Definitive Analysis
| Stable Growth | $416,163.70 - $1,926,463.74 | $732,598.86 |
| Multi-Stage | $346,998.37 - $379,563.38 | $362,980.63 |
| Blended Fair Value | $547,789.75 | |
| Current Price | $161,100.00 | |
| Upside | 240.03% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 6.12% | 14.60% | 6,867.75 | 6,337.75 | 5,863.28 | 5,300.45 | 5,514.66 | 5,102.16 | 4,711.22 | 5,187.15 | 4,765.50 | 2,348.79 |
| YoY Growth | - | - | 8.36% | 8.09% | 10.62% | -3.88% | 8.08% | 8.30% | -9.18% | 8.85% | 102.89% | 33.67% |
| Dividend Yield | - | - | 4.26% | 4.29% | 3.43% | 3.11% | 3.25% | 3.75% | 2.54% | 3.35% | 3.28% | 1.38% |
| Net Income To Common (M) | 62,736.71 |
| (-) Cash Dividends Paid (M) | 45,762.46 |
| (=) Cash Retained (M) | 16,974.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12,547.34 | 7,842.09 | 4,705.25 |
| Cash Retained (M) | 16,974.25 | 16,974.25 | 16,974.25 |
| (-) Cash Required (M) | -12,547.34 | -7,842.09 | -4,705.25 |
| (=) Excess Retained (M) | 4,426.91 | 9,132.16 | 12,269.00 |
| (/) Shares Outstanding (M) | 4.68 | 4.68 | 4.68 |
| (=) Excess Retained per Share | 945.87 | 1,951.21 | 2,621.44 |
| LTM Dividend per Share | 9,777.76 | 9,777.76 | 9,777.76 |
| (+) Excess Retained per Share | 945.87 | 1,951.21 | 2,621.44 |
| (=) Adjusted Dividend | 10,723.63 | 11,728.97 | 12,399.19 |
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | 4.12% | 5.12% | 6.12% |
| Fair Value | $416,163.70 | $732,598.86 | $1,926,463.74 |
| Upside / Downside | 158.33% | 354.75% | 1,095.82% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 62,736.71 | 65,951.09 | 69,330.17 | 72,882.38 | 76,616.60 | 80,542.14 | 82,958.40 |
| Payout Ratio | 72.94% | 76.35% | 79.77% | 83.18% | 86.59% | 90.00% | 92.50% |
| Projected Dividends (M) | 45,762.46 | 50,356.92 | 55,302.05 | 60,621.72 | 66,341.34 | 72,487.92 | 76,736.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.81% | 6.81% | 6.81% |
| Growth Rate | 4.12% | 5.12% | 6.12% |
| Year 1 PV (M) | 46,699.24 | 47,147.73 | 47,596.23 |
| Year 2 PV (M) | 47,560.07 | 48,477.99 | 49,404.68 |
| Year 3 PV (M) | 48,348.19 | 49,754.61 | 51,188.05 |
| Year 4 PV (M) | 49,066.70 | 50,978.97 | 52,946.60 |
| Year 5 PV (M) | 49,718.60 | 52,152.38 | 54,680.55 |
| PV of Terminal Value (M) | 1,382,649.80 | 1,450,332.05 | 1,520,639.21 |
| Equity Value (M) | 1,624,042.60 | 1,698,843.74 | 1,776,455.33 |
| Shares Outstanding (M) | 4.68 | 4.68 | 4.68 |
| Fair Value | $346,998.37 | $362,980.63 | $379,563.38 |
| Upside / Downside | 115.39% | 125.31% | 135.61% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| BTBT | Bit Digital, Inc. | 0.25% | $0.01 | 1.17% |
| PVH | PVH Corp. | 0.25% | $0.17 | 2.41% |
| AEL | American Equity Investment Life Holding Company | 0.24% | $0.14 | 2.19% |
