Definitive Analysis
| Stable Growth | $120.98 - $383.20 | $194.72 |
| Multi-Stage | $84.30 - $91.85 | $88.01 |
| Blended Fair Value | $141.37 | |
| Current Price | $234.13 | |
| Upside | -39.62% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 16.78% | 14.63% | 3.87 | 3.61 | 3.38 | 3.11 | 2.23 | 1.78 | 1.57 | 1.42 | 1.21 | 1.03 |
| YoY Growth | - | - | 7.18% | 6.93% | 8.71% | 39.23% | 25.19% | 13.98% | 10.55% | 16.81% | 17.33% | 4.50% |
| Dividend Yield | - | - | 1.65% | 1.71% | 2.11% | 1.82% | 1.41% | 1.21% | 1.43% | 1.41% | 1.33% | 1.13% |
| Net Income To Common (M) | 2,267.34 |
| (-) Cash Dividends Paid (M) | 1,924.41 |
| (=) Cash Retained (M) | 342.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 453.47 | 283.42 | 170.05 |
| Cash Retained (M) | 342.93 | 342.93 | 342.93 |
| (-) Cash Required (M) | -453.47 | -283.42 | -170.05 |
| (=) Excess Retained (M) | -110.54 | 59.51 | 172.88 |
| (/) Shares Outstanding (M) | 496.71 | 496.71 | 496.71 |
| (=) Excess Retained per Share | -0.22 | 0.12 | 0.35 |
| LTM Dividend per Share | 3.87 | 3.87 | 3.87 |
| (+) Excess Retained per Share | -0.22 | 0.12 | 0.35 |
| (=) Adjusted Dividend | 3.65 | 3.99 | 4.22 |
| WACC / Discount Rate | 8.68% | 8.68% | 8.68% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $120.98 | $194.72 | $383.20 |
| Upside / Downside | -48.33% | -16.83% | 63.67% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,267.34 | 2,414.72 | 2,571.68 | 2,738.84 | 2,916.86 | 3,106.46 | 3,199.65 |
| Payout Ratio | 84.88% | 85.90% | 86.93% | 87.95% | 88.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,924.41 | 2,074.25 | 2,235.43 | 2,408.81 | 2,595.28 | 2,795.81 | 2,959.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 8.68% | 8.68% | 8.68% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,890.59 | 1,908.51 | 1,926.43 |
| Year 2 PV (M) | 1,857.09 | 1,892.46 | 1,928.17 |
| Year 3 PV (M) | 1,823.93 | 1,876.29 | 1,929.64 |
| Year 4 PV (M) | 1,791.12 | 1,860.00 | 1,930.85 |
| Year 5 PV (M) | 1,758.67 | 1,843.61 | 1,931.81 |
| PV of Terminal Value (M) | 32,751.26 | 34,333.15 | 35,975.59 |
| Equity Value (M) | 41,872.65 | 43,714.02 | 45,622.48 |
| Shares Outstanding (M) | 496.71 | 496.71 | 496.71 |
| Fair Value | $84.30 | $88.01 | $91.85 |
| Upside / Downside | -63.99% | -62.41% | -60.77% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| 0K58.L | NOV Inc. | 1.29% | $0.20 | 15.83% |
| CON | Concentra Group Holdings Parent, Inc. | 1.29% | $0.25 | 20.88% |
| CSGS | CSG Systems International, Inc. | 1.28% | $0.98 | 32.90% |
| CSL | Carlisle Companies Incorporated | 1.28% | $4.20 | 23.23% |
| JKHY | Jack Henry & Associates, Inc. | 1.28% | $2.29 | 34.69% |
