Definitive Analysis
| Stable Growth | $605.03 - $968.08 | $769.52 |
| Multi-Stage | $967.77 - $1,062.27 | $1,014.12 |
| Blended Fair Value | $891.82 | |
| Current Price | $716.00 | |
| Upside | 24.56% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -14.92% | -0.91% | 22.03 | 16.73 | 14.05 | 15.33 | 13.00 | 49.40 | 48.91 | 49.74 | 39.20 | 25.14 |
| YoY Growth | - | - | 31.68% | 19.08% | -8.38% | 17.96% | -73.69% | 1.01% | -1.68% | 26.91% | 55.94% | 4.18% |
| Dividend Yield | - | - | 3.08% | 2.26% | 2.39% | 2.59% | 2.47% | 8.26% | 6.88% | 4.80% | 3.29% | 1.90% |
| Net Income To Common (M) | 1,090.10 |
| (-) Cash Dividends Paid (M) | 417.38 |
| (=) Cash Retained (M) | 672.73 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 218.02 | 136.26 | 81.76 |
| Cash Retained (M) | 672.73 | 672.73 | 672.73 |
| (-) Cash Required (M) | -218.02 | -136.26 | -81.76 |
| (=) Excess Retained (M) | 454.71 | 536.47 | 590.97 |
| (/) Shares Outstanding (M) | 18.96 | 18.96 | 18.96 |
| (=) Excess Retained per Share | 23.98 | 28.29 | 31.16 |
| LTM Dividend per Share | 22.01 | 22.01 | 22.01 |
| (+) Excess Retained per Share | 23.98 | 28.29 | 31.16 |
| (=) Adjusted Dividend | 45.99 | 50.30 | 53.17 |
| WACC / Discount Rate | 7.68% | 7.68% | 7.68% |
| Growth Rate | 0.08% | 1.08% | 2.08% |
| Fair Value | $605.03 | $769.52 | $968.08 |
| Upside / Downside | -15.50% | 7.48% | 35.21% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,090.10 | 1,101.86 | 1,113.74 | 1,125.74 | 1,137.88 | 1,150.15 | 1,184.65 |
| Payout Ratio | 38.29% | 48.63% | 58.97% | 69.32% | 79.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 417.38 | 535.83 | 656.80 | 780.31 | 906.41 | 1,035.13 | 1,095.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.68% | 7.68% | 7.68% |
| Growth Rate | 0.08% | 1.08% | 2.08% |
| Year 1 PV (M) | 492.67 | 497.60 | 502.52 |
| Year 2 PV (M) | 555.25 | 566.40 | 577.67 |
| Year 3 PV (M) | 606.53 | 624.89 | 643.62 |
| Year 4 PV (M) | 647.79 | 674.07 | 701.15 |
| Year 5 PV (M) | 680.20 | 714.87 | 750.94 |
| PV of Terminal Value (M) | 15,370.71 | 16,154.14 | 16,969.20 |
| Equity Value (M) | 18,353.15 | 19,231.98 | 20,145.10 |
| Shares Outstanding (M) | 18.96 | 18.96 | 18.96 |
| Fair Value | $967.77 | $1,014.12 | $1,062.27 |
| Upside / Downside | 35.16% | 41.64% | 48.36% |
| 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% |