Definitive Analysis
| Stable Growth | $288.16 - $764.41 | $440.63 |
| Multi-Stage | $200.53 - $218.92 | $209.56 |
| Blended Fair Value | $325.09 | |
| Current Price | $221.45 | |
| Upside | 46.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.76% | 19.43% | 4.35 | 4.23 | 1.96 | 1.64 | 1.29 | 1.18 | 1.07 | 0.88 | 0.82 | 0.78 |
| YoY Growth | - | - | 3.00% | 115.35% | 20.02% | 26.51% | 9.25% | 10.13% | 22.13% | 7.54% | 5.03% | 5.64% |
| Dividend Yield | - | - | 2.25% | 2.08% | 1.35% | 1.70% | 1.57% | 4.35% | 2.95% | 2.78% | 1.62% | 1.68% |
| Net Income To Common (M) | 1,020.87 |
| (-) Cash Dividends Paid (M) | 394.16 |
| (=) Cash Retained (M) | 626.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 204.17 | 127.61 | 76.57 |
| Cash Retained (M) | 626.71 | 626.71 | 626.71 |
| (-) Cash Required (M) | -204.17 | -127.61 | -76.57 |
| (=) Excess Retained (M) | 422.53 | 499.10 | 550.14 |
| (/) Shares Outstanding (M) | 83.10 | 83.10 | 83.10 |
| (=) Excess Retained per Share | 5.08 | 6.01 | 6.62 |
| LTM Dividend per Share | 4.74 | 4.74 | 4.74 |
| (+) Excess Retained per Share | 5.08 | 6.01 | 6.62 |
| (=) Adjusted Dividend | 9.83 | 10.75 | 11.36 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $288.16 | $440.63 | $764.41 |
| Upside / Downside | 30.12% | 98.97% | 245.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,020.87 | 1,087.23 | 1,157.90 | 1,233.16 | 1,313.32 | 1,398.68 | 1,440.64 |
| Payout Ratio | 38.61% | 48.89% | 59.17% | 69.44% | 79.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 394.16 | 531.53 | 685.08 | 856.36 | 1,047.00 | 1,258.81 | 1,332.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 482.63 | 487.20 | 491.78 |
| Year 2 PV (M) | 564.83 | 575.59 | 586.45 |
| Year 3 PV (M) | 641.08 | 659.49 | 678.24 |
| Year 4 PV (M) | 711.69 | 739.06 | 767.21 |
| Year 5 PV (M) | 776.95 | 814.47 | 853.44 |
| PV of Terminal Value (M) | 13,487.79 | 14,139.25 | 14,815.65 |
| Equity Value (M) | 16,664.96 | 17,415.06 | 18,192.76 |
| Shares Outstanding (M) | 83.10 | 83.10 | 83.10 |
| Fair Value | $200.53 | $209.56 | $218.92 |
| Upside / Downside | -9.45% | -5.37% | -1.14% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| GATX | GATX Corporation | 1.45% | $2.47 | 28.36% |
| SF | Stifel Financial Corp. | 1.45% | $1.86 | 30.82% |
| 0HFN.L | Analog Devices, Inc. | 1.44% | $3.90 | 84.88% |
| HAYN | Haynes International, Inc. | 1.44% | $0.88 | 30.16% |
| 0I58.L | Cummins Inc. | 1.43% | $7.42 | 38.53% |
| 0HRJ.L | CSX Corporation | 1.42% | $0.51 | 33.32% |
| OLED | Universal Display Corporation | 1.42% | $1.73 | 37.24% |
| BBW | Build-A-Bear Workshop, Inc. | 1.41% | $0.86 | 19.50% |
| LBC | Luther Burbank Corporation | 1.41% | $0.13 | 17.07% |
| SNDR | Schneider National, Inc. | 1.41% | $0.38 | 58.72% |
| 0R13.L | Church & Dwight Co., Inc. | 1.40% | $1.16 | 36.55% |
| COHN | Cohen & Company Inc. | 1.40% | $0.35 | 48.05% |
| HLI | Houlihan Lokey, Inc. | 1.40% | $2.48 | 39.81% |
| PATK | Patrick Industries, Inc. | 1.40% | $1.54 | 44.05% |
| CXT | Crane NXT, Co. | 1.39% | $0.66 | 24.82% |
| ESBA | Empire State Realty OP, L.P. | 1.39% | $0.09 | 49.94% |
| MMS | Maximus, Inc. | 1.39% | $1.21 | 21.54% |
| WYNN | Wynn Resorts, Limited | 1.39% | $1.70 | 34.98% |
| ATEN | A10 Networks, Inc. | 1.38% | $0.24 | 34.61% |
| HYAC | Haymaker Acquisition Corp. III | 1.38% | $0.16 | 37.41% |
| ISTR | Investar Holding Corporation | 1.38% | $0.36 | 18.11% |
| MCY | Mercury General Corporation | 1.38% | $1.27 | 16.00% |
| ACU | Acme United Corporation | 1.37% | $0.55 | 28.31% |
| DE | Deere & Company | 1.36% | $6.34 | 34.22% |
| HYAC-UN | Haymaker Acquisition Corp. 4 | 1.36% | $0.16 | 37.41% |
| RTX | RTX Corporation | 1.36% | $2.56 | 52.52% |
| 0HIN.L | Assurant, Inc. | 1.35% | $3.22 | 19.47% |
| AL | Air Lease Corporation | 1.35% | $0.86 | 9.51% |
| BGCP | BGC Partners, Inc. | 1.34% | $0.06 | 11.88% |
| ESRT | Empire State Realty Trust, Inc. | 1.34% | $0.09 | 49.94% |
| HUM | Humana Inc. | 1.34% | $3.55 | 33.23% |
| ZEUS | Olympic Steel, Inc. | 1.34% | $0.59 | 50.16% |
| 0K9L.L | Nucor Corporation | 1.33% | $2.22 | 31.04% |
| BY | Byline Bancorp, Inc. | 1.33% | $0.39 | 13.97% |
| LPX | Louisiana-Pacific Corporation | 1.33% | $1.09 | 35.19% |
| OPOF | Old Point Financial Corporation | 1.33% | $0.56 | 32.91% |
| WSM | Williams-Sonoma, Inc. | 1.33% | $2.50 | 27.85% |
| RUSHA | Rush Enterprises, Inc. | 1.32% | $0.71 | 21.15% |
| VLEOX | Value Line Small Cap Opportunities Fund, Inc. Investor Class | 1.32% | $0.79 | 56.29% |
| 0IW7.L | Global Payments Inc. | 1.31% | $1.01 | 13.82% |
| APO | Apollo Global Management, Inc. | 1.31% | $1.92 | 27.59% |
| EMP | Entergy Mississippi, Inc. 1M BD 66 | 1.31% | $0.27 | 6.72% |
| NDSN | Nordson Corporation | 1.31% | $3.15 | 36.67% |
| ROK | Rockwell Automation, Inc. | 1.31% | $5.23 | 68.01% |
| UMBF | UMB Financial Corporation | 1.31% | $1.52 | 18.87% |
| 0L3I.L | The Charles Schwab Corporation | 1.30% | $1.29 | 28.42% |
| 0R2X.L | Corning Incorporated | 1.30% | $1.15 | 72.69% |
| EBAY | eBay Inc. | 1.30% | $1.13 | 24.20% |
| GGG | Graco Inc. | 1.30% | $1.07 | 36.31% |
| HES | Hess Corporation | 1.30% | $1.94 | 26.90% |