Definitive Analysis
| Stable Growth | $142,922.59 - $235,014.09 | $183,884.90 |
| Multi-Stage | $294,697.05 - $323,341.33 | $308,744.10 |
| Blended Fair Value | $246,314.50 | |
| Current Price | $148,000.00 | |
| Upside | 66.43% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.03% | 4.70% | 6,082.68 | 6,058.77 | 5,869.36 | 6,015.17 | 6,213.07 | 6,073.11 | 5,179.11 | 4,593.34 | 4,633.59 | 4,387.67 |
| YoY Growth | - | - | 0.39% | 3.23% | -2.42% | -3.19% | 2.30% | 17.26% | 12.75% | -0.87% | 5.60% | 14.16% |
| Dividend Yield | - | - | 5.15% | 4.29% | 3.84% | 3.80% | 5.16% | 3.52% | 3.52% | 3.51% | 3.11% | 3.43% |
| Net Income To Common (M) | 8,839.47 |
| (-) Cash Dividends Paid (M) | 8,467.47 |
| (=) Cash Retained (M) | 372.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,767.89 | 1,104.93 | 662.96 |
| Cash Retained (M) | 372.00 | 372.00 | 372.00 |
| (-) Cash Required (M) | -1,767.89 | -1,104.93 | -662.96 |
| (=) Excess Retained (M) | -1,395.90 | -732.94 | -290.96 |
| (/) Shares Outstanding (M) | 0.70 | 0.70 | 0.70 |
| (=) Excess Retained per Share | -2,007.91 | -1,054.28 | -418.53 |
| LTM Dividend per Share | 12,179.91 | 12,179.91 | 12,179.91 |
| (+) Excess Retained per Share | -2,007.91 | -1,054.28 | -418.53 |
| (=) Adjusted Dividend | 10,172.00 | 11,125.63 | 11,761.38 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.59% | 0.41% | 1.41% |
| Fair Value | $142,922.59 | $183,884.90 | $235,014.09 |
| Upside / Downside | -3.43% | 24.25% | 58.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 8,839.47 | 8,875.53 | 8,911.73 | 8,948.08 | 8,984.58 | 9,021.23 | 9,291.87 |
| Payout Ratio | 95.79% | 94.63% | 93.47% | 92.32% | 91.16% | 90.00% | 92.50% |
| Projected Dividends (M) | 8,467.47 | 8,399.20 | 8,330.24 | 8,260.57 | 8,190.20 | 8,119.11 | 8,594.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -0.59% | 0.41% | 1.41% |
| Year 1 PV (M) | 7,809.28 | 7,887.84 | 7,966.40 |
| Year 2 PV (M) | 7,201.18 | 7,346.79 | 7,493.86 |
| Year 3 PV (M) | 6,639.41 | 6,841.80 | 7,048.26 |
| Year 4 PV (M) | 6,120.50 | 6,370.52 | 6,628.12 |
| Year 5 PV (M) | 5,641.23 | 5,930.74 | 6,232.01 |
| PV of Terminal Value (M) | 171,461.80 | 180,261.21 | 189,418.25 |
| Equity Value (M) | 204,873.39 | 214,638.90 | 224,786.89 |
| Shares Outstanding (M) | 0.70 | 0.70 | 0.70 |
| Fair Value | $294,697.05 | $308,744.10 | $323,341.33 |
| Upside / Downside | 99.12% | 108.61% | 118.47% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| KKR | KKR & Co. Inc. | 0.55% | $0.71 | 28.86% |
| UHS | Universal Health Services, Inc. | 0.55% | $1.21 | 5.70% |
| 0I0T.L | Coca-Cola Consolidated, Inc. | 0.54% | $0.81 | 11.41% |
| HSTM | HealthStream, Inc. | 0.54% | $0.12 | 17.69% |
