Definitive Analysis
| Stable Growth | $296.55 - $458.70 | $371.76 |
| Multi-Stage | $682.76 - $751.11 | $716.27 |
| Blended Fair Value | $544.01 | |
| Current Price | $334.00 | |
| Upside | 62.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.14% | 0.00% | 19.20 | 16.00 | 8.00 | 6.00 | 0.00 | 19.33 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 20.00% | 100.00% | 33.33% | 0.00% | -100.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 6.04% | 4.35% | 1.00% | 2.24% | 0.00% | 9.39% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 47,838.00 |
| (-) Cash Dividends Paid (M) | 28,800.00 |
| (=) Cash Retained (M) | 19,038.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9,567.60 | 5,979.75 | 3,587.85 |
| Cash Retained (M) | 19,038.00 | 19,038.00 | 19,038.00 |
| (-) Cash Required (M) | -9,567.60 | -5,979.75 | -3,587.85 |
| (=) Excess Retained (M) | 9,470.40 | 13,058.25 | 15,450.15 |
| (/) Shares Outstanding (M) | 1,500.00 | 1,500.00 | 1,500.00 |
| (=) Excess Retained per Share | 6.31 | 8.71 | 10.30 |
| LTM Dividend per Share | 19.20 | 19.20 | 19.20 |
| (+) Excess Retained per Share | 6.31 | 8.71 | 10.30 |
| (=) Adjusted Dividend | 25.51 | 27.91 | 29.50 |
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $296.55 | $371.76 | $458.70 |
| Upside / Downside | -11.21% | 11.31% | 37.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 47,838.00 | 47,359.62 | 46,886.02 | 46,417.16 | 45,952.99 | 45,493.46 | 46,858.27 |
| Payout Ratio | 60.20% | 66.16% | 72.12% | 78.08% | 84.04% | 90.00% | 92.50% |
| Projected Dividends (M) | 28,800.00 | 31,334.33 | 33,815.10 | 36,243.11 | 38,619.19 | 40,944.12 | 43,343.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.43% | 6.43% | 6.43% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 29,143.52 | 29,440.91 | 29,738.29 |
| Year 2 PV (M) | 29,251.89 | 29,851.91 | 30,458.02 |
| Year 3 PV (M) | 29,160.19 | 30,061.99 | 30,982.19 |
| Year 4 PV (M) | 28,899.45 | 30,097.20 | 31,331.80 |
| Year 5 PV (M) | 28,497.03 | 29,980.93 | 31,526.02 |
| PV of Terminal Value (M) | 879,185.22 | 924,966.43 | 972,635.24 |
| Equity Value (M) | 1,024,137.29 | 1,074,399.36 | 1,126,671.56 |
| Shares Outstanding (M) | 1,500.00 | 1,500.00 | 1,500.00 |
| Fair Value | $682.76 | $716.27 | $751.11 |
| Upside / Downside | 104.42% | 114.45% | 124.88% |
| 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% |