Definitive Analysis
| Stable Growth | $8,341.63 - $44,506.77 | $16,494.79 |
| Multi-Stage | $4,775.43 - $5,218.59 | $4,992.98 |
| Blended Fair Value | $10,743.88 | |
| Current Price | $9,100.00 | |
| Upside | 18.06% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.71% | 13.62% | 94.99 | 69.99 | 69.99 | 64.98 | 50.01 | 49.97 | 39.99 | 37.50 | 34.99 | 29.00 |
| YoY Growth | - | - | 35.72% | 0.00% | 7.71% | 29.94% | 0.08% | 24.95% | 6.66% | 7.16% | 20.68% | 9.42% |
| Dividend Yield | - | - | 1.11% | 1.04% | 1.33% | 1.39% | 0.78% | 0.87% | 0.81% | 0.95% | 1.19% | 1.27% |
| Net Income To Common (M) | 16,823.80 |
| (-) Cash Dividends Paid (M) | 7,518.96 |
| (=) Cash Retained (M) | 9,304.85 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,364.76 | 2,102.98 | 1,261.79 |
| Cash Retained (M) | 9,304.85 | 9,304.85 | 9,304.85 |
| (-) Cash Required (M) | -3,364.76 | -2,102.98 | -1,261.79 |
| (=) Excess Retained (M) | 5,940.09 | 7,201.87 | 8,043.06 |
| (/) Shares Outstanding (M) | 75.18 | 75.18 | 75.18 |
| (=) Excess Retained per Share | 79.02 | 95.80 | 106.99 |
| LTM Dividend per Share | 100.02 | 100.02 | 100.02 |
| (+) Excess Retained per Share | 79.02 | 95.80 | 106.99 |
| (=) Adjusted Dividend | 179.03 | 195.82 | 207.01 |
| WACC / Discount Rate | 7.76% | 7.76% | 7.76% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $8,341.63 | $16,494.79 | $44,506.77 |
| Upside / Downside | -8.33% | 81.26% | 389.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 16,823.80 | 17,917.35 | 19,081.98 | 20,322.31 | 21,643.26 | 23,050.07 | 23,741.57 |
| Payout Ratio | 44.69% | 53.75% | 62.82% | 71.88% | 80.94% | 90.00% | 92.50% |
| Projected Dividends (M) | 7,518.96 | 9,631.27 | 11,986.42 | 14,607.05 | 17,517.72 | 20,745.06 | 21,960.96 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.76% | 7.76% | 7.76% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 8,853.43 | 8,937.35 | 9,021.27 |
| Year 2 PV (M) | 10,128.51 | 10,321.43 | 10,516.17 |
| Year 3 PV (M) | 11,346.09 | 11,671.80 | 12,003.68 |
| Year 4 PV (M) | 12,508.04 | 12,989.06 | 13,483.83 |
| Year 5 PV (M) | 13,616.14 | 14,273.81 | 14,956.64 |
| PV of Terminal Value (M) | 302,544.78 | 317,157.81 | 332,330.11 |
| Equity Value (M) | 358,996.99 | 375,351.25 | 392,311.69 |
| Shares Outstanding (M) | 75.18 | 75.18 | 75.18 |
| Fair Value | $4,775.43 | $4,992.98 | $5,218.59 |
| Upside / Downside | -47.52% | -45.13% | -42.65% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| HWBK | Hawthorn Bancshares, Inc. | 2.27% | $0.77 | 24.18% |
| UTMD | Utah Medical Products, Inc. | 2.27% | $1.28 | 35.35% |
| DKS | DICK'S Sporting Goods, Inc. | 2.26% | $4.52 | 38.61% |
| EML | The Eastern Company | 2.26% | $0.44 | 37.05% |
| SBCF | Seacoast Banking Corporation of Florida | 2.26% | $0.71 | 43.09% |
