Definitive Analysis
| Stable Growth | $39.75 - $60.72 | $49.56 |
| Multi-Stage | $57.93 - $63.37 | $60.60 |
| Blended Fair Value | $55.08 | |
| Current Price | $105.11 | |
| Upside | -47.60% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.85% | 5.59% | 2.71 | 2.61 | 2.49 | 2.34 | 2.16 | 2.04 | 1.98 | 1.89 | 1.81 | 1.67 |
| YoY Growth | - | - | 4.01% | 4.91% | 6.34% | 8.06% | 5.98% | 3.31% | 4.38% | 4.83% | 8.09% | 6.09% |
| Dividend Yield | - | - | 2.48% | 1.82% | 1.86% | 1.78% | 1.44% | 2.44% | 1.73% | 1.70% | 1.72% | 1.50% |
| Net Income To Common (M) | 996.00 |
| (-) Cash Dividends Paid (M) | 626.00 |
| (=) Cash Retained (M) | 370.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 199.20 | 124.50 | 74.70 |
| Cash Retained (M) | 370.00 | 370.00 | 370.00 |
| (-) Cash Required (M) | -199.20 | -124.50 | -74.70 |
| (=) Excess Retained (M) | 170.80 | 245.50 | 295.30 |
| (/) Shares Outstanding (M) | 229.35 | 229.35 | 229.35 |
| (=) Excess Retained per Share | 0.74 | 1.07 | 1.29 |
| LTM Dividend per Share | 2.73 | 2.73 | 2.73 |
| (+) Excess Retained per Share | 0.74 | 1.07 | 1.29 |
| (=) Adjusted Dividend | 3.47 | 3.80 | 4.02 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.33% | 1.33% | 2.33% |
| Fair Value | $39.75 | $49.56 | $60.72 |
| Upside / Downside | -62.19% | -52.85% | -42.23% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 996.00 | 1,009.23 | 1,022.63 | 1,036.22 | 1,049.98 | 1,063.93 | 1,095.85 |
| Payout Ratio | 62.85% | 68.28% | 73.71% | 79.14% | 84.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 626.00 | 689.11 | 753.79 | 820.07 | 887.97 | 957.54 | 1,013.66 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.33% | 1.33% | 2.33% |
| Year 1 PV (M) | 625.41 | 631.65 | 637.88 |
| Year 2 PV (M) | 620.87 | 633.31 | 645.87 |
| Year 3 PV (M) | 613.02 | 631.54 | 650.42 |
| Year 4 PV (M) | 602.43 | 626.80 | 651.92 |
| Year 5 PV (M) | 589.57 | 619.54 | 650.72 |
| PV of Terminal Value (M) | 10,234.90 | 10,755.24 | 11,296.53 |
| Equity Value (M) | 13,286.20 | 13,898.08 | 14,533.34 |
| Shares Outstanding (M) | 229.35 | 229.35 | 229.35 |
| Fair Value | $57.93 | $60.60 | $63.37 |
| Upside / Downside | -44.89% | -42.35% | -39.71% |
| 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% |