Definitive Analysis
| Stable Growth | $27,423.16 - $89,360.88 | $83,744.23 |
| Multi-Stage | $11,858.97 - $12,972.52 | $12,405.55 |
| Blended Fair Value | $48,074.89 | |
| Current Price | $5,160.00 | |
| Upside | 831.68% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.11% | 11.65% | 181.17 | 151.29 | 123.46 | 79.20 | 58.60 | 117.13 | 101.65 | 66.71 | 59.51 | 59.49 |
| YoY Growth | - | - | 19.75% | 22.54% | 55.88% | 35.15% | -49.97% | 15.23% | 52.37% | 12.11% | 0.03% | -1.14% |
| Dividend Yield | - | - | 3.82% | 3.16% | 3.18% | 2.63% | 2.12% | 5.32% | 3.82% | 2.11% | 2.08% | 3.36% |
| Net Income To Common (M) | 413,110.00 |
| (-) Cash Dividends Paid (M) | 175,480.00 |
| (=) Cash Retained (M) | 237,630.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82,622.00 | 51,638.75 | 30,983.25 |
| Cash Retained (M) | 237,630.00 | 237,630.00 | 237,630.00 |
| (-) Cash Required (M) | -82,622.00 | -51,638.75 | -30,983.25 |
| (=) Excess Retained (M) | 155,008.00 | 185,991.25 | 206,646.75 |
| (/) Shares Outstanding (M) | 919.39 | 919.39 | 919.39 |
| (=) Excess Retained per Share | 168.60 | 202.30 | 224.77 |
| LTM Dividend per Share | 190.87 | 190.87 | 190.87 |
| (+) Excess Retained per Share | 168.60 | 202.30 | 224.77 |
| (=) Adjusted Dividend | 359.47 | 393.17 | 415.63 |
| WACC / Discount Rate | 6.88% | 6.88% | 6.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $27,423.16 | $83,744.23 | $89,360.88 |
| Upside / Downside | 431.46% | 1,522.95% | 1,631.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 413,110.00 | 439,962.15 | 468,559.69 | 499,016.07 | 531,452.11 | 565,996.50 | 582,976.40 |
| Payout Ratio | 42.48% | 51.98% | 61.49% | 70.99% | 80.50% | 90.00% | 92.50% |
| Projected Dividends (M) | 175,480.00 | 228,702.15 | 288,101.77 | 354,257.08 | 427,795.35 | 509,396.85 | 539,253.17 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.88% | 6.88% | 6.88% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 211,965.34 | 213,974.49 | 215,983.64 |
| Year 2 PV (M) | 247,477.17 | 252,190.91 | 256,949.13 |
| Year 3 PV (M) | 282,034.58 | 290,130.77 | 298,380.45 |
| Year 4 PV (M) | 315,656.31 | 327,795.56 | 340,281.62 |
| Year 5 PV (M) | 348,360.80 | 365,186.76 | 382,656.69 |
| PV of Terminal Value (M) | 9,497,494.54 | 9,956,227.07 | 10,432,516.39 |
| Equity Value (M) | 10,902,988.73 | 11,405,505.57 | 11,926,767.91 |
| Shares Outstanding (M) | 919.39 | 919.39 | 919.39 |
| Fair Value | $11,858.97 | $12,405.55 | $12,972.52 |
| Upside / Downside | 129.83% | 140.42% | 151.41% |
| 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% |