Definitive Analysis
| Stable Growth | $119,296.66 - $518,306.85 | $287,881.98 |
| Multi-Stage | $72,960.37 - $79,925.93 | $76,378.63 |
| Blended Fair Value | $182,130.30 | |
| Current Price | $33,600.00 | |
| Upside | 442.05% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.70% | 0.00% | 565.84 | 470.99 | 753.59 | 173.84 | 517.23 | 683.34 | 188.08 | 1,088.03 | 1,099.62 | 376.17 |
| YoY Growth | - | - | 20.14% | -37.50% | 333.49% | -66.39% | -24.31% | 263.32% | -82.71% | -1.05% | 192.32% | 0.00% |
| Dividend Yield | - | - | 1.47% | 1.39% | 1.64% | 0.35% | 0.79% | 3.30% | 0.64% | 2.34% | 2.12% | 1.20% |
| Net Income To Common (M) | 130,746.92 |
| (-) Cash Dividends Paid (M) | 38,522.29 |
| (=) Cash Retained (M) | 92,224.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 26,149.38 | 16,343.36 | 9,806.02 |
| Cash Retained (M) | 92,224.63 | 92,224.63 | 92,224.63 |
| (-) Cash Required (M) | -26,149.38 | -16,343.36 | -9,806.02 |
| (=) Excess Retained (M) | 66,075.25 | 75,881.26 | 82,418.61 |
| (/) Shares Outstanding (M) | 49.79 | 49.79 | 49.79 |
| (=) Excess Retained per Share | 1,327.04 | 1,523.98 | 1,655.27 |
| LTM Dividend per Share | 773.67 | 773.67 | 773.67 |
| (+) Excess Retained per Share | 1,327.04 | 1,523.98 | 1,655.27 |
| (=) Adjusted Dividend | 2,100.71 | 2,297.65 | 2,428.95 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 4.69% | 5.69% | 6.69% |
| Fair Value | $119,296.66 | $287,881.98 | $518,306.85 |
| Upside / Downside | 255.05% | 756.79% | 1,442.58% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 130,746.92 | 138,191.40 | 146,059.76 | 154,376.12 | 163,166.01 | 172,456.37 | 177,630.06 |
| Payout Ratio | 29.46% | 41.57% | 53.68% | 65.79% | 77.89% | 90.00% | 92.50% |
| Projected Dividends (M) | 38,522.29 | 57,446.99 | 78,401.88 | 101,556.79 | 127,094.33 | 155,210.73 | 164,307.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 4.69% | 5.69% | 6.69% |
| Year 1 PV (M) | 53,411.74 | 53,921.91 | 54,432.09 |
| Year 2 PV (M) | 67,774.36 | 69,075.25 | 70,388.52 |
| Year 3 PV (M) | 81,623.90 | 83,985.24 | 86,391.70 |
| Year 4 PV (M) | 94,973.84 | 98,654.79 | 102,441.72 |
| Year 5 PV (M) | 107,837.30 | 113,086.76 | 118,538.69 |
| PV of Terminal Value (M) | 3,227,187.37 | 3,384,284.95 | 3,547,441.77 |
| Equity Value (M) | 3,632,808.50 | 3,803,008.92 | 3,979,634.48 |
| Shares Outstanding (M) | 49.79 | 49.79 | 49.79 |
| Fair Value | $72,960.37 | $76,378.63 | $79,925.93 |
| Upside / Downside | 117.14% | 127.32% | 137.87% |
| 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% |