Definitive Analysis
| Stable Growth | $153.64 - $232.72 | $190.85 |
| Multi-Stage | $216.11 - $237.12 | $226.42 |
| Blended Fair Value | $208.63 | |
| Current Price | $181.63 | |
| Upside | 14.87% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -20.31% | 6.36% | 3.40 | 3.22 | 2.99 | 2.80 | 2.73 | 10.60 | 2.59 | 2.38 | 2.21 | 2.04 |
| YoY Growth | - | - | 5.89% | 7.62% | 6.56% | 2.71% | -74.24% | 309.54% | 8.64% | 7.96% | 8.36% | 10.75% |
| Dividend Yield | - | - | 1.96% | 2.40% | 2.33% | 1.88% | 2.11% | 11.70% | 2.25% | 2.02% | 2.45% | 2.26% |
| Net Income To Common (M) | 631.90 |
| (-) Cash Dividends Paid (M) | 129.30 |
| (=) Cash Retained (M) | 502.60 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 126.38 | 78.99 | 47.39 |
| Cash Retained (M) | 502.60 | 502.60 | 502.60 |
| (-) Cash Required (M) | -126.38 | -78.99 | -47.39 |
| (=) Excess Retained (M) | 376.22 | 423.61 | 455.21 |
| (/) Shares Outstanding (M) | 36.45 | 36.45 | 36.45 |
| (=) Excess Retained per Share | 10.32 | 11.62 | 12.49 |
| LTM Dividend per Share | 3.55 | 3.55 | 3.55 |
| (+) Excess Retained per Share | 10.32 | 11.62 | 12.49 |
| (=) Adjusted Dividend | 13.87 | 15.17 | 16.04 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.07% | 1.07% | 2.07% |
| Fair Value | $153.64 | $190.85 | $232.72 |
| Upside / Downside | -15.41% | 5.08% | 28.13% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 631.90 | 638.63 | 645.43 | 652.31 | 659.25 | 666.28 | 686.27 |
| Payout Ratio | 20.46% | 34.37% | 48.28% | 62.18% | 76.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 129.30 | 219.50 | 311.60 | 405.64 | 501.64 | 599.65 | 634.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 0.07% | 1.07% | 2.07% |
| Year 1 PV (M) | 199.20 | 201.19 | 203.18 |
| Year 2 PV (M) | 256.64 | 261.79 | 267.00 |
| Year 3 PV (M) | 303.20 | 312.38 | 321.75 |
| Year 4 PV (M) | 340.29 | 354.10 | 368.33 |
| Year 5 PV (M) | 369.16 | 387.98 | 407.56 |
| PV of Terminal Value (M) | 6,408.69 | 6,735.38 | 7,075.26 |
| Equity Value (M) | 7,877.19 | 8,252.83 | 8,643.08 |
| Shares Outstanding (M) | 36.45 | 36.45 | 36.45 |
| Fair Value | $216.11 | $226.42 | $237.12 |
| Upside / Downside | 18.98% | 24.66% | 30.55% |
| 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% |