Definitive Analysis
| Stable Growth | $1,612.02 - $3,695.87 | $2,351.61 |
| Multi-Stage | $2,139.95 - $2,348.34 | $2,242.17 |
| Blended Fair Value | $2,296.89 | |
| Current Price | $851.30 | |
| Upside | 169.81% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.33% | 9.95% | 32.34 | 31.32 | 30.29 | 27.25 | 24.21 | 40.35 | 37.55 | 27.60 | 16.65 | 14.57 |
| YoY Growth | - | - | 3.26% | 3.38% | 11.17% | 12.54% | -39.98% | 7.45% | 36.04% | 65.81% | 14.29% | 16.27% |
| Dividend Yield | - | - | 4.27% | 3.41% | 3.51% | 3.70% | 2.59% | 6.43% | 4.83% | 2.98% | 1.79% | 3.13% |
| Net Income To Common (M) | 114,231.00 |
| (-) Cash Dividends Paid (M) | 45,542.00 |
| (=) Cash Retained (M) | 68,689.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 22,846.20 | 14,278.88 | 8,567.33 |
| Cash Retained (M) | 68,689.00 | 68,689.00 | 68,689.00 |
| (-) Cash Required (M) | -22,846.20 | -14,278.88 | -8,567.33 |
| (=) Excess Retained (M) | 45,842.80 | 54,410.13 | 60,121.68 |
| (/) Shares Outstanding (M) | 1,407.89 | 1,407.89 | 1,407.89 |
| (=) Excess Retained per Share | 32.56 | 38.65 | 42.70 |
| LTM Dividend per Share | 32.35 | 32.35 | 32.35 |
| (+) Excess Retained per Share | 32.56 | 38.65 | 42.70 |
| (=) Adjusted Dividend | 64.91 | 70.99 | 75.05 |
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 2.24% | 3.24% | 4.24% |
| Fair Value | $1,612.02 | $2,351.61 | $3,695.87 |
| Upside / Downside | 89.36% | 176.24% | 334.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 114,231.00 | 117,932.17 | 121,753.25 | 125,698.15 | 129,770.86 | 133,975.53 | 137,994.79 |
| Payout Ratio | 39.87% | 49.89% | 59.92% | 69.95% | 79.97% | 90.00% | 92.50% |
| Projected Dividends (M) | 45,542.00 | 58,841.86 | 72,955.77 | 87,922.50 | 103,782.51 | 120,577.97 | 127,645.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.36% | 6.36% | 6.36% |
| Growth Rate | 2.24% | 3.24% | 4.24% |
| Year 1 PV (M) | 54,789.05 | 55,324.94 | 55,860.83 |
| Year 2 PV (M) | 63,252.02 | 64,495.39 | 65,750.87 |
| Year 3 PV (M) | 70,977.74 | 73,080.85 | 75,225.11 |
| Year 4 PV (M) | 78,010.61 | 81,107.73 | 84,296.18 |
| Year 5 PV (M) | 84,392.69 | 88,601.40 | 92,976.37 |
| PV of Terminal Value (M) | 2,661,392.61 | 2,794,117.77 | 2,932,086.15 |
| Equity Value (M) | 3,012,814.71 | 3,156,728.09 | 3,306,195.51 |
| Shares Outstanding (M) | 1,407.89 | 1,407.89 | 1,407.89 |
| Fair Value | $2,139.95 | $2,242.17 | $2,348.34 |
| Upside / Downside | 151.37% | 163.38% | 175.85% |
| 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% |