Definitive Analysis
| Stable Growth | $2,307.25 - $5,385.12 | $3,385.91 |
| Multi-Stage | $1,841.10 - $2,013.64 | $1,925.79 |
| Blended Fair Value | $2,655.85 | |
| Current Price | $1,938.84 | |
| Upside | 36.98% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.61% | 5.11% | 49.20 | 48.51 | 77.14 | 29.48 | 29.37 | 29.72 | 29.56 | 30.29 | 30.17 | 29.85 |
| YoY Growth | - | - | 1.42% | -37.12% | 161.73% | 0.35% | -1.16% | 0.54% | -2.43% | 0.42% | 1.06% | -0.12% |
| Dividend Yield | - | - | 3.58% | 3.90% | 7.31% | 2.40% | 3.25% | 3.04% | 2.34% | 2.89% | 3.46% | 3.24% |
| Net Income To Common (M) | 1,927.00 |
| (-) Cash Dividends Paid (M) | 424.03 |
| (=) Cash Retained (M) | 1,502.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 385.40 | 240.88 | 144.53 |
| Cash Retained (M) | 1,502.98 | 1,502.98 | 1,502.98 |
| (-) Cash Required (M) | -385.40 | -240.88 | -144.53 |
| (=) Excess Retained (M) | 1,117.58 | 1,262.10 | 1,358.45 |
| (/) Shares Outstanding (M) | 17.32 | 17.32 | 17.32 |
| (=) Excess Retained per Share | 64.54 | 72.89 | 78.45 |
| LTM Dividend per Share | 24.49 | 24.49 | 24.49 |
| (+) Excess Retained per Share | 64.54 | 72.89 | 78.45 |
| (=) Adjusted Dividend | 89.03 | 97.37 | 102.94 |
| WACC / Discount Rate | 8.72% | 8.72% | 8.72% |
| Growth Rate | 4.68% | 5.68% | 6.68% |
| Fair Value | $2,307.25 | $3,385.91 | $5,385.12 |
| Upside / Downside | 19.00% | 74.64% | 177.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,927.00 | 2,036.48 | 2,152.17 | 2,274.44 | 2,403.65 | 2,540.21 | 2,616.41 |
| Payout Ratio | 22.00% | 35.60% | 49.20% | 62.80% | 76.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 424.03 | 725.06 | 1,058.93 | 1,428.39 | 1,836.41 | 2,286.19 | 2,420.18 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.72% | 8.72% | 8.72% |
| Growth Rate | 4.68% | 5.68% | 6.68% |
| Year 1 PV (M) | 660.59 | 666.90 | 673.21 |
| Year 2 PV (M) | 878.99 | 895.87 | 912.90 |
| Year 3 PV (M) | 1,080.26 | 1,111.51 | 1,143.36 |
| Year 4 PV (M) | 1,265.35 | 1,314.40 | 1,364.86 |
| Year 5 PV (M) | 1,435.20 | 1,505.07 | 1,577.64 |
| PV of Terminal Value (M) | 26,559.89 | 27,852.97 | 29,195.93 |
| Equity Value (M) | 31,880.28 | 33,346.72 | 34,867.91 |
| Shares Outstanding (M) | 17.32 | 17.32 | 17.32 |
| Fair Value | $1,841.10 | $1,925.79 | $2,013.64 |
| Upside / Downside | -5.04% | -0.67% | 3.86% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| SIGI | Selective Insurance Group, Inc. | 1.77% | $1.48 | 22.19% |
| FUSB | First US Bancshares, Inc. | 1.76% | $0.25 | 26.72% |
| R | Ryder System, Inc. | 1.76% | $3.41 | 28.29% |
| RGA | Reinsurance Group of America, Incorporated | 1.75% | $3.55 | 27.34% |
| TFG.AS | Tetragon Financial Group Limited | 1.75% | $0.30 | 3.32% |