| LLY | Eli Lilly and Company | 0.54% | $5.79 | 28.28% |
| TECH | Bio-Techne Corporation | 0.54% | $0.32 | 64.31% |
| TRU | TransUnion | 0.54% | $0.45 | 21.24% |
| VST | Vistra Corp. | 0.54% | $0.89 | 26.39% |
| 0R2Z.L | Mastercard Incorporated | 0.52% | $2.96 | 18.79% |
| DHR | Danaher Corporation | 0.52% | $1.19 | 24.18% |
| MKSI | MKS Inc. | 0.52% | $0.87 | 21.15% |
| 0JT5.L | Lam Research Corporation | 0.51% | $0.93 | 20.32% |
| 0JZ0.L | Martin Marietta Materials, Inc. | 0.51% | $3.22 | 16.93% |
| EVTC | EVERTEC, Inc. | 0.51% | $0.15 | 6.55% |
| GPI | Group 1 Automotive, Inc. | 0.51% | $2.01 | 6.83% |
| MUSA | Murphy USA Inc. | 0.51% | $2.05 | 8.36% |
| PCG | Pacific Gas & Electric Co. | 0.51% | $0.08 | 6.94% |
| CHE | Chemed Corporation | 0.50% | $2.11 | 11.01% |
| FBIO | Fortress Biotech, Inc. | 0.50% | $0.02 | 16.65% |
| HWKN | Hawkins, Inc. | 0.50% | $0.73 | 18.33% |
| NMRK | Newmark Group, Inc. | 0.50% | $0.08 | 20.64% |
| PRLH | Pearl Holdings Acquisition Corp | 0.50% | $0.06 | 54.69% |
| EXP | Eagle Materials Inc. | 0.48% | $1.02 | 7.46% |
| FCAX | Fortress Capital Acquisition Corp. | 0.48% | $0.05 | 6.11% |
| FSS | Federal Signal Corporation | 0.48% | $0.54 | 13.95% |
| AAON | AAON, Inc. | 0.47% | $0.37 | 30.87% |
| CR | Crane Company | 0.47% | $0.88 | 14.07% |
| HGTY | Hagerty, Inc. | 0.47% | $0.06 | 12.93% |
| IDCC | InterDigital, Inc. | 0.47% | $1.55 | 10.87% |
| PCG-PI | Pacific Gas and Electric Company PFD 1ST 4.36% | 0.47% | $0.08 | 6.94% |
| SEB | Seaboard Corporation | 0.47% | $20.86 | 5.03% |
| AMEH | Apollo Medical Holdings, Inc. | 0.46% | $0.18 | 93.62% |
| IDT | IDT Corporation | 0.46% | $0.23 | 7.15% |
| KAI | Kadant Inc. | 0.46% | $1.32 | 15.23% |
| PRGS | Progress Software Corporation | 0.46% | $0.19 | 17.10% |
| UI | Ubiquiti Inc. | 0.46% | $2.60 | 19.86% |
| WWE | World Wrestling Entertainment, Inc. | 0.46% | $0.46 | 21.62% |
| APH | Amphenol Corporation | 0.45% | $0.62 | 20.92% |
| DIS | The Walt Disney Company | 0.45% | $0.50 | 7.30% |
| ENTG | Entegris, Inc. | 0.45% | $0.40 | 21.08% |
| PCG-PC | Pacific Gas and Electric Company PFD 1ST 5% | 0.45% | $0.08 | 6.94% |
| WMS | Advanced Drainage Systems, Inc. | 0.45% | $0.68 | 11.54% |
| REVG | REV Group, Inc. | 0.44% | $0.27 | 14.08% |
| RYAN | Ryan Specialty Holdings, Inc. | 0.44% | $0.22 | 87.54% |
| TRS | TriMas Corporation | 0.44% | $0.16 | 14.97% |
| WAB | Westinghouse Air Brake Technologies Corporation | 0.44% | $0.96 | 13.90% |
| WING | Wingstop Inc. | 0.44% | $1.14 | 18.31% |
| TW | Tradeweb Markets Inc. | 0.43% | $0.46 | 15.57% |
| IBKR | Interactive Brokers Group, Inc. | 0.42% | $0.28 | 13.63% |
| MTRN | Materion Corporation | 0.42% | $0.55 | 58.77% |