Definitive Analysis
| Stable Growth | $208.72 - $553.68 | $319.16 |
| Multi-Stage | $143.46 - $156.71 | $149.96 |
| Blended Fair Value | $234.56 | |
| Current Price | $192.62 | |
| Upside | 21.77% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.20% | 8.34% | 2.25 | 1.87 | 1.75 | 1.51 | 1.27 | 1.21 | 1.13 | 1.09 | 1.08 | 1.03 |
| YoY Growth | - | - | 20.47% | 6.96% | 15.89% | 18.96% | 4.65% | 7.35% | 3.94% | 1.10% | 4.62% | 1.49% |
| Dividend Yield | - | - | 1.42% | 1.31% | 2.95% | 2.19% | 1.45% | 3.87% | 4.03% | 4.55% | 4.11% | 3.43% |
| Net Income To Common (M) | 1,105.30 |
| (-) Cash Dividends Paid (M) | 307.83 |
| (=) Cash Retained (M) | 797.48 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 221.06 | 138.16 | 82.90 |
| Cash Retained (M) | 797.48 | 797.48 | 797.48 |
| (-) Cash Required (M) | -221.06 | -138.16 | -82.90 |
| (=) Excess Retained (M) | 576.42 | 659.32 | 714.58 |
| (/) Shares Outstanding (M) | 124.22 | 124.22 | 124.22 |
| (=) Excess Retained per Share | 4.64 | 5.31 | 5.75 |
| LTM Dividend per Share | 2.48 | 2.48 | 2.48 |
| (+) Excess Retained per Share | 4.64 | 5.31 | 5.75 |
| (=) Adjusted Dividend | 7.12 | 7.79 | 8.23 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $208.72 | $319.16 | $553.68 |
| Upside / Downside | 8.36% | 65.69% | 187.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,105.30 | 1,177.15 | 1,253.66 | 1,335.15 | 1,421.94 | 1,514.36 | 1,559.79 |
| Payout Ratio | 27.85% | 40.28% | 52.71% | 65.14% | 77.57% | 90.00% | 92.50% |
| Projected Dividends (M) | 307.83 | 474.15 | 660.81 | 869.72 | 1,103.00 | 1,362.93 | 1,442.81 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 430.53 | 434.61 | 438.69 |
| Year 2 PV (M) | 544.81 | 555.19 | 565.66 |
| Year 3 PV (M) | 651.08 | 669.77 | 688.82 |
| Year 4 PV (M) | 749.75 | 778.59 | 808.24 |
| Year 5 PV (M) | 841.21 | 881.84 | 924.02 |
| PV of Terminal Value (M) | 14,603.32 | 15,308.67 | 16,041.01 |
| Equity Value (M) | 17,820.71 | 18,628.66 | 19,466.45 |
| Shares Outstanding (M) | 124.22 | 124.22 | 124.22 |
| Fair Value | $143.46 | $149.96 | $156.71 |
| Upside / Downside | -25.52% | -22.15% | -18.64% |
| 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% |