Definitive Analysis
| Stable Growth | $376.23 - $836.57 | $543.06 |
| Multi-Stage | $264.02 - $288.76 | $276.17 |
| Blended Fair Value | $409.61 | |
| Current Price | $267.40 | |
| Upside | 53.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.78% | -1.82% | 0.08 | 0.09 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 | 0.10 |
| YoY Growth | - | - | -11.11% | -5.21% | -1.03% | -1.37% | 0.30% | 0.42% | 0.30% | -0.06% | 0.00% | 0.18% |
| Dividend Yield | - | - | 0.03% | 0.05% | 0.09% | 0.15% | 0.24% | 0.17% | 0.18% | 0.22% | 0.26% | 0.26% |
| Net Income To Common (M) | 316.19 |
| (-) Cash Dividends Paid (M) | 1.32 |
| (=) Cash Retained (M) | 314.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 63.24 | 39.52 | 23.71 |
| Cash Retained (M) | 314.87 | 314.87 | 314.87 |
| (-) Cash Required (M) | -63.24 | -39.52 | -23.71 |
| (=) Excess Retained (M) | 251.63 | 275.34 | 291.15 |
| (/) Shares Outstanding (M) | 16.67 | 16.67 | 16.67 |
| (=) Excess Retained per Share | 15.09 | 16.51 | 17.46 |
| LTM Dividend per Share | 0.08 | 0.08 | 0.08 |
| (+) Excess Retained per Share | 15.09 | 16.51 | 17.46 |
| (=) Adjusted Dividend | 15.17 | 16.59 | 17.54 |
| WACC / Discount Rate | 9.75% | 9.75% | 9.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $376.23 | $543.06 | $836.57 |
| Upside / Downside | 40.70% | 103.09% | 212.85% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 316.19 | 336.75 | 358.63 | 381.95 | 406.77 | 433.21 | 446.21 |
| Payout Ratio | 0.42% | 18.33% | 36.25% | 54.17% | 72.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 1.32 | 61.74 | 130.01 | 206.89 | 293.22 | 389.89 | 412.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.75% | 9.75% | 9.75% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 55.73 | 56.26 | 56.78 |
| Year 2 PV (M) | 105.91 | 107.93 | 109.96 |
| Year 3 PV (M) | 152.12 | 156.49 | 160.94 |
| Year 4 PV (M) | 194.59 | 202.07 | 209.77 |
| Year 5 PV (M) | 233.54 | 244.82 | 256.53 |
| PV of Terminal Value (M) | 3,660.36 | 3,837.16 | 4,020.72 |
| Equity Value (M) | 4,402.24 | 4,604.72 | 4,814.70 |
| Shares Outstanding (M) | 16.67 | 16.67 | 16.67 |
| Fair Value | $264.02 | $276.17 | $288.76 |
| Upside / Downside | -1.26% | 3.28% | 7.99% |
| 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% |