| WFC | Wells Fargo & Company | 1.75% | $1.67 | 25.46% |
| HCKT | The Hackett Group, Inc. | 1.74% | $0.34 | 85.97% |
| LEG | Leggett & Platt, Incorporated | 1.74% | $0.19 | 11.94% |
| RPRX | Royalty Pharma plc | 1.74% | $0.67 | 49.36% |
| SFBC | Sound Financial Bancorp, Inc. | 1.74% | $0.76 | 37.96% |
| SXT | Sensient Technologies Corporation | 1.74% | $1.63 | 50.00% |
| MKTX | MarketAxess Holdings Inc. | 1.73% | $3.09 | 52.31% |
| PRG | PROG Holdings, Inc. | 1.73% | $0.51 | 12.57% |
| STEL | Stellar Bancorp, Inc. | 1.73% | $0.53 | 26.88% |
| UFCS | United Fire Group, Inc. | 1.73% | $0.62 | 14.63% |
| AMAL | Amalgamated Financial Corp. | 1.72% | $0.55 | 16.32% |
| BK | The Bank of New York Mellon Corporation | 1.72% | $2.01 | 27.06% |
| COWN | Cowen Inc. | 1.72% | $0.67 | 33.32% |
| DG | Dollar General Corporation | 1.72% | $2.35 | 40.66% |
| AMKR | Amkor Technology, Inc. | 1.71% | $0.73 | 59.04% |
| DTF | DTF Tax-Free Income 2028 Term Fund Inc. | 1.71% | $0.20 | 80.42% |
| ERIE | Erie Indemnity Company | 1.71% | $4.75 | 38.59% |
| FLXS | Flexsteel Industries, Inc. | 1.71% | $0.68 | 17.01% |
| MTCH | Match Group, Inc. | 1.71% | $0.54 | 25.07% |
| LBRT | Liberty Energy Inc. | 1.70% | $0.32 | 28.43% |
| OVBC | Ohio Valley Banc Corp. | 1.70% | $0.67 | 28.36% |
| WTFC | Wintrust Financial Corporation | 1.70% | $2.43 | 20.92% |
| BANF | BancFirst Corporation | 1.69% | $1.80 | 25.72% |
| BDL | Flanigan's Enterprises, Inc. | 1.69% | $0.50 | 21.50% |
| CDHAX | Calvert International Responsible Idx A | 1.69% | $0.64 | 41.92% |
| CINR | Sisecam Resources LP | 1.69% | $0.34 | 19.21% |
| EXPO | Exponent, Inc. | 1.69% | $1.18 | 58.07% |
| GD | General Dynamics Corporation | 1.69% | $5.80 | 37.41% |
| HQI | HireQuest, Inc. | 1.69% | $0.18 | 36.36% |
| OTF | Blue Owl Technology Finance Corp. | 1.69% | $0.24 | 9.20% |
| PHIN | PHINIA Inc. | 1.68% | $1.09 | 47.78% |
| PTRS | Partners Bancorp | 1.68% | $0.12 | 13.62% |
| RNGR | Ranger Energy Services, Inc. | 1.67% | $0.24 | 34.90% |
| HQH | Abrdn Healthcare Investors | 1.66% | $0.31 | 6.95% |
| JILL | J.Jill, Inc. | 1.66% | $0.23 | 10.45% |
| PSH.AS | Pershing Square Holdings, Ltd. | 1.65% | $0.85 | 6.48% |
| SKT | Tanger Inc. | 1.65% | $0.55 | 58.16% |
| USCB | USCB Financial Holdings, Inc. | 1.64% | $0.30 | 18.70% |
| BOTJ | Bank of the James Financial Group, Inc. | 1.62% | $0.30 | 26.41% |
| RS | Reliance Steel & Aluminum Co. | 1.62% | $4.78 | 34.66% |
| SCI | Service Corporation International | 1.62% | $1.25 | 33.57% |
| SMLP | Summit Midstream Partners, LP | 1.62% | $0.59 | 6.02% |
| TKR | The Timken Company | 1.62% | $1.40 | 32.90% |
| TRINL | Trinity Capital Inc. - 7.00% No | 1.62% | $0.41 | 20.50% |
| CARR | Carrier Global Corporation | 1.61% | $0.86 | 18.56% |