Definitive Analysis
| Stable Growth | $865.11 - $2,294.90 | $1,322.84 |
| Multi-Stage | $624.51 - $680.55 | $652.03 |
| Blended Fair Value | $987.44 | |
| Current Price | $600.08 | |
| Upside | 64.55% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 104.68% | 44.58% | 26.27 | 21.50 | 17.23 | 19.38 | 0.89 | 0.73 | 0.71 | 0.60 | 0.62 | 0.64 |
| YoY Growth | - | - | 22.20% | 24.81% | -11.11% | 2,084.03% | 21.32% | 3.71% | 17.87% | -3.71% | -2.21% | -3.46% |
| Dividend Yield | - | - | 7.23% | 4.95% | 5.77% | 6.38% | 0.90% | 2.58% | 1.03% | 0.82% | 1.12% | 0.90% |
| Net Income To Common (M) | 580.86 |
| (-) Cash Dividends Paid (M) | 413.42 |
| (=) Cash Retained (M) | 167.44 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 116.17 | 72.61 | 43.56 |
| Cash Retained (M) | 167.44 | 167.44 | 167.44 |
| (-) Cash Required (M) | -116.17 | -72.61 | -43.56 |
| (=) Excess Retained (M) | 51.26 | 94.83 | 123.87 |
| (/) Shares Outstanding (M) | 15.75 | 15.75 | 15.75 |
| (=) Excess Retained per Share | 3.25 | 6.02 | 7.86 |
| LTM Dividend per Share | 26.25 | 26.25 | 26.25 |
| (+) Excess Retained per Share | 3.25 | 6.02 | 7.86 |
| (=) Adjusted Dividend | 29.50 | 32.27 | 34.11 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $865.11 | $1,322.84 | $2,294.90 |
| Upside / Downside | 44.17% | 120.44% | 282.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 580.86 | 618.61 | 658.82 | 701.65 | 747.26 | 795.83 | 819.70 |
| Payout Ratio | 71.17% | 74.94% | 78.70% | 82.47% | 86.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 413.42 | 463.59 | 518.53 | 578.65 | 644.39 | 716.24 | 758.22 |
| 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) | 420.94 | 424.93 | 428.92 |
| Year 2 PV (M) | 427.51 | 435.65 | 443.87 |
| Year 3 PV (M) | 433.18 | 445.62 | 458.29 |
| Year 4 PV (M) | 438.02 | 454.87 | 472.19 |
| Year 5 PV (M) | 442.07 | 463.42 | 485.59 |
| PV of Terminal Value (M) | 7,674.33 | 8,045.01 | 8,429.87 |
| Equity Value (M) | 9,836.05 | 10,269.49 | 10,718.73 |
| Shares Outstanding (M) | 15.75 | 15.75 | 15.75 |
| Fair Value | $624.51 | $652.03 | $680.55 |
| Upside / Downside | 4.07% | 8.66% | 13.41% |
| 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% |