Definitive Analysis
| Stable Growth | $48.10 - $109.65 | $70.03 |
| Multi-Stage | $37.95 - $41.43 | $39.66 |
| Blended Fair Value | $54.84 | |
| Current Price | $25.76 | |
| Upside | 112.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.05% | 13.68% | 0.98 | 0.87 | 0.73 | 0.67 | 0.65 | 0.63 | 0.50 | 0.38 | 0.35 | 0.33 |
| YoY Growth | - | - | 13.09% | 18.70% | 9.05% | 2.18% | 3.12% | 27.65% | 30.64% | 9.15% | 4.28% | 23.08% |
| Dividend Yield | - | - | 3.90% | 3.46% | 2.91% | 2.67% | 2.61% | 2.53% | 1.99% | 1.52% | 1.39% | 1.34% |
| Net Income To Common (M) | 2,156.00 |
| (-) Cash Dividends Paid (M) | 905.00 |
| (=) Cash Retained (M) | 1,251.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 431.20 | 269.50 | 161.70 |
| Cash Retained (M) | 1,251.00 | 1,251.00 | 1,251.00 |
| (-) Cash Required (M) | -431.20 | -269.50 | -161.70 |
| (=) Excess Retained (M) | 819.80 | 981.50 | 1,089.30 |
| (/) Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| (=) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| LTM Dividend per Share | 1.00 | 1.00 | 1.00 |
| (+) Excess Retained per Share | 0.90 | 1.08 | 1.20 |
| (=) Adjusted Dividend | 1.90 | 2.08 | 2.19 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Fair Value | $48.10 | $70.03 | $109.65 |
| Upside / Downside | 86.74% | 171.85% | 325.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,156.00 | 2,284.45 | 2,420.56 | 2,564.77 | 2,717.57 | 2,879.48 | 2,965.87 |
| Payout Ratio | 41.98% | 51.58% | 61.19% | 70.79% | 80.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 905.00 | 1,178.34 | 1,481.03 | 1,815.61 | 2,184.80 | 2,591.53 | 2,743.43 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 4.96% | 5.96% | 6.96% |
| Year 1 PV (M) | 1,069.88 | 1,080.07 | 1,090.26 |
| Year 2 PV (M) | 1,220.94 | 1,244.31 | 1,267.91 |
| Year 3 PV (M) | 1,358.99 | 1,398.21 | 1,438.17 |
| Year 4 PV (M) | 1,484.81 | 1,542.21 | 1,601.26 |
| Year 5 PV (M) | 1,599.12 | 1,676.77 | 1,757.40 |
| PV of Terminal Value (M) | 27,760.73 | 29,108.64 | 30,508.41 |
| Equity Value (M) | 34,494.47 | 36,050.21 | 37,663.41 |
| Shares Outstanding (M) | 909.00 | 909.00 | 909.00 |
| Fair Value | $37.95 | $39.66 | $41.43 |
| Upside / Downside | 47.31% | 53.96% | 60.85% |
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|---|---|---|---|---|
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| MATX | Matson, Inc. | 1.14% | $1.42 | 10.47% |
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| 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% |
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| 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% |
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| LNG | Cheniere Energy, Inc. | 1.02% | $2.02 | 11.09% |
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