Definitive Analysis
| Stable Growth | $9,152.07 - $40,859.82 | $21,399.25 |
| Multi-Stage | $4,932.04 - $5,382.98 | $5,153.43 |
| Blended Fair Value | $13,276.34 | |
| Current Price | $2,650.00 | |
| Upside | 400.99% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 12.14% | 10.37% | 167.73 | 240.38 | 402.07 | 173.83 | 113.33 | 94.57 | 65.02 | 28.50 | 80.85 | 107.80 |
| YoY Growth | - | - | -30.22% | -40.21% | 131.30% | 53.38% | 19.84% | 45.44% | 128.14% | -64.75% | -25.00% | 72.41% |
| Dividend Yield | - | - | 6.48% | 6.21% | 6.84% | 2.17% | 2.83% | 3.21% | 2.24% | 0.78% | 1.60% | 1.63% |
| Net Income To Common (M) | 190,589.00 |
| (-) Cash Dividends Paid (M) | 162,118.00 |
| (=) Cash Retained (M) | 28,471.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 38,117.80 | 23,823.63 | 14,294.18 |
| Cash Retained (M) | 28,471.00 | 28,471.00 | 28,471.00 |
| (-) Cash Required (M) | -38,117.80 | -23,823.63 | -14,294.18 |
| (=) Excess Retained (M) | -9,646.80 | 4,647.38 | 14,176.83 |
| (/) Shares Outstanding (M) | 927.64 | 927.64 | 927.64 |
| (=) Excess Retained per Share | -10.40 | 5.01 | 15.28 |
| LTM Dividend per Share | 174.76 | 174.76 | 174.76 |
| (+) Excess Retained per Share | -10.40 | 5.01 | 15.28 |
| (=) Adjusted Dividend | 164.36 | 179.77 | 190.05 |
| WACC / Discount Rate | 7.39% | 7.39% | 7.39% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $9,152.07 | $21,399.25 | $40,859.82 |
| Upside / Downside | 245.36% | 707.52% | 1,441.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 190,589.00 | 202,977.29 | 216,170.81 | 230,221.91 | 245,186.34 | 261,123.45 | 268,957.15 |
| Payout Ratio | 85.06% | 86.05% | 87.04% | 88.02% | 89.01% | 90.00% | 92.50% |
| Projected Dividends (M) | 162,118.00 | 174,660.45 | 188,148.46 | 202,651.98 | 218,246.03 | 235,011.10 | 248,785.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.39% | 7.39% | 7.39% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 161,107.07 | 162,634.15 | 164,161.23 |
| Year 2 PV (M) | 160,081.34 | 163,130.44 | 166,208.31 |
| Year 3 PV (M) | 159,041.67 | 163,607.18 | 168,259.24 |
| Year 4 PV (M) | 157,988.85 | 164,064.65 | 170,314.04 |
| Year 5 PV (M) | 156,923.68 | 164,503.15 | 172,372.71 |
| PV of Terminal Value (M) | 3,780,037.43 | 3,962,614.66 | 4,152,179.54 |
| Equity Value (M) | 4,575,180.03 | 4,780,554.23 | 4,993,495.06 |
| Shares Outstanding (M) | 927.64 | 927.64 | 927.64 |
| Fair Value | $4,932.04 | $5,153.43 | $5,382.98 |
| Upside / Downside | 86.11% | 94.47% | 103.13% |
| 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% |