Definitive Analysis
| Stable Growth | $160,416.32 - $239,659.00 | $198,069.41 |
| Multi-Stage | $313,161.36 - $344,106.64 | $328,332.87 |
| Blended Fair Value | $263,201.14 | |
| Current Price | $129,000.00 | |
| Upside | 104.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -7.66% | 0.00% | 6,100.73 | 5,251.72 | 2,886.61 | 1,894.94 | 1,184.81 | 9,086.51 | 6,976.22 | 5,075.41 | 3,705.87 | 0.00 |
| YoY Growth | - | - | 16.17% | 81.93% | 52.33% | 59.94% | -86.96% | 30.25% | 37.45% | 36.96% | 0.00% | 0.00% |
| Dividend Yield | - | - | 4.73% | 4.56% | 2.66% | 2.00% | 1.30% | 16.25% | 5.63% | 3.63% | 3.32% | 0.00% |
| Net Income To Common (M) | 6,281.61 |
| (-) Cash Dividends Paid (M) | 3,260.96 |
| (=) Cash Retained (M) | 3,020.65 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 1,256.32 | 785.20 | 471.12 |
| Cash Retained (M) | 3,020.65 | 3,020.65 | 3,020.65 |
| (-) Cash Required (M) | -1,256.32 | -785.20 | -471.12 |
| (=) Excess Retained (M) | 1,764.33 | 2,235.45 | 2,549.53 |
| (/) Shares Outstanding (M) | 0.32 | 0.32 | 0.32 |
| (=) Excess Retained per Share | 5,466.38 | 6,926.05 | 7,899.16 |
| LTM Dividend per Share | 10,103.38 | 10,103.38 | 10,103.38 |
| (+) Excess Retained per Share | 5,466.38 | 6,926.05 | 7,899.16 |
| (=) Adjusted Dividend | 15,569.77 | 17,029.43 | 18,002.54 |
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $160,416.32 | $198,069.41 | $239,659.00 |
| Upside / Downside | 24.35% | 53.54% | 85.78% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 6,281.61 | 6,218.80 | 6,156.61 | 6,095.04 | 6,034.09 | 5,973.75 | 6,152.96 |
| Payout Ratio | 51.91% | 59.53% | 67.15% | 74.77% | 82.38% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,260.96 | 3,702.07 | 4,134.02 | 4,556.97 | 4,971.04 | 5,376.38 | 5,691.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.51% | 7.51% | 7.51% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 3,408.62 | 3,443.41 | 3,478.19 |
| Year 2 PV (M) | 3,504.63 | 3,576.52 | 3,649.14 |
| Year 3 PV (M) | 3,556.98 | 3,666.98 | 3,779.22 |
| Year 4 PV (M) | 3,572.62 | 3,720.69 | 3,873.32 |
| Year 5 PV (M) | 3,557.66 | 3,742.92 | 3,935.81 |
| PV of Terminal Value (M) | 83,475.29 | 87,822.04 | 92,348.01 |
| Equity Value (M) | 101,075.80 | 105,972.55 | 111,063.69 |
| Shares Outstanding (M) | 0.32 | 0.32 | 0.32 |
| Fair Value | $313,161.36 | $328,332.87 | $344,106.64 |
| Upside / Downside | 142.76% | 154.52% | 166.75% |
| 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% |