Definitive Analysis
| Stable Growth | $1,433.81 - $2,209.91 | $1,794.64 |
| Multi-Stage | $2,860.04 - $3,139.90 | $2,997.26 |
| Blended Fair Value | $2,395.95 | |
| Current Price | $1,090.50 | |
| Upside | 119.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.05% | 0.00% | 119.97 | 107.97 | 119.97 | 109.97 | 30.53 | 64.98 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 11.11% | -10.00% | 9.09% | 260.24% | -53.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 10.91% | 12.26% | 22.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 154,999.90 |
| (-) Cash Dividends Paid (M) | 110,000.00 |
| (=) Cash Retained (M) | 44,999.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 30,999.98 | 19,374.99 | 11,624.99 |
| Cash Retained (M) | 44,999.90 | 44,999.90 | 44,999.90 |
| (-) Cash Required (M) | -30,999.98 | -19,374.99 | -11,624.99 |
| (=) Excess Retained (M) | 13,999.92 | 25,624.91 | 33,374.91 |
| (/) Shares Outstanding (M) | 1,000.26 | 1,000.26 | 1,000.26 |
| (=) Excess Retained per Share | 14.00 | 25.62 | 33.37 |
| LTM Dividend per Share | 109.97 | 109.97 | 109.97 |
| (+) Excess Retained per Share | 14.00 | 25.62 | 33.37 |
| (=) Adjusted Dividend | 123.97 | 135.59 | 143.34 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.40% | -0.40% | 0.60% |
| Fair Value | $1,433.81 | $1,794.64 | $2,209.91 |
| Upside / Downside | 31.48% | 64.57% | 102.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 154,999.90 | 154,383.92 | 153,770.40 | 153,159.31 | 152,550.65 | 151,944.41 | 156,502.74 |
| Payout Ratio | 70.97% | 74.77% | 78.58% | 82.39% | 86.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 110,000.00 | 115,439.39 | 120,833.81 | 126,183.54 | 131,488.83 | 136,749.97 | 144,765.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.40% | -0.40% | 0.60% |
| Year 1 PV (M) | 106,676.68 | 107,758.56 | 108,840.45 |
| Year 2 PV (M) | 103,185.67 | 105,289.24 | 107,414.04 |
| Year 3 PV (M) | 99,574.71 | 102,635.12 | 105,757.60 |
| Year 4 PV (M) | 95,885.00 | 99,834.33 | 103,904.42 |
| Year 5 PV (M) | 92,151.94 | 96,920.59 | 101,884.63 |
| PV of Terminal Value (M) | 2,363,311.06 | 2,485,606.81 | 2,612,913.78 |
| Equity Value (M) | 2,860,785.06 | 2,998,044.65 | 3,140,714.92 |
| Shares Outstanding (M) | 1,000.26 | 1,000.26 | 1,000.26 |
| Fair Value | $2,860.04 | $2,997.26 | $3,139.90 |
| Upside / Downside | 162.27% | 174.85% | 187.93% |
| 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% |