Definitive Analysis
| Stable Growth | $436.24 - $1,124.43 | $661.13 |
| Multi-Stage | $311.88 - $340.39 | $325.88 |
| Blended Fair Value | $493.50 | |
| Current Price | $341.91 | |
| Upside | 44.34% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.41% | 14.21% | 7.64 | 6.68 | 5.88 | 5.18 | 4.57 | 4.07 | 3.61 | 3.18 | 2.77 | 2.40 |
| YoY Growth | - | - | 14.29% | 13.57% | 13.52% | 13.36% | 12.33% | 12.81% | 13.34% | 14.85% | 15.32% | 18.87% |
| Dividend Yield | - | - | 2.32% | 2.26% | 2.38% | 2.54% | 1.97% | 3.77% | 2.30% | 2.16% | 1.64% | 1.51% |
| Net Income To Common (M) | 1,014.30 |
| (-) Cash Dividends Paid (M) | 447.80 |
| (=) Cash Retained (M) | 566.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 202.86 | 126.79 | 76.07 |
| Cash Retained (M) | 566.50 | 566.50 | 566.50 |
| (-) Cash Required (M) | -202.86 | -126.79 | -76.07 |
| (=) Excess Retained (M) | 363.64 | 439.71 | 490.43 |
| (/) Shares Outstanding (M) | 53.23 | 53.23 | 53.23 |
| (=) Excess Retained per Share | 6.83 | 8.26 | 9.21 |
| LTM Dividend per Share | 8.41 | 8.41 | 8.41 |
| (+) Excess Retained per Share | 6.83 | 8.26 | 9.21 |
| (=) Adjusted Dividend | 15.25 | 16.67 | 17.63 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.41% | 6.41% | 7.41% |
| Fair Value | $436.24 | $661.13 | $1,124.43 |
| Upside / Downside | 27.59% | 93.36% | 228.87% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,014.30 | 1,079.36 | 1,148.59 | 1,222.26 | 1,300.66 | 1,384.08 | 1,425.60 |
| Payout Ratio | 44.15% | 53.32% | 62.49% | 71.66% | 80.83% | 90.00% | 92.50% |
| Projected Dividends (M) | 447.80 | 575.50 | 717.74 | 875.87 | 1,051.32 | 1,245.67 | 1,318.68 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.41% | 6.41% | 7.41% |
| Year 1 PV (M) | 522.55 | 527.51 | 532.47 |
| Year 2 PV (M) | 591.75 | 603.03 | 614.41 |
| Year 3 PV (M) | 655.67 | 674.51 | 693.70 |
| Year 4 PV (M) | 714.60 | 742.11 | 770.40 |
| Year 5 PV (M) | 768.81 | 805.97 | 844.56 |
| PV of Terminal Value (M) | 13,346.49 | 13,991.67 | 14,661.56 |
| Equity Value (M) | 16,599.87 | 17,344.79 | 18,117.10 |
| Shares Outstanding (M) | 53.23 | 53.23 | 53.23 |
| Fair Value | $311.88 | $325.88 | $340.39 |
| Upside / Downside | -8.78% | -4.69% | -0.45% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ODFL | Old Dominion Freight Line, Inc. | 0.69% | $1.10 | 22.00% |
| RRBI | Red River Bancshares, Inc. | 0.69% | $0.48 | 7.90% |
| SSD | Simpson Manufacturing Co., Inc. | 0.69% | $1.14 | 13.76% |
| WCC | WESCO International, Inc. | 0.69% | $1.75 | 13.38% |
| ALG | Alamo Group Inc. | 0.68% | $1.15 | 11.96% |
| CBK | Commercial Bancgroup, Inc. Common Stock | 0.68% | $0.16 | 6.13% |
