Definitive Analysis
| Stable Growth | $165.04 - $437.80 | $252.36 |
| Multi-Stage | $113.15 - $123.62 | $118.29 |
| Blended Fair Value | $185.33 | |
| Current Price | $126.45 | |
| Upside | 46.56% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.74% | 11.45% | 1.71 | 1.59 | 1.44 | 1.34 | 1.26 | 1.18 | 0.90 | 0.73 | 0.67 | 0.64 |
| YoY Growth | - | - | 7.70% | 10.69% | 7.36% | 6.28% | 6.70% | 31.52% | 22.12% | 8.84% | 6.16% | 9.75% |
| Dividend Yield | - | - | 1.56% | 1.85% | 1.73% | 1.61% | 1.78% | 3.53% | 1.68% | 1.38% | 1.50% | 2.23% |
| Net Income To Common (M) | 237.59 |
| (-) Cash Dividends Paid (M) | 61.11 |
| (=) Cash Retained (M) | 176.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 47.52 | 29.70 | 17.82 |
| Cash Retained (M) | 176.48 | 176.48 | 176.48 |
| (-) Cash Required (M) | -47.52 | -29.70 | -17.82 |
| (=) Excess Retained (M) | 128.96 | 146.78 | 158.66 |
| (/) Shares Outstanding (M) | 33.77 | 33.77 | 33.77 |
| (=) Excess Retained per Share | 3.82 | 4.35 | 4.70 |
| LTM Dividend per Share | 1.81 | 1.81 | 1.81 |
| (+) Excess Retained per Share | 3.82 | 4.35 | 4.70 |
| (=) Adjusted Dividend | 5.63 | 6.16 | 6.51 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $165.04 | $252.36 | $437.80 |
| Upside / Downside | 30.52% | 99.57% | 246.22% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 237.59 | 253.03 | 269.48 | 287.00 | 305.65 | 325.52 | 335.28 |
| Payout Ratio | 25.72% | 38.58% | 51.43% | 64.29% | 77.14% | 90.00% | 92.50% |
| Projected Dividends (M) | 61.11 | 97.61 | 138.60 | 184.51 | 235.79 | 292.97 | 310.14 |
| 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) | 88.63 | 89.47 | 90.31 |
| Year 2 PV (M) | 114.27 | 116.45 | 118.65 |
| Year 3 PV (M) | 138.12 | 142.09 | 146.13 |
| Year 4 PV (M) | 160.28 | 166.44 | 172.78 |
| Year 5 PV (M) | 180.82 | 189.55 | 198.62 |
| PV of Terminal Value (M) | 3,139.04 | 3,290.65 | 3,448.07 |
| Equity Value (M) | 3,821.16 | 3,994.66 | 4,174.56 |
| Shares Outstanding (M) | 33.77 | 33.77 | 33.77 |
| Fair Value | $113.15 | $118.29 | $123.62 |
| Upside / Downside | -10.51% | -6.45% | -2.24% |
| 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% |