Definitive Analysis
| Stable Growth | $1,201.67 - $1,900.93 | $1,521.01 |
| Multi-Stage | $2,443.84 - $2,685.50 | $2,562.33 |
| Blended Fair Value | $2,041.67 | |
| Current Price | $2,165.00 | |
| Upside | -5.70% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.76% | 4.86% | 69.14 | 76.48 | 85.49 | 80.16 | 71.44 | 71.83 | 64.56 | 58.77 | 53.09 | 50.24 |
| YoY Growth | - | - | -9.59% | -10.54% | 6.65% | 12.21% | -0.54% | 11.26% | 9.84% | 10.71% | 5.66% | 16.74% |
| Dividend Yield | - | - | 3.51% | 3.40% | 3.74% | 4.75% | 3.39% | 3.33% | 2.99% | 2.53% | 2.58% | 3.45% |
| Net Income To Common (M) | 3,698.00 |
| (-) Cash Dividends Paid (M) | 2,192.00 |
| (=) Cash Retained (M) | 1,506.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 739.60 | 462.25 | 277.35 |
| Cash Retained (M) | 1,506.00 | 1,506.00 | 1,506.00 |
| (-) Cash Required (M) | -739.60 | -462.25 | -277.35 |
| (=) Excess Retained (M) | 766.40 | 1,043.75 | 1,228.65 |
| (/) Shares Outstanding (M) | 30.95 | 30.95 | 30.95 |
| (=) Excess Retained per Share | 24.76 | 33.72 | 39.70 |
| LTM Dividend per Share | 70.83 | 70.83 | 70.83 |
| (+) Excess Retained per Share | 24.76 | 33.72 | 39.70 |
| (=) Adjusted Dividend | 95.59 | 104.55 | 110.52 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -1.13% | -0.13% | 0.87% |
| Fair Value | $1,201.67 | $1,521.01 | $1,900.93 |
| Upside / Downside | -44.50% | -29.75% | -12.20% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,698.00 | 3,693.30 | 3,688.60 | 3,683.92 | 3,679.23 | 3,674.56 | 3,784.79 |
| Payout Ratio | 59.28% | 65.42% | 71.57% | 77.71% | 83.86% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,192.00 | 2,416.16 | 2,639.76 | 2,862.78 | 3,085.22 | 3,307.10 | 3,500.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | -1.13% | -0.13% | 0.87% |
| Year 1 PV (M) | 2,240.98 | 2,263.64 | 2,286.31 |
| Year 2 PV (M) | 2,270.84 | 2,317.01 | 2,363.64 |
| Year 3 PV (M) | 2,284.13 | 2,354.14 | 2,425.56 |
| Year 4 PV (M) | 2,283.13 | 2,376.91 | 2,473.55 |
| Year 5 PV (M) | 2,269.88 | 2,387.02 | 2,508.94 |
| PV of Terminal Value (M) | 64,286.61 | 67,604.01 | 71,056.97 |
| Equity Value (M) | 75,635.58 | 79,302.73 | 83,114.97 |
| Shares Outstanding (M) | 30.95 | 30.95 | 30.95 |
| Fair Value | $2,443.84 | $2,562.33 | $2,685.50 |
| Upside / Downside | 12.88% | 18.35% | 24.04% |
| 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% |