Definitive Analysis
| Stable Growth | $281,714.75 - $595,546.18 | $399,495.96 |
| Multi-Stage | $350,624.79 - $383,909.28 | $366,956.13 |
| Blended Fair Value | $383,226.05 | |
| Current Price | $166,600.00 | |
| Upside | 130.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.15% | 11.13% | 7,653.58 | 7,062.73 | 7,180.14 | 6,936.59 | 7,221.81 | 6,246.87 | 5,862.48 | 5,377.44 | 4,486.03 | 3,210.02 |
| YoY Growth | - | - | 8.37% | -1.64% | 3.51% | -3.95% | 15.61% | 6.56% | 9.02% | 19.87% | 39.75% | 20.50% |
| Dividend Yield | - | - | 4.59% | 5.00% | 4.42% | 4.18% | 3.90% | 4.51% | 3.12% | 3.29% | 2.69% | 1.76% |
| Net Income To Common (M) | 22,361.84 |
| (-) Cash Dividends Paid (M) | 15,432.05 |
| (=) Cash Retained (M) | 6,929.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,472.37 | 2,795.23 | 1,677.14 |
| Cash Retained (M) | 6,929.79 | 6,929.79 | 6,929.79 |
| (-) Cash Required (M) | -4,472.37 | -2,795.23 | -1,677.14 |
| (=) Excess Retained (M) | 2,457.42 | 4,134.56 | 5,252.65 |
| (/) Shares Outstanding (M) | 1.44 | 1.44 | 1.44 |
| (=) Excess Retained per Share | 1,706.54 | 2,871.22 | 3,647.68 |
| LTM Dividend per Share | 10,716.70 | 10,716.70 | 10,716.70 |
| (+) Excess Retained per Share | 1,706.54 | 2,871.22 | 3,647.68 |
| (=) Adjusted Dividend | 12,423.25 | 13,587.92 | 14,364.38 |
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Fair Value | $281,714.75 | $399,495.96 | $595,546.18 |
| Upside / Downside | 69.10% | 139.79% | 257.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22,361.84 | 23,148.89 | 23,963.65 | 24,807.08 | 25,680.19 | 26,584.04 | 27,381.56 |
| Payout Ratio | 69.01% | 73.21% | 77.41% | 81.60% | 85.80% | 90.00% | 92.50% |
| Projected Dividends (M) | 15,432.05 | 16,946.96 | 18,549.39 | 20,243.63 | 22,034.15 | 23,925.64 | 25,327.94 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 2.52% | 3.52% | 4.52% |
| Year 1 PV (M) | 15,679.33 | 15,832.27 | 15,985.21 |
| Year 2 PV (M) | 15,878.20 | 16,189.47 | 16,503.76 |
| Year 3 PV (M) | 16,032.30 | 16,506.04 | 16,989.02 |
| Year 4 PV (M) | 16,145.05 | 16,784.26 | 17,442.26 |
| Year 5 PV (M) | 16,219.68 | 17,026.32 | 17,864.73 |
| PV of Terminal Value (M) | 424,945.13 | 446,078.47 | 468,044.37 |
| Equity Value (M) | 504,899.70 | 528,416.83 | 552,829.36 |
| Shares Outstanding (M) | 1.44 | 1.44 | 1.44 |
| Fair Value | $350,624.79 | $366,956.13 | $383,909.28 |
| Upside / Downside | 110.46% | 120.26% | 130.44% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| HUBB | Hubbell Incorporated | 1.14% | $5.26 | 32.54% |
| MATX | Matson, Inc. | 1.14% | $1.42 | 10.47% |
| SNX | TD SYNNEX Corporation | 1.14% | $1.74 | 18.66% |
| ARMK | Aramark | 1.13% | $0.42 | 33.95% |
| CVLG | Covenant Logistics Group, Inc. | 1.13% | $0.25 | 21.30% |
