Definitive Analysis
| Stable Growth | $547.62 - $1,056.23 | $989.84 |
| Multi-Stage | $167.39 - $183.09 | $175.10 |
| Blended Fair Value | $582.47 | |
| Current Price | $38.32 | |
| Upside | 1,420.01% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 37.04% | 0.00% | 3.35 | 2.14 | 1.24 | 0.32 | 0.80 | 0.69 | 1.04 | 0.46 | 0.00 | 0.00 |
| YoY Growth | - | - | 56.62% | 72.32% | 282.98% | -59.44% | 15.27% | -33.40% | 127.78% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 12.38% | 11.64% | 9.65% | 2.35% | 8.26% | 7.16% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,717.72 |
| (-) Cash Dividends Paid (M) | 2,400.17 |
| (=) Cash Retained (M) | 1,317.55 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 743.54 | 464.72 | 278.83 |
| Cash Retained (M) | 1,317.55 | 1,317.55 | 1,317.55 |
| (-) Cash Required (M) | -743.54 | -464.72 | -278.83 |
| (=) Excess Retained (M) | 574.00 | 852.83 | 1,038.72 |
| (/) Shares Outstanding (M) | 700.00 | 700.00 | 700.00 |
| (=) Excess Retained per Share | 0.82 | 1.22 | 1.48 |
| LTM Dividend per Share | 3.43 | 3.43 | 3.43 |
| (+) Excess Retained per Share | 0.82 | 1.22 | 1.48 |
| (=) Adjusted Dividend | 4.25 | 4.65 | 4.91 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $547.62 | $989.84 | $1,056.23 |
| Upside / Downside | 1,329.07% | 2,483.10% | 2,656.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,717.72 | 3,959.37 | 4,216.73 | 4,490.82 | 4,782.72 | 5,093.60 | 5,246.41 |
| Payout Ratio | 64.56% | 69.65% | 74.74% | 79.82% | 84.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 2,400.17 | 2,757.63 | 3,151.42 | 3,584.76 | 4,061.11 | 4,584.24 | 4,852.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 2,569.39 | 2,593.75 | 2,618.10 |
| Year 2 PV (M) | 2,735.86 | 2,787.97 | 2,840.58 |
| Year 3 PV (M) | 2,899.62 | 2,982.86 | 3,067.67 |
| Year 4 PV (M) | 3,060.69 | 3,178.40 | 3,299.47 |
| Year 5 PV (M) | 3,219.11 | 3,374.60 | 3,536.03 |
| PV of Terminal Value (M) | 102,689.37 | 107,649.30 | 112,799.07 |
| Equity Value (M) | 117,174.06 | 122,566.88 | 128,160.92 |
| Shares Outstanding (M) | 700.00 | 700.00 | 700.00 |
| Fair Value | $167.39 | $175.10 | $183.09 |
| Upside / Downside | 336.83% | 356.93% | 377.78% |
| 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% |