Definitive Analysis
| Stable Growth | $5,357.37 - $15,418.12 | $8,394.71 |
| Multi-Stage | $5,789.43 - $6,332.40 | $6,055.89 |
| Blended Fair Value | $7,225.30 | |
| Current Price | $2,780.00 | |
| Upside | 159.90% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 10.32% | 8.51% | 178.50 | 167.60 | 149.97 | 126.00 | 113.03 | 109.22 | 134.13 | 97.84 | 97.56 | 73.88 |
| YoY Growth | - | - | 6.50% | 11.76% | 19.02% | 11.48% | 3.49% | -18.57% | 37.09% | 0.29% | 32.04% | -6.31% |
| Dividend Yield | - | - | 7.41% | 4.77% | 3.69% | 2.75% | 3.30% | 3.46% | 3.41% | 2.72% | 2.36% | 2.22% |
| Net Income To Common (M) | 21,758,000.00 |
| (-) Cash Dividends Paid (M) | 21,047,000.00 |
| (=) Cash Retained (M) | 711,000.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,351,600.00 | 2,719,750.00 | 1,631,850.00 |
| Cash Retained (M) | 711,000.00 | 711,000.00 | 711,000.00 |
| (-) Cash Required (M) | -4,351,600.00 | -2,719,750.00 | -1,631,850.00 |
| (=) Excess Retained (M) | -3,640,600.00 | -2,008,750.00 | -920,850.00 |
| (/) Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| (=) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| LTM Dividend per Share | 212.46 | 212.46 | 212.46 |
| (+) Excess Retained per Share | -36.75 | -20.28 | -9.30 |
| (=) Adjusted Dividend | 175.71 | 192.19 | 203.17 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Fair Value | $5,357.37 | $8,394.71 | $15,418.12 |
| Upside / Downside | 92.71% | 201.97% | 454.61% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 21,758,000.00 | 22,687,996.94 | 23,657,744.52 | 24,668,941.78 | 25,723,360.41 | 26,822,847.79 | 27,627,533.22 |
| Payout Ratio | 96.73% | 95.39% | 94.04% | 92.69% | 91.35% | 90.00% | 92.50% |
| Projected Dividends (M) | 21,047,000.00 | 21,641,124.92 | 22,247,587.24 | 22,866,356.20 | 23,497,375.85 | 24,140,563.01 | 25,555,468.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 3.27% | 4.27% | 5.27% |
| Year 1 PV (M) | 20,094,959.52 | 20,289,538.08 | 20,484,116.64 |
| Year 2 PV (M) | 19,182,160.75 | 19,555,439.20 | 19,932,314.67 |
| Year 3 PV (M) | 18,307,071.42 | 18,844,036.99 | 19,391,401.06 |
| Year 4 PV (M) | 17,468,217.02 | 18,154,683.21 | 18,861,185.92 |
| Year 5 PV (M) | 16,664,178.68 | 17,486,747.29 | 18,341,482.47 |
| PV of Terminal Value (M) | 481,794,408.10 | 505,576,495.82 | 530,288,582.53 |
| Equity Value (M) | 573,510,995.49 | 599,906,940.59 | 627,299,083.29 |
| Shares Outstanding (M) | 99,061.78 | 99,061.78 | 99,061.78 |
| Fair Value | $5,789.43 | $6,055.89 | $6,332.40 |
| Upside / Downside | 108.25% | 117.84% | 127.78% |
| 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% |