| MSA | MSA Safety Incorporated | 1.28% | $2.08 | 29.19% |
| PAHC | Phibro Animal Health Corporation | 1.28% | $0.48 | 28.68% |
| WMG | Warner Music Group Corp. | 1.28% | $0.39 | 61.67% |
| 0K4C.L | NRG Energy, Inc. | 1.27% | $2.10 | 28.38% |
| DCI | Donaldson Company, Inc. | 1.27% | $1.14 | 35.14% |
| TEX | Terex Corporation | 1.27% | $0.70 | 29.49% |
| BCC | Boise Cascade Company | 1.26% | $0.93 | 18.09% |
| BCML | BayCom Corp | 1.25% | $0.36 | 16.94% |
| MSCI | MSCI Inc. | 1.25% | $7.07 | 44.68% |
| PRMW | Primo Water Corporation | 1.25% | $0.35 | 61.28% |
| ESI | Element Solutions Inc | 1.24% | $0.32 | 32.50% |
| LECO | Lincoln Electric Holdings, Inc. | 1.23% | $3.00 | 31.76% |
| MCRI | Monarch Casino & Resort, Inc. | 1.23% | $1.18 | 26.69% |
| PBI-PB | Pitney Bowes Inc. NT 43 | 1.23% | $0.25 | 61.37% |
| RJF | Raymond James Financial, Inc. | 1.23% | $2.01 | 19.48% |
| WFRD | Weatherford International plc | 1.23% | $1.00 | 17.78% |
| AMP | Ameriprise Financial, Inc. | 1.22% | $6.04 | 16.30% |
| BRC | Brady Corporation | 1.22% | $0.96 | 23.25% |
| GCBC | Greene County Bancorp, Inc. | 1.21% | $0.26 | 13.26% |
| RICK | RCI Hospitality Holdings, Inc. | 1.21% | $0.28 | 15.00% |
| ABC | AmerisourceBergen Corporation | 1.20% | $2.25 | 28.12% |
| EQBK | Equity Bancshares, Inc. | 1.20% | $0.54 | 58.24% |
| HMNF | HMN Financial, Inc. | 1.20% | $0.34 | 28.27% |
| IBP | Installed Building Products, Inc. | 1.20% | $3.22 | 34.18% |
| CHH | Choice Hotels International, Inc. | 1.19% | $1.15 | 13.93% |
| EQC | Equity Commonwealth | 1.19% | $0.02 | 8.60% |
| FLS | Flowserve Corporation | 1.19% | $0.84 | 24.35% |
| ICE | Intercontinental Exchange, Inc. | 1.19% | $1.90 | 33.71% |
| LNN | Lindsay Corporation | 1.19% | $1.44 | 21.27% |
| INGM | Ingram Micro Holding Corporation | 1.18% | $0.25 | 20.42% |
| RBA | RB Global, Inc. | 1.18% | $1.22 | 52.13% |
| SEIC | SEI Investments Company | 1.18% | $0.98 | 17.66% |
| HEES | H&E Equipment Services, Inc. | 1.17% | $1.11 | 44.29% |
| WSFS | WSFS Financial Corporation | 1.17% | $0.64 | 13.17% |
| ASTE | Astec Industries, Inc. | 1.16% | $0.52 | 24.84% |
| GFGD | The Growth for Good Acquisition Corporation | 1.16% | $0.12 | 42.35% |
| HUBG | Hub Group, Inc. | 1.16% | $0.50 | 28.58% |
| NWS | News Corporation | 1.16% | $0.35 | 16.79% |
| FCX | Freeport-McMoRan Inc. | 1.15% | $0.60 | 41.87% |
| GFF | Griffon Corporation | 1.15% | $0.86 | 77.66% |
| LH | Labcorp Holdings Inc. | 1.15% | $2.89 | 28.24% |
| YAFIX | AMG Funds - AMG Yacktman Focused Fund | 1.15% | $0.22 | 27.84% |
| 0L1G.L | SS&C Technologies Holdings, Inc. | 1.14% | $0.99 | 29.41% |
| 0M29.L | Xylem Inc. | 1.14% | $1.56 | 40.08% |
| DHI | D.R. Horton, Inc. | 1.14% | $1.66 | 13.80% |