Definitive Analysis
| Stable Growth | $287.13 - $403.25 | $344.84 |
| Multi-Stage | $889.88 - $983.04 | $935.51 |
| Blended Fair Value | $640.17 | |
| Current Price | $875.00 | |
| Upside | -26.84% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -4.36% | 20.89% | 80.00 | 68.00 | 68.00 | 38.00 | 38.00 | 100.00 | 100.00 | 88.00 | 33.00 | 21.00 |
| YoY Growth | - | - | 17.65% | 0.00% | 78.95% | 0.00% | -62.00% | 0.00% | 13.64% | 166.67% | 57.14% | 75.00% |
| Dividend Yield | - | - | 7.48% | 3.51% | 3.99% | 2.86% | 3.36% | 16.13% | 7.19% | 4.46% | 1.76% | 1.19% |
| Net Income To Common (M) | 144,541.00 |
| (-) Cash Dividends Paid (M) | 84,000.00 |
| (=) Cash Retained (M) | 60,541.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 28,908.20 | 18,067.63 | 10,840.58 |
| Cash Retained (M) | 60,541.00 | 60,541.00 | 60,541.00 |
| (-) Cash Required (M) | -28,908.20 | -18,067.63 | -10,840.58 |
| (=) Excess Retained (M) | 31,632.80 | 42,473.38 | 49,700.43 |
| (/) Shares Outstanding (M) | 3,000.00 | 3,000.00 | 3,000.00 |
| (=) Excess Retained per Share | 10.54 | 14.16 | 16.57 |
| LTM Dividend per Share | 28.00 | 28.00 | 28.00 |
| (+) Excess Retained per Share | 10.54 | 14.16 | 16.57 |
| (=) Adjusted Dividend | 38.54 | 42.16 | 44.57 |
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | -6.36% | -5.36% | -4.36% |
| Fair Value | $287.13 | $344.84 | $403.25 |
| Upside / Downside | -67.19% | -60.59% | -53.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 144,541.00 | 136,786.74 | 129,448.47 | 122,503.88 | 115,931.86 | 109,712.40 | 113,003.77 |
| Payout Ratio | 58.11% | 64.49% | 70.87% | 77.25% | 83.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 84,000.00 | 88,216.50 | 91,738.84 | 94,629.35 | 96,945.70 | 98,741.16 | 104,528.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.20% | 6.20% | 6.20% |
| Growth Rate | -6.36% | -5.36% | -4.36% |
| Year 1 PV (M) | 82,184.91 | 83,062.62 | 83,940.34 |
| Year 2 PV (M) | 79,622.85 | 81,332.64 | 83,060.58 |
| Year 3 PV (M) | 76,516.06 | 78,993.85 | 81,524.56 |
| Year 4 PV (M) | 73,029.37 | 76,199.44 | 79,471.62 |
| Year 5 PV (M) | 69,296.21 | 73,076.43 | 77,019.84 |
| PV of Terminal Value (M) | 2,288,988.97 | 2,413,856.77 | 2,544,115.45 |
| Equity Value (M) | 2,669,638.38 | 2,806,521.75 | 2,949,132.39 |
| Shares Outstanding (M) | 3,000.00 | 3,000.00 | 3,000.00 |
| Fair Value | $889.88 | $935.51 | $983.04 |
| Upside / Downside | 1.70% | 6.92% | 12.35% |
| 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% |