Definitive Analysis
| Stable Growth | $1,496.20 - $2,282.70 | $1,864.48 |
| Multi-Stage | $3,259.34 - $3,581.81 | $3,417.43 |
| Blended Fair Value | $2,640.95 | |
| Current Price | $1,565.00 | |
| Upside | 68.75% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 99.83 | 111.49 | 52.56 | 127.42 | 27.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | -10.46% | 112.12% | -58.75% | 362.43% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 7.11% | 7.88% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 528,628.73 |
| (-) Cash Dividends Paid (M) | 370,451.11 |
| (=) Cash Retained (M) | 158,177.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 105,725.75 | 66,078.59 | 39,647.15 |
| Cash Retained (M) | 158,177.62 | 158,177.62 | 158,177.62 |
| (-) Cash Required (M) | -105,725.75 | -66,078.59 | -39,647.15 |
| (=) Excess Retained (M) | 52,451.87 | 92,099.03 | 118,530.47 |
| (/) Shares Outstanding (M) | 3,139.27 | 3,139.27 | 3,139.27 |
| (=) Excess Retained per Share | 16.71 | 29.34 | 37.76 |
| LTM Dividend per Share | 118.01 | 118.01 | 118.01 |
| (+) Excess Retained per Share | 16.71 | 29.34 | 37.76 |
| (=) Adjusted Dividend | 134.71 | 147.34 | 155.76 |
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $1,496.20 | $1,864.48 | $2,282.70 |
| Upside / Downside | -4.40% | 19.14% | 45.86% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 528,628.73 | 523,342.44 | 518,109.02 | 512,927.93 | 507,798.65 | 502,720.66 | 517,802.28 |
| Payout Ratio | 70.08% | 74.06% | 78.05% | 82.03% | 86.02% | 90.00% | 92.50% |
| Projected Dividends (M) | 370,451.11 | 387,598.92 | 404,366.73 | 420,760.42 | 436,785.80 | 452,448.60 | 478,967.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 359,174.99 | 362,840.04 | 366,505.09 |
| Year 2 PV (M) | 347,234.18 | 354,356.74 | 361,551.62 |
| Year 3 PV (M) | 334,815.42 | 345,169.81 | 355,735.51 |
| Year 4 PV (M) | 322,079.15 | 335,427.82 | 349,187.19 |
| Year 5 PV (M) | 309,162.54 | 325,261.35 | 342,023.93 |
| PV of Terminal Value (M) | 8,559,467.63 | 9,005,178.97 | 9,469,267.28 |
| Equity Value (M) | 10,231,933.90 | 10,728,234.73 | 11,244,270.62 |
| Shares Outstanding (M) | 3,139.27 | 3,139.27 | 3,139.27 |
| Fair Value | $3,259.34 | $3,417.43 | $3,581.81 |
| Upside / Downside | 108.26% | 118.37% | 128.87% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ORA | Ormat Technologies, Inc. | 0.42% | $0.48 | 21.81% |
| VLTO | Veralto Corporation | 0.42% | $0.42 | 11.39% |
| CEG | Constellation Energy Corporation | 0.41% | $1.52 | 17.38% |
| EXPE | Expedia Group, Inc. | 0.41% | $1.15 | 10.88% |
| GE | GE Aerospace | 0.40% | $1.29 | 17.08% |
| GEHCV | GE HealthCare Technologies Inc. | 0.40% | $0.23 | 5.05% |
| ATMU | Atmus Filtration Technologies Inc. | 0.39% | $0.20 | 8.42% |
| BMNR | Bitmine Immersion Technologies, Inc. | 0.39% | $0.12 | 0.85% |
| CHDN | Churchill Downs Incorporated | 0.39% | $0.43 | 7.61% |
| PLPC | Preformed Line Products Company | 0.39% | $0.83 | 11.03% |
| AAPL | Apple Inc. | 0.38% | $1.03 | 13.77% |
| AMOT | Allied Motion Technologies Inc. | 0.38% | $0.12 | 21.85% |
| CASY | Casey's General Stores, Inc. | 0.38% | $2.09 | 12.85% |
| EA | Electronic Arts Inc. | 0.38% | $0.77 | 21.92% |
| LOB | Live Oak Bancshares, Inc. | 0.37% | $0.13 | 8.44% |
| PCG-PA | Pacific Gas and Electric Company | 0.37% | $0.08 | 6.94% |
| CTS | CTS Corporation | 0.36% | $0.16 | 8.09% |
| GVA | Granite Construction Incorporated | 0.36% | $0.43 | 12.45% |
| LCORX | Leuthold Core Investment Fund | 0.36% | $0.08 | 4.98% |
| LCRIX | Leuthold Core Investment Fund Class Institutional | 0.36% | $0.08 | 4.98% |
| UHAL | U-Haul Holding Company | 0.36% | $0.18 | 17.87% |
| BOX | Box, Inc. | 0.35% | $0.10 | 6.61% |
| HCC | Warrior Met Coal, Inc. | 0.35% | $0.31 | 47.04% |
| MCK | McKesson Corporation | 0.35% | $2.91 | 8.98% |
| CSWI | CSW Industrials, Inc. | 0.34% | $1.02 | 11.93% |
| MOG-A | Moog Inc. | 0.34% | $0.85 | 11.59% |
| SRBK | SR Bancorp, Inc. Common stock | 0.34% | $0.05 | 9.61% |
| VHAQ-UN | Viveon Health Acquisition Corp. | 0.34% | $0.04 | 17.38% |
| WWD | Woodward, Inc. | 0.34% | $1.05 | 14.70% |
| AGX | Argan, Inc. | 0.33% | $1.08 | 12.72% |
| PJT | PJT Partners Inc. | 0.33% | $0.56 | 13.70% |
| REGN | Regeneron Pharmaceuticals, Inc. | 0.33% | $2.59 | 6.06% |
| LPLA | LPL Financial Holdings Inc. | 0.32% | $1.16 | 11.15% |
| META | Meta Platforms, Inc. | 0.31% | $2.04 | 8.98% |
| ESAB | ESAB Corporation | 0.30% | $0.34 | 8.52% |
| POWL | Powell Industries, Inc. | 0.30% | $1.05 | 7.31% |
| VC | Visteon Corporation | 0.30% | $0.29 | 2.59% |
| WST | West Pharmaceutical Services, Inc. | 0.30% | $0.83 | 12.34% |
| CASH | Pathward Financial, Inc. | 0.29% | $0.21 | 2.52% |
| NGS | Natural Gas Services Group, Inc. | 0.29% | $0.10 | 6.71% |
| PLUS | ePlus inc. | 0.29% | $0.25 | 5.41% |
| RVTY | Revvity, Inc. | 0.29% | $0.28 | 14.01% |
| TMO | Thermo Fisher Scientific Inc. | 0.28% | $1.65 | 9.48% |
| MRVL | Marvell Technology, Inc. | 0.27% | $0.24 | 8.33% |
| VNT | Vontier Corporation | 0.27% | $0.10 | 3.64% |
| DBRG | DigitalBridge Group, Inc. | 0.26% | $0.04 | 9.84% |
| FOUR | Shift4 Payments, Inc. | 0.26% | $0.16 | 7.44% |
| GOOG | Alphabet Inc. | 0.26% | $0.82 | 8.01% |
| TPB | Turning Point Brands, Inc. | 0.26% | $0.29 | 10.22% |
| USB-PA | U.S. Bancorp PERP PFD SER A | 0.26% | $2.02 | 43.68% |