| CRS | Carpenter Technology Corporation | 0.24% | $0.80 | 9.74% |
| L | Loews Corporation | 0.24% | $0.25 | 3.58% |
| PRIM | Primoris Services Corporation | 0.23% | $0.30 | 5.83% |
| TER | Teradyne, Inc. | 0.23% | $0.48 | 17.39% |
| FOCS | Focus Financial Partners Inc. | 0.22% | $0.12 | 19.23% |
| QCRH | QCR Holdings, Inc. | 0.22% | $0.18 | 2.50% |
| RMAX | RE/MAX Holdings, Inc. | 0.22% | $0.02 | 2.70% |
| VSEC | VSE Corporation | 0.22% | $0.40 | 30.98% |
| 0J5I.L | Hilton Worldwide Holdings Inc. | 0.21% | $0.60 | 8.71% |
| PRVAX | Virginia Tax Free Bond Fund | 0.21% | $0.02 | 89.04% |
| ACA | Arcosa, Inc. | 0.19% | $0.20 | 6.66% |
| HWM | Howmet Aerospace Inc. | 0.19% | $0.40 | 11.24% |
| USLM | United States Lime & Minerals, Inc. | 0.19% | $0.23 | 5.04% |
| AEIS | Advanced Energy Industries, Inc. | 0.18% | $0.40 | 10.65% |
| BELFA | Bel Fuse Inc. | 0.18% | $0.28 | 5.31% |
| TILE | Interface, Inc. | 0.18% | $0.05 | 2.63% |
| 0K05.L | Medifast, Inc. | 0.17% | $0.02 | 78.63% |
| AYI | Acuity Brands, Inc. | 0.17% | $0.65 | 5.19% |
| BDC | Belden Inc. | 0.17% | $0.20 | 3.53% |
| FIX | Comfort Systems USA, Inc. | 0.17% | $1.70 | 7.18% |
| KNSL | Kinsale Capital Group, Inc. | 0.17% | $0.66 | 3.24% |
| STCN | Steel Connect, Inc. | 0.17% | $0.02 | 1.98% |
| VVI | Viad Corp | 0.17% | $0.07 | 0.54% |
| ALNT | Allient Inc. | 0.16% | $0.09 | 7.91% |
| CLSK | CleanSpark, Inc. | 0.16% | $0.02 | 1.41% |
| EME | EMCOR Group, Inc. | 0.16% | $1.01 | 4.01% |
| ESE | ESCO Technologies Inc. | 0.16% | $0.32 | 2.76% |
| CW | Curtiss-Wright Corporation | 0.15% | $0.87 | 7.08% |
| MU | Micron Technology, Inc. | 0.15% | $0.46 | 6.11% |
| SPCMU | Sound Point Acquisition Corp I, Ltd | 0.15% | $0.02 | 1.33% |
| ENSG | The Ensign Group, Inc. | 0.14% | $0.24 | 4.34% |
| JBL | Jabil Inc. | 0.14% | $0.33 | 5.48% |
| PFIE | Profire Energy, Inc. | 0.14% | $0.00 | 1.99% |
| 0R0A.L | Hecla Mining Company | 0.13% | $0.02 | 5.24% |
| GNW | Genworth Financial, Inc. | 0.13% | $0.01 | 2.27% |
| ONIT | Onity Group Inc. | 0.13% | $0.06 | 1.46% |
| 0A7O.L | MicroStrategy Incorporated | 0.12% | $0.19 | 0.73% |
| 0KGS.L | Pegasystems Inc. | 0.12% | $0.07 | 4.63% |
| PRTAX | T. Rowe Price Tax-Free Income Fd | 0.12% | $0.01 | 89.04% |
| WDC | Western Digital Corporation | 0.12% | $0.22 | 3.25% |
| GEV | GE Vernova Inc. | 0.11% | $0.75 | 12.15% |
| MPLF.L | Marble Point Loan Financing Limited | 0.11% | $0.07 | 92.98% |
| EPAC | Enerpac Tool Group Corp. | 0.10% | $0.04 | 2.34% |
| GRBK | Green Brick Partners, Inc. | 0.10% | $0.07 | 0.85% |
| IR | Ingersoll Rand Inc. | 0.10% | $0.08 | 5.89% |
| RAL | Ralliant Corp. | 0.10% | $0.05 | 2.75% |
| TXT | Textron Inc. | 0.10% | $0.08 | 1.79% |