| EQT | EQT Corporation | 1.13% | $0.61 | 21.38% |
| WHD | Cactus, Inc. | 1.13% | $0.53 | 21.20% |
| CFBK | CF Bankshares Inc. | 1.12% | $0.28 | 10.89% |
| LII | Lennox International Inc. | 1.12% | $5.59 | 23.57% |
| ROL | Rollins, Inc. | 1.12% | $0.66 | 61.92% |
| FELE | Franklin Electric Co., Inc. | 1.11% | $1.07 | 34.36% |
| GOLF | Acushnet Holdings Corp. | 1.11% | $0.91 | 24.93% |
| KOP | Koppers Holdings Inc. | 1.11% | $0.30 | 37.27% |
| MWA | Mueller Water Products, Inc. | 1.11% | $0.27 | 21.86% |
| RSG | Republic Services, Inc. | 1.11% | $2.33 | 34.47% |
| 0HOU.L | BorgWarner Inc. | 1.10% | $0.50 | 80.60% |
| 0K3H.L | Motorola Solutions, Inc. | 1.10% | $4.20 | 33.55% |
| FBK | FB Financial Corporation | 1.10% | $0.62 | 32.29% |
| AGCO | AGCO Corporation | 1.09% | $1.16 | 23.05% |
| VRE | Veris Residential, Inc. | 1.09% | $0.16 | 26.28% |
| ALSN | Allison Transmission Holdings, Inc. | 1.08% | $1.07 | 12.88% |
| CSV | Carriage Services, Inc. | 1.08% | $0.45 | 14.21% |
| LFUS | Littelfuse, Inc. | 1.08% | $2.83 | 59.57% |
| OSBC | Old Second Bancorp, Inc. | 1.08% | $0.21 | 15.92% |
| TPX | Tempur Sealy International, Inc. | 1.08% | $0.62 | 42.01% |
| WSC | WillScot Holdings Corporation | 1.08% | $0.21 | 17.16% |
| BVH | Bluegreen Vacations Holding Corporation | 1.07% | $0.80 | 18.69% |
| HNNAZ | Hennessy Advisors, Inc. 4.875% Notes due 2026 | 1.07% | $0.27 | 21.11% |
| HTB | HomeTrust Bancshares, Inc. | 1.07% | $0.46 | 12.57% |
| ZBH | Zimmer Biomet Holdings, Inc. | 1.07% | $0.96 | 23.70% |
| DOV | Dover Corporation | 1.05% | $2.06 | 12.63% |
| NDAQ | Nasdaq, Inc. | 1.05% | $1.01 | 36.06% |
| 0H9N.L | Aecom | 1.04% | $1.00 | 23.78% |
| BODY | The Beachbody Company, Inc. | 1.04% | $0.10 | 1.61% |
| LYTS | LSI Industries Inc. | 1.04% | $0.19 | 24.09% |
| UNTY | Unity Bancorp, Inc. | 1.04% | $0.53 | 10.03% |
| CTVA | Corteva, Inc. | 1.03% | $0.70 | 29.41% |
| TJX | The TJX Companies, Inc. | 1.03% | $1.59 | 35.03% |
| ABCB | Ameris Bancorp | 1.02% | $0.76 | 13.03% |
| CRAI | CRA International, Inc. | 1.02% | $2.05 | 23.94% |
| CTA-PB | E. I. du Pont de Nemours and Company | 1.02% | $0.70 | 29.41% |
| FNWD | Finward Bancorp | 1.02% | $0.36 | 33.06% |
| HSII | Heidrick & Struggles International, Inc. | 1.02% | $0.60 | 34.74% |
| LNG | Cheniere Energy, Inc. | 1.02% | $2.02 | 11.09% |
| 0HTG.L | Cardinal Health, Inc. | 1.01% | $2.07 | 31.03% |
| 0I4X.L | Crown Holdings, Inc. | 1.01% | $1.03 | 12.58% |
| CMC | Commercial Metals Company | 1.01% | $0.72 | 96.19% |
| TR | Tootsie Roll Industries, Inc. | 1.01% | $0.36 | 27.67% |
| KNX | Knight-Swift Transportation Holdings Inc. | 1.00% | $0.52 | 59.68% |
| PNFP | Pinnacle Financial Partners, Inc. | 1.00% | $0.96 | 11.84% |