Definitive Analysis
| Stable Growth | $289,257.10 - $538,239.12 | $391,148.08 |
| Multi-Stage | $478,000.72 - $524,421.15 | $500,769.21 |
| Blended Fair Value | $445,958.64 | |
| Current Price | $92,600.00 | |
| Upside | 381.60% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.23% | 4.22% | 8,708.89 | 8,794.26 | 8,625.82 | 8,482.67 | 8,155.24 | 7,798.71 | 7,672.00 | 7,359.61 | 6,692.92 | 6,228.38 |
| YoY Growth | - | - | -0.97% | 1.95% | 1.69% | 4.01% | 4.57% | 1.65% | 4.24% | 9.96% | 7.46% | 8.08% |
| Dividend Yield | - | - | 11.04% | 10.05% | 9.31% | 8.50% | 9.54% | 6.55% | 7.36% | 8.22% | 5.81% | 6.03% |
| Net Income To Common (M) | 34,007.59 |
| (-) Cash Dividends Paid (M) | 22,733.98 |
| (=) Cash Retained (M) | 11,273.61 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,801.52 | 4,250.95 | 2,550.57 |
| Cash Retained (M) | 11,273.61 | 11,273.61 | 11,273.61 |
| (-) Cash Required (M) | -6,801.52 | -4,250.95 | -2,550.57 |
| (=) Excess Retained (M) | 4,472.10 | 7,022.66 | 8,723.04 |
| (/) Shares Outstanding (M) | 1.74 | 1.74 | 1.74 |
| (=) Excess Retained per Share | 2,569.72 | 4,035.31 | 5,012.36 |
| LTM Dividend per Share | 13,063.21 | 13,063.21 | 13,063.21 |
| (+) Excess Retained per Share | 2,569.72 | 4,035.31 | 5,012.36 |
| (=) Adjusted Dividend | 15,632.93 | 17,098.51 | 18,075.57 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 1.02% | 2.02% | 3.02% |
| Fair Value | $289,257.10 | $391,148.08 | $538,239.12 |
| Upside / Downside | 212.37% | 322.41% | 481.25% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 34,007.59 | 34,695.60 | 35,397.54 | 36,113.67 | 36,844.29 | 37,589.69 | 38,717.38 |
| Payout Ratio | 66.85% | 71.48% | 76.11% | 80.74% | 85.37% | 90.00% | 92.50% |
| Projected Dividends (M) | 22,733.98 | 24,800.34 | 26,941.00 | 29,158.13 | 31,453.95 | 33,830.72 | 35,813.57 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | 1.02% | 2.02% | 3.02% |
| Year 1 PV (M) | 23,062.15 | 23,290.44 | 23,518.73 |
| Year 2 PV (M) | 23,296.91 | 23,760.41 | 24,228.48 |
| Year 3 PV (M) | 23,446.95 | 24,150.15 | 24,867.28 |
| Year 4 PV (M) | 23,520.37 | 24,465.57 | 25,438.99 |
| Year 5 PV (M) | 23,524.61 | 24,712.21 | 25,947.29 |
| PV of Terminal Value (M) | 715,016.41 | 751,112.74 | 788,652.38 |
| Equity Value (M) | 831,867.40 | 871,491.53 | 912,653.14 |
| Shares Outstanding (M) | 1.74 | 1.74 | 1.74 |
| Fair Value | $478,000.72 | $500,769.21 | $524,421.15 |
| Upside / Downside | 416.20% | 440.79% | 466.33% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 0R28.L | Newmont Corporation | 2.49% | $1.01 | 15.53% |
| ETR | Entergy Corporation | 2.49% | $2.34 | 57.35% |
| NKE | NIKE, Inc. | 2.49% | $1.58 | 80.59% |
| OTTR | Otter Tail Corporation | 2.49% | $2.03 | 30.69% |
| FHN | First Horizon Corporation | 2.48% | $0.60 | 34.42% |
