Definitive Analysis
| Stable Growth | $103.27 - $258.29 | $155.02 |
| Multi-Stage | $80.23 - $87.32 | $83.71 |
| Blended Fair Value | $119.36 | |
| Current Price | $81.52 | |
| Upside | 46.42% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.32% | 8.72% | 3.11 | 2.85 | 2.57 | 2.42 | 2.27 | 2.18 | 2.03 | 1.85 | 1.64 | 1.45 |
| YoY Growth | - | - | 9.04% | 10.88% | 6.20% | 6.53% | 4.06% | 7.56% | 9.48% | 12.99% | 12.91% | 7.85% |
| Dividend Yield | - | - | 3.81% | 4.20% | 4.12% | 3.52% | 3.48% | 3.41% | 2.44% | 2.50% | 2.18% | 2.25% |
| Net Income To Common (M) | 271.70 |
| (-) Cash Dividends Paid (M) | 267.90 |
| (=) Cash Retained (M) | 3.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 54.34 | 33.96 | 20.38 |
| Cash Retained (M) | 3.80 | 3.80 | 3.80 |
| (-) Cash Required (M) | -54.34 | -33.96 | -20.38 |
| (=) Excess Retained (M) | -50.54 | -30.16 | -16.58 |
| (/) Shares Outstanding (M) | 58.63 | 58.63 | 58.63 |
| (=) Excess Retained per Share | -0.86 | -0.51 | -0.28 |
| LTM Dividend per Share | 4.57 | 4.57 | 4.57 |
| (+) Excess Retained per Share | -0.86 | -0.51 | -0.28 |
| (=) Adjusted Dividend | 3.71 | 4.06 | 4.29 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.32% | 6.32% | 7.32% |
| Fair Value | $103.27 | $155.02 | $258.29 |
| Upside / Downside | 26.68% | 90.16% | 216.84% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 271.70 | 288.86 | 307.11 | 326.51 | 347.13 | 369.06 | 380.13 |
| Payout Ratio | 98.60% | 96.88% | 95.16% | 93.44% | 91.72% | 90.00% | 92.50% |
| Projected Dividends (M) | 267.90 | 279.85 | 292.25 | 305.09 | 318.39 | 332.16 | 351.62 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.32% | 6.32% | 7.32% |
| Year 1 PV (M) | 254.10 | 256.52 | 258.93 |
| Year 2 PV (M) | 240.94 | 245.54 | 250.18 |
| Year 3 PV (M) | 228.38 | 234.95 | 241.64 |
| Year 4 PV (M) | 216.41 | 224.75 | 233.32 |
| Year 5 PV (M) | 204.99 | 214.91 | 225.21 |
| PV of Terminal Value (M) | 3,558.65 | 3,730.84 | 3,909.63 |
| Equity Value (M) | 4,703.48 | 4,907.50 | 5,118.91 |
| Shares Outstanding (M) | 58.63 | 58.63 | 58.63 |
| Fair Value | $80.23 | $83.71 | $87.32 |
| Upside / Downside | -1.58% | 2.69% | 7.11% |
| 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% |