 | 53.23 |
| (=) Excess Retained per Share | 2.25 | 2.64 | 2.91 |
| LTM Dividend per Share | 1.99 | 1.99 | 1.99 |
| (+) Excess Retained per Share | 2.25 | 2.64 | 2.91 |
| (=) Adjusted Dividend | 4.24 | 4.64 | 4.90 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.74% | 2.74% | 3.74% |
| Fair Value | $58.64 | $74.96 | $94.96 |
| Upside / Downside | -43.80% | -28.16% | -9.00% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 282.06 | 289.80 | 297.74 | 305.91 | 314.30 | 322.92 | 332.61 |
| Payout Ratio | 37.63% | 48.10% | 58.58% | 69.05% | 79.53% | 90.00% | 92.50% |
| Projected Dividends (M) | 106.13 | 139.40 | 174.41 | 211.23 | 249.95 | 290.63 | 307.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 1.74% | 2.74% | 3.74% |
| Year 1 PV (M) | 126.53 | 127.77 | 129.01 |
| Year 2 PV (M) | 143.69 | 146.53 | 149.40 |
| Year 3 PV (M) | 157.97 | 162.67 | 167.47 |
| Year 4 PV (M) | 169.67 | 176.44 | 183.40 |
| Year 5 PV (M) | 179.07 | 188.04 | 197.37 |
| PV of Terminal Value (M) | 3,108.61 | 3,264.41 | 3,426.40 |
| Equity Value (M) | 3,885.53 | 4,065.87 | 4,253.06 |
| Shares Outstanding (M) | 53.23 | 53.23 | 53.23 |
| Fair Value | $73.00 | $76.39 | $79.91 |
| Upside / Downside | -30.04% | -26.80% | -23.42% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| UVSP | Univest Financial Corporation | 2.69% | $0.87 | 28.95% |
| VBTX | Veritex Holdings, Inc. | 2.69% | $0.81 | 38.53% |
| CBT | Cabot Corporation | 2.68% | $1.80 | 29.00% |
| PKOH | Park-Ohio Holdings Corp. | 2.68% | $0.56 | 33.19% |
| WINA | Winmark Corporation | 2.68% | $10.76 | 96.24% |
| CHCO | City Holding Company | 2.67% | $3.20 | 36.27% |
| IDA | IDACORP, Inc. | 2.67% | $3.40 | 58.98% |
| LFVN | LifeVantage Corporation | 2.67% | $0.16 | 18.67% |
| MMM | 3M Company | 2.67% | $4.31 | 68.77% |
| MSEX | Middlesex Water Company | 2.67% | $1.34 | 56.69% |
| ONB | Old National Bancorp | 2.67% | $0.60 | 35.48% |
| 0HQU.L | CF Industries Holdings, Inc. | 2.66% | $2.07 | 24.22% |
| MGY | Magnolia Oil & Gas Corporation | 2.66% | $0.60 | 32.28% |
| PEBK | Peoples Bancorp of North Carolina, Inc. | 2.66% | $0.95 | 30.99% |
| GSBC | Great Southern Bancorp, Inc. | 2.65% | $1.63 | 26.64% |
| HD | The Home Depot, Inc. | 2.65% | $9.15 | 62.39% |
| MVBF | MVB Financial Corp. | 2.65% | $0.68 | 27.31% |
| PPG | PPG Industries, Inc. | 2.65% | $2.76 | 62.85% |
| TWMIX | American Century Emerging Markets Investor Class | 2.64% | $0.40 | 76.80% |
| 0M2A.L | Adeia Inc. | 2.63% | $0.35 | 53.29% |
| ALLY | Ally Financial Inc. | 2.63% | $1.20 | 59.56% |
| FRAF | Franklin Financial Services Corporation | 2.63% | $1.28 | 36.88% |
| LEA | Lear Corporation | 2.63% | $3.12 | 37.81% |
| VHI | Valhi, Inc. | 2.63% | $0.32 | 49.46% |
| FHI | Federated Hermes, Inc. | 2.62% | $1.37 | 27.23% |
| MKC | McCormick & Company, Incorporated | 2.62% | $1.76 | 61.04% |
| SLB | SLB N.V. | 2.62% | $1.05 | 42.94% |
| BAH | Booz Allen Hamilton Holding Corporation | 2.61% | $2.22 | 33.15% |
| GILD | Gilead Sciences, Inc. | 2.61% | $3.18 | 49.10% |
| AWR | American States Water Company | 2.60% | $1.88 | 55.89% |
| CBAN | Colony Bankcorp, Inc. | 2.59% | $0.46 | 28.75% |
| MDU | MDU Resources Group, Inc. | 2.59% | $0.51 | 62.41% |
| PLBC | Plumas Bancorp | 2.59% | $1.14 | 27.38% |
| CRD-A | Crawford & Company | 2.58% | $0.28 | 43.18% |
| WBS | Webster Financial Corporation | 2.57% | $1.64 | 29.21% |
| FANG | Diamondback Energy, Inc. | 2.56% | $3.90 | 26.98% |
| JEF | Jefferies Financial Group Inc. | 2.56% | $1.63 | 49.77% |
| UNH | UnitedHealth Group Incorporated | 2.56% | $8.60 | 44.61% |
| DOX | Amdocs Limited | 2.55% | $2.04 | 39.68% |
| DVN | Devon Energy Corporation | 2.55% | $0.96 | 22.55% |
| TGNA | TEGNA Inc. | 2.55% | $0.49 | 23.26% |
| CFFI | C&F Financial Corporation | 2.54% | $1.80 | 22.24% |
| MTH | Meritage Homes Corporation | 2.54% | $1.68 | 21.92% |
| DTM | DT Midstream, Inc. | 2.52% | $3.04 | 77.42% |
| LEVI | Levi Strauss & Co. | 2.52% | $0.52 | 34.78% |
| NFG | National Fuel Gas Company | 2.52% | $2.07 | 36.34% |
| AMNB | American National Bankshares Inc. | 2.51% | $1.20 | 48.76% |
| HIMYX | Pioneer High Income Municipal Fund Class Y | 2.51% | $0.14 | 81.31% |
| ACNB | ACNB Corporation | 2.50% | $1.18 | 37.66% |
| FMBH | First Mid Bancshares, Inc. | 2.50% | $0.96 | 26.52% |