Definitive Analysis
| Stable Growth | $12,378.99 - $28,688.32 | $18,124.25 |
| Multi-Stage | $15,819.33 - $17,338.05 | $16,564.42 |
| Blended Fair Value | $17,344.34 | |
| Current Price | $3,220.00 | |
| Upside | 438.64% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.90% | 15.35% | 244.42 | 252.54 | 219.49 | 206.14 | 227.79 | 222.49 | 307.22 | 144.50 | 102.54 | 58.23 |
| YoY Growth | - | - | -3.22% | 15.06% | 6.48% | -9.50% | 2.38% | -27.58% | 112.60% | 40.93% | 76.09% | -0.62% |
| Dividend Yield | - | - | 8.23% | 7.97% | 7.36% | 5.21% | 5.41% | 5.11% | 5.12% | 2.05% | 1.53% | 0.86% |
| Net Income To Common (M) | 43,186.21 |
| (-) Cash Dividends Paid (M) | 27,238.20 |
| (=) Cash Retained (M) | 15,948.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,637.24 | 5,398.28 | 3,238.97 |
| Cash Retained (M) | 15,948.01 | 15,948.01 | 15,948.01 |
| (-) Cash Required (M) | -8,637.24 | -5,398.28 | -3,238.97 |
| (=) Excess Retained (M) | 7,310.77 | 10,549.73 | 12,709.05 |
| (/) Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| (=) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| LTM Dividend per Share | 387.73 | 387.73 | 387.73 |
| (+) Excess Retained per Share | 104.07 | 150.17 | 180.91 |
| (=) Adjusted Dividend | 491.80 | 537.90 | 568.64 |
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Fair Value | $12,378.99 | $18,124.25 | $28,688.32 |
| Upside / Downside | 284.44% | 462.87% | 790.94% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 43,186.21 | 44,679.61 | 46,224.66 | 47,823.14 | 49,476.89 | 51,187.83 | 52,723.47 |
| Payout Ratio | 63.07% | 68.46% | 73.84% | 79.23% | 84.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 27,238.20 | 30,586.42 | 34,133.64 | 37,889.61 | 41,864.53 | 46,069.05 | 48,769.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.53% | 6.53% | 6.53% |
| Growth Rate | 2.46% | 3.46% | 4.46% |
| Year 1 PV (M) | 28,434.42 | 28,711.94 | 28,989.46 |
| Year 2 PV (M) | 29,499.46 | 30,078.10 | 30,662.37 |
| Year 3 PV (M) | 30,441.59 | 31,341.65 | 32,259.29 |
| Year 4 PV (M) | 31,268.65 | 32,507.38 | 33,782.55 |
| Year 5 PV (M) | 31,988.06 | 33,579.86 | 35,234.41 |
| PV of Terminal Value (M) | 959,679.92 | 1,007,435.88 | 1,057,074.37 |
| Equity Value (M) | 1,111,312.09 | 1,163,654.82 | 1,218,002.45 |
| Shares Outstanding (M) | 70.25 | 70.25 | 70.25 |
| Fair Value | $15,819.33 | $16,564.42 | $17,338.05 |
| Upside / Downside | 391.28% | 414.42% | 438.45% |
| 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% |