| PWP | Perella Weinberg Partners | 2.48% | $0.44 | 69.65% |
| SCS | Steelcase Inc. | 2.48% | $0.40 | 50.05% |
| PBI | Pitney Bowes Inc. | 2.46% | $0.25 | 61.37% |
| RBCAA | Republic Bancorp, Inc. | 2.45% | $1.67 | 25.85% |
| SRCE | 1st Source Corporation | 2.45% | $1.53 | 25.20% |
| TRMK | Trustmark Corporation | 2.45% | $0.96 | 26.11% |
| VOYA | Voya Financial, Inc. | 2.45% | $1.86 | 29.46% |
| AWK | American Water Works Company, Inc. | 2.44% | $3.18 | 55.85% |
| LSTR | Landstar System, Inc. | 2.44% | $3.58 | 90.21% |
| NGL | NGL Energy Partners LP | 2.44% | $0.24 | 24.52% |
| TCFC | The Community Financial Corporation | 2.44% | $0.66 | 12.72% |
| CADE | Cadence Bank | 2.43% | $1.05 | 37.49% |
| JNJ | Johnson & Johnson | 2.43% | $5.04 | 48.70% |
| MBCN | Middlefield Banc Corp. | 2.43% | $0.83 | 42.36% |
| 0L7G.L | Snap-on Incorporated | 2.42% | $8.43 | 44.15% |
| ITW | Illinois Tool Works Inc. | 2.42% | $6.04 | 58.20% |
| MOFG | MidWestOne Financial Group, Inc. | 2.40% | $0.92 | 32.44% |
| FFIN | First Financial Bankshares, Inc. | 2.39% | $0.72 | 42.45% |
| ADP | Automatic Data Processing, Inc. | 2.38% | $6.03 | 59.30% |
| CAL | Caleres, Inc. | 2.38% | $0.29 | 46.21% |
| ABM | ABM Industries Incorporated | 2.37% | $1.01 | 54.79% |
| FUNC | First United Corporation | 2.36% | $0.88 | 22.87% |
| HON | Honeywell International Inc. | 2.36% | $4.63 | 48.21% |
| RILYK | B. Riley Financial, Inc. 5.50% Senior Notes Due 2026 | 2.36% | $0.58 | 56.91% |
| CDW | CDW Corporation | 2.35% | $3.14 | 39.31% |
| CHMG | Chemung Financial Corporation | 2.35% | $1.28 | 46.47% |
| LZB | La-Z-Boy Incorporated | 2.35% | $0.88 | 40.20% |
| PKG | Packaging Corporation of America | 2.35% | $4.97 | 50.31% |
| UNP | Union Pacific Corporation | 2.35% | $5.44 | 45.77% |
| 0K91.L | Northern Trust Corporation | 2.34% | $3.20 | 35.68% |
| MCD | McDonald's Corporation | 2.33% | $7.07 | 60.14% |
| MGEE | MGE Energy, Inc. | 2.32% | $1.82 | 49.49% |
| MZTI | The Marzetti Company | 2.32% | $3.82 | 61.80% |
| UNM | Unum Group | 2.32% | $1.79 | 33.52% |
| RILYM | B. Riley Financial, Inc. - 6.37 | 2.31% | $0.58 | 56.91% |
| RILYO | B. Riley Financial, Inc. - 6.75 | 2.31% | $0.58 | 56.91% |
| HONIV | Honeywell International Inc. Common Stock Ex Distribution When Issued | 2.30% | $4.63 | 48.21% |
| PGR | The Progressive Corporation | 2.30% | $4.88 | 26.80% |
| WNEB | Western New England Bancorp, Inc. | 2.30% | $0.28 | 43.00% |
| 0R23.L | Halliburton Company | 2.29% | $0.68 | 44.61% |
| ADS | Bread Financial Holdings, Inc. | 2.29% | $1.30 | 21.08% |
| HLNE | Hamilton Lane Incorporated | 2.29% | $3.13 | 74.09% |
| BSVN | Bank7 Corp. | 2.28% | $0.94 | 20.81% |
| MCBC | Macatawa Bank Corporation | 2.28% | $0.34 | 28.37% |
| BRKL | Brookline Bancorp, Inc. | 2.27% | $0.54 | 61.06% |