| WMK | Weis Markets, Inc. | 2.26% | $1.45 | 35.88% |
| 0JYA.L | Marathon Petroleum Corporation | 2.25% | $3.72 | 74.60% |
| FSBC | Five Star Bancorp | 2.25% | $0.80 | 29.79% |
| IBM | International Business Machines Corporation | 2.25% | $6.56 | 78.75% |
| 0KYZ.L | SBA Communications Corporation | 2.24% | $4.32 | 54.40% |
| BPOP | Popular, Inc. | 2.24% | $2.82 | 24.06% |
| MFIN | Medallion Financial Corp. | 2.24% | $0.23 | 12.50% |
| MS | Morgan Stanley | 2.24% | $4.07 | 40.12% |
| FXNC | First National Corporation | 2.23% | $0.55 | 86.28% |
| BAC | Bank of America Corporation | 2.22% | $1.24 | 31.97% |
| SSB | SouthState Corporation | 2.22% | $2.09 | 30.58% |
| VLGEA | Village Super Market, Inc. | 2.22% | $0.77 | 20.42% |
| WWW | Wolverine World Wide, Inc. | 2.22% | $0.41 | 37.79% |
| CCBG | Capital City Bank Group, Inc. | 2.21% | $0.93 | 26.22% |
| CG | The Carlyle Group Inc. | 2.20% | $1.34 | 76.25% |
| NHI | National Health Investors, Inc. | 2.20% | $1.69 | 54.58% |
| VNO | Vornado Realty Trust | 2.20% | $0.73 | 15.58% |
| BANC | Banc of California, Inc. | 2.19% | $0.43 | 32.44% |
| EBTC | Enterprise Bancorp, Inc. | 2.19% | $0.87 | 26.66% |
| RHP | Ryman Hospitality Properties, Inc. | 2.19% | $2.09 | 57.31% |
| CDP | COPT Defense Properties | 2.18% | $0.60 | 45.15% |
| FDS | FactSet Research Systems Inc. | 2.18% | $6.20 | 39.64% |
| ISBA | Isabella Bank Corporation | 2.18% | $1.10 | 44.52% |
| WH | Wyndham Hotels & Resorts, Inc. | 2.18% | $1.64 | 37.28% |
| EFSC | Enterprise Financial Services Corp | 2.17% | $1.17 | 22.34% |
| ETH | Grayscale Ethereum Mini Trust | 2.17% | $0.64 | 34.57% |
| SEM | Select Medical Holdings Corporation | 2.17% | $0.32 | 36.19% |
| BFST | Business First Bancshares, Inc. | 2.16% | $0.56 | 20.21% |
| CWBC | Community West Bancshares | 2.16% | $0.48 | 26.89% |
| EHTH | eHealth, Inc. | 2.16% | $0.09 | 5.60% |
| TPL | Texas Pacific Land Corporation | 2.16% | $6.42 | 31.02% |
| CBSH | Commerce Bancshares, Inc. | 2.15% | $1.12 | 26.40% |
| COLM | Columbia Sportswear Company | 2.15% | $1.20 | 35.55% |
| HTH | Hilltop Holdings Inc. | 2.15% | $0.73 | 28.46% |
| NATH | Nathan's Famous, Inc. | 2.15% | $1.98 | 35.76% |
| RCKY | Rocky Brands, Inc. | 2.15% | $0.62 | 22.50% |
| BDX | Becton, Dickinson and Company | 2.14% | $4.17 | 71.28% |
| CI | Cigna Corporation | 2.14% | $5.96 | 26.01% |
| FBIZ | First Business Financial Services, Inc. | 2.14% | $1.15 | 18.19% |
| JBSS | John B. Sanfilippo & Son, Inc. | 2.14% | $1.49 | 26.50% |
| JNPR | Juniper Networks, Inc. | 2.14% | $0.86 | 82.37% |
| POOL | Pool Corporation | 2.14% | $4.92 | 44.68% |
| CSCO | Cisco Systems, Inc. | 2.13% | $1.62 | 62.56% |
| CSTR | CapStar Financial Holdings, Inc. | 2.13% | $0.43 | 30.48% |
| HTLF | Heartland Financial USA, Inc. | 2.13% | $1.38 | 69.73% |