Definitive Analysis
| Stable Growth | $70,831.45 - $108,787.38 | $88,522.24 |
| Multi-Stage | $161,809.02 - $177,710.23 | $169,605.03 |
| Blended Fair Value | $129,063.63 | |
| Current Price | $93,800.00 | |
| Upside | 37.59% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 3,520.38 | 3,494.14 | 3,422.31 | 3,145.68 | 4,759.21 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 0.75% | 2.10% | 8.79% | -33.90% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 3.92% | 4.09% | 3.42% | 2.93% | 4.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 21,684.49 |
| (-) Cash Dividends Paid (M) | 19,738.84 |
| (=) Cash Retained (M) | 1,945.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,336.90 | 2,710.56 | 1,626.34 |
| Cash Retained (M) | 1,945.66 | 1,945.66 | 1,945.66 |
| (-) Cash Required (M) | -4,336.90 | -2,710.56 | -1,626.34 |
| (=) Excess Retained (M) | -2,391.24 | -764.90 | 319.32 |
| (/) Shares Outstanding (M) | 2.78 | 2.78 | 2.78 |
| (=) Excess Retained per Share | -859.60 | -274.97 | 114.79 |
| LTM Dividend per Share | 7,095.71 | 7,095.71 | 7,095.71 |
| (+) Excess Retained per Share | -859.60 | -274.97 | 114.79 |
| (=) Adjusted Dividend | 6,236.10 | 6,820.74 | 7,210.50 |
| WACC / Discount Rate | 6.63% | 6.63% | 6.63% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $70,831.45 | $88,522.24 | $108,787.38 |
| Upside / Downside | -24.49% | -5.63% | 15.98% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 21,684.49 | 21,467.65 | 21,252.97 | 21,040.44 | 20,830.04 | 20,621.74 | 21,240.39 |
| Payout Ratio | 91.03% | 90.82% | 90.62% | 90.41% | 90.21% | 90.00% | 92.50% |
| Projected Dividends (M) | 19,738.84 | 19,497.33 | 19,258.69 | 19,022.87 | 18,789.84 | 18,559.56 | 19,647.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.63% | 6.63% | 6.63% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 18,100.67 | 18,285.37 | 18,470.07 |
| Year 2 PV (M) | 16,598.37 | 16,938.84 | 17,282.77 |
| Year 3 PV (M) | 15,220.68 | 15,691.39 | 16,171.71 |
| Year 4 PV (M) | 13,957.27 | 14,535.73 | 15,131.99 |
| Year 5 PV (M) | 12,798.66 | 13,465.12 | 14,159.05 |
| PV of Terminal Value (M) | 373,444.72 | 392,890.86 | 413,138.77 |
| Equity Value (M) | 450,120.38 | 471,807.31 | 494,354.36 |
| Shares Outstanding (M) | 2.78 | 2.78 | 2.78 |
| Fair Value | $161,809.02 | $169,605.03 | $177,710.23 |
| Upside / Downside | 72.50% | 80.82% | 89.46% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| HBCP | Home Bancorp, Inc. | 1.92% | $1.10 | 19.54% |
| SLM | SLM Corporation | 1.92% | $0.53 | 17.47% |
| UVE | Universal Insurance Holdings, Inc. | 1.92% | $0.61 | 14.30% |
| WAL | Western Alliance Bancorporation | 1.92% | $1.64 | 20.05% |
| 0JZ1.L | Masco Corporation | 1.91% | $1.23 | 31.44% |
| 0L8B.L | Southern Copper Corporation | 1.91% | $2.80 | 60.30% |
| BKR | Baker Hughes Company | 1.91% | $0.90 | 30.82% |
| BPAC | Bullpen Parlay Acquisition Company | 1.91% | $0.20 | 36.09% |
| ELV | Elevance Health Inc. | 1.91% | $6.75 | 27.56% |
| NGVC | Natural Grocers by Vitamin Cottage, Inc. | 1.91% | $0.47 | 23.70% |
| SYBT | Stock Yards Bancorp, Inc. | 1.91% | $1.25 | 27.22% |
| 0JVQ.L | Lowe's Companies, Inc. | 1.90% | $4.67 | 38.55% |
| ATERX | AB Sustainable Global Thematic Fund Class R | 1.90% | $2.84 | 36.57% |
| BLL | Ball Corporation | 1.90% | $1.32 | 9.47% |
| EAI | Entergy Arkansas, Inc. 1M BD 4.875%66 | 1.90% | $0.40 | 9.71% |
| MMC | Marsh & McLennan Companies, Inc. | 1.90% | $3.47 | 41.48% |
| THO | Thor Industries, Inc. | 1.90% | $2.00 | 37.63% |
| TRGP | Targa Resources Corp. | 1.90% | $3.55 | 46.50% |
| TTC | The Toro Company | 1.90% | $1.52 | 45.26% |
| 0K8M.L | Norfolk Southern Corporation | 1.89% | $5.42 | 41.12% |
| FDX | FedEx Corporation | 1.89% | $5.54 | 32.63% |
| ALL | The Allstate Corporation | 1.87% | $3.81 | 12.13% |
| BERY | Berry Global Group, Inc. | 1.87% | $1.26 | 24.23% |
| NHC | National HealthCare Corporation | 1.87% | $2.44 | 37.72% |
| PRDO | Perdoceo Education Corporation | 1.87% | $0.54 | 23.03% |
| ABT | Abbott Laboratories | 1.86% | $2.31 | 28.93% |
| TNET | TriNet Group, Inc. | 1.86% | $1.06 | 38.35% |
| BTMD | biote Corp. | 1.85% | $0.05 | 5.82% |
| WDFC | WD-40 Company | 1.85% | $3.65 | 54.36% |
| AMTB | Amerant Bancorp Inc. | 1.84% | $0.36 | 22.80% |
| BNH | Brookfield Finance Inc. 4.625% | 1.84% | $0.30 | 70.51% |
| MGRC | McGrath RentCorp | 1.84% | $1.93 | 32.75% |
| NATI | National Instruments Corporation | 1.84% | $1.10 | 82.38% |
| OTIS | Otis Worldwide Corporation | 1.84% | $1.63 | 47.44% |
| WS | Worthington Steel, Inc. | 1.84% | $0.65 | 26.98% |
| KBH | KB Home | 1.83% | $1.05 | 13.68% |
| WRB | W. R. Berkley Corporation | 1.83% | $1.27 | 26.69% |
| PIPR | Piper Sandler Companies | 1.82% | $6.36 | 47.91% |
| SFBS | ServisFirst Bancshares, Inc. | 1.82% | $1.30 | 27.90% |
| YUM | Yum! Brands, Inc. | 1.82% | $2.73 | 54.40% |
| LVS | Las Vegas Sands Corp. | 1.81% | $1.18 | 51.99% |
| HNVR | Hanover Bancorp, Inc. | 1.80% | $0.41 | 26.32% |
| TSCO | Tractor Supply Company | 1.79% | $0.91 | 43.76% |
| CLI | Mack-Cali Realty Corporation | 1.78% | $0.33 | 21.71% |
| RRR | Red Rock Resorts, Inc. | 1.78% | $1.12 | 60.48% |
| SBR | Sabine Royalty Trust | 1.78% | $1.25 | 23.02% |
| TMUS | T-Mobile US, Inc. | 1.78% | $3.55 | 33.70% |
| BWFG | Bankwell Financial Group, Inc. | 1.77% | $0.80 | 21.59% |
| DGX | Quest Diagnostics Incorporated | 1.77% | $3.07 | 35.81% |
| JPM | JPMorgan Chase & Co. | 1.77% | $5.75 | 27.69% |