| IRMD | IRadimed Corporation | 0.68% | $0.65 | 39.59% |
| UNF | UniFirst Corporation | 0.68% | $1.32 | 16.37% |
| WTS | Watts Water Technologies, Inc. | 0.68% | $1.90 | 19.65% |
| 0HF3.L | Cencora | 0.67% | $2.25 | 28.12% |
| AIT | Applied Industrial Technologies, Inc. | 0.67% | $1.75 | 16.64% |
| CLMB | Climb Global Solutions, Inc. | 0.67% | $0.68 | 14.50% |
| ASTH | Astrana Health, Inc. | 0.66% | $0.17 | 86.52% |
| AVGO | Broadcom Inc. | 0.66% | $2.28 | 48.18% |
| ENS | EnerSys | 0.66% | $0.99 | 11.20% |
| HLIO | Helios Technologies, Inc. | 0.66% | $0.36 | 35.50% |
| ICFI | ICF International, Inc. | 0.66% | $0.56 | 10.52% |
| VMC | Vulcan Materials Company | 0.66% | $1.93 | 22.82% |
| AAME | Atlantic American Corporation | 0.65% | $0.02 | 7.99% |
| AMAT | Applied Materials, Inc. | 0.65% | $1.73 | 19.78% |
| CRM | Salesforce, Inc. | 0.65% | $1.64 | 21.86% |
| GHC | Graham Holdings Company | 0.65% | $7.06 | 4.22% |
| LFAC | LF Capital Acquisition Corp. II | 0.65% | $0.07 | 24.33% |
| BSY | Bentley Systems, Incorporated | 0.64% | $0.25 | 30.41% |
| EHC | Encompass Health Corporation | 0.64% | $0.68 | 12.77% |
| LAD | Lithia Motors, Inc. | 0.64% | $2.13 | 6.25% |
| PRBM | Parabellum Acquisition Corp. | 0.64% | $0.06 | 5.11% |
| VRSN | VeriSign, Inc. | 0.64% | $1.54 | 17.77% |
| AWI | Armstrong World Industries, Inc. | 0.63% | $1.24 | 17.71% |
| ESQ | Esquire Financial Holdings, Inc. | 0.63% | $0.64 | 11.29% |
| SGI | Somnigroup International Inc | 0.63% | $0.56 | 37.60% |
| ULS | UL Solutions Inc. | 0.63% | $0.51 | 30.38% |
| VMI | Valmont Industries, Inc. | 0.63% | $2.58 | 21.97% |
| ARCB | ArcBest Corporation | 0.62% | $0.48 | 11.39% |
| V | Visa Inc. | 0.62% | $2.13 | 23.10% |
| LSXMA | The Liberty SiriusXM Group | 0.61% | $0.14 | 1.73% |
| 0J1R.L | HCA Healthcare, Inc. | 0.60% | $2.81 | 10.70% |
| MPWR | Monolithic Power Systems, Inc. | 0.60% | $5.66 | 14.34% |
| RXN | Zurn Water Solutions Corporation | 0.60% | $0.39 | 24.10% |
| 0I47.L | Costco Wholesale Corporation | 0.59% | $5.05 | 27.04% |
| DJCO | Daily Journal Corporation | 0.59% | $2.95 | 4.20% |
| DRS | Leonardo DRS, Inc. | 0.59% | $0.20 | 20.75% |
| FCNCA | First Citizens BancShares, Inc. | 0.59% | $12.69 | 7.01% |
| AME | AMETEK, Inc. | 0.58% | $1.20 | 19.00% |
| KLAC | KLA Corporation | 0.57% | $7.26 | 22.67% |
| SXI | Standex International Corporation | 0.57% | $1.27 | 29.15% |
| RDVT | Red Violet, Inc. | 0.56% | $0.29 | 37.32% |
| 0IRE.L | Fortive Corporation | 0.55% | $0.30 | 16.72% |
| AIMC | Altra Industrial Motion Corp. | 0.55% | $0.34 | 17.56% |
| BWXT | BWX Technologies, Inc. | 0.55% | $1.00 | 29.87% |