Definitive Analysis
| Stable Growth | $7,632.12 - $19,244.26 | $11,487.50 |
| Multi-Stage | $9,079.78 - $9,948.93 | $9,506.21 |
| Blended Fair Value | $10,496.85 | |
| Current Price | $6,848.00 | |
| Upside | 53.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.59% | 9.86% | 207.48 | 192.26 | 175.96 | 150.97 | 135.31 | 173.98 | 177.75 | 160.63 | 161.72 | 138.86 |
| YoY Growth | - | - | 7.92% | 9.26% | 16.55% | 11.58% | -22.23% | -2.13% | 10.66% | -0.67% | 16.46% | 71.41% |
| Dividend Yield | - | - | 3.46% | 2.85% | 3.28% | 3.17% | 3.02% | 5.24% | 4.10% | 3.47% | 3.59% | 3.30% |
| Net Income To Common (M) | 235,798.00 |
| (-) Cash Dividends Paid (M) | 148,590.00 |
| (=) Cash Retained (M) | 87,208.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 47,159.60 | 29,474.75 | 17,684.85 |
| Cash Retained (M) | 87,208.00 | 87,208.00 | 87,208.00 |
| (-) Cash Required (M) | -47,159.60 | -29,474.75 | -17,684.85 |
| (=) Excess Retained (M) | 40,048.40 | 57,733.25 | 69,523.15 |
| (/) Shares Outstanding (M) | 676.41 | 676.41 | 676.41 |
| (=) Excess Retained per Share | 59.21 | 85.35 | 102.78 |
| LTM Dividend per Share | 219.68 | 219.68 | 219.68 |
| (+) Excess Retained per Share | 59.21 | 85.35 | 102.78 |
| (=) Adjusted Dividend | 278.88 | 305.03 | 322.46 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 2.78% | 3.78% | 4.78% |
| Fair Value | $7,632.12 | $11,487.50 | $19,244.26 |
| Upside / Downside | 11.45% | 67.75% | 181.02% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 235,798.00 | 244,717.46 | 253,974.31 | 263,581.32 | 273,551.72 | 283,899.28 | 292,416.26 |
| Payout Ratio | 63.02% | 68.41% | 73.81% | 79.21% | 84.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 148,590.00 | 167,417.68 | 187,457.12 | 208,773.06 | 231,433.40 | 255,509.35 | 270,485.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 2.78% | 3.78% | 4.78% |
| Year 1 PV (M) | 155,628.86 | 157,143.01 | 158,657.17 |
| Year 2 PV (M) | 161,986.78 | 165,154.14 | 168,352.17 |
| Year 3 PV (M) | 167,703.04 | 172,645.70 | 177,684.53 |
| Year 4 PV (M) | 172,814.96 | 179,639.20 | 186,663.58 |
| Year 5 PV (M) | 177,358.05 | 186,155.40 | 195,298.42 |
| PV of Terminal Value (M) | 5,306,137.35 | 5,569,333.30 | 5,842,871.23 |
| Equity Value (M) | 6,141,629.03 | 6,430,070.74 | 6,729,527.10 |
| Shares Outstanding (M) | 676.41 | 676.41 | 676.41 |
| Fair Value | $9,079.78 | $9,506.21 | $9,948.93 |
| Upside / Downside | 32.59% | 38.82% | 45.28% |
| 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% |