Definitive Analysis
| Stable Growth | $35.18 - $57.82 | $45.25 |
| Multi-Stage | $45.39 - $49.52 | $47.42 |
| Blended Fair Value | $46.34 | |
| Current Price | $77.10 | |
| Upside | -39.90% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.10% | 13.39% | 2.77 | 2.81 | 2.59 | 2.39 | 2.18 | 1.96 | 1.75 | 1.55 | 1.37 | 1.29 |
| YoY Growth | - | - | -1.48% | 8.37% | 8.60% | 9.54% | 10.94% | 12.08% | 12.62% | 13.33% | 6.77% | 63.28% |
| Dividend Yield | - | - | 3.59% | 3.11% | 2.30% | 2.62% | 1.40% | 1.28% | 1.43% | 2.31% | 1.45% | 1.72% |
| Net Income To Common (M) | 477.10 |
| (-) Cash Dividends Paid (M) | 432.60 |
| (=) Cash Retained (M) | 44.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 95.42 | 59.64 | 35.78 |
| Cash Retained (M) | 44.50 | 44.50 | 44.50 |
| (-) Cash Required (M) | -95.42 | -59.64 | -35.78 |
| (=) Excess Retained (M) | -50.92 | -15.14 | 8.72 |
| (/) Shares Outstanding (M) | 156.40 | 156.40 | 156.40 |
| (=) Excess Retained per Share | -0.33 | -0.10 | 0.06 |
| LTM Dividend per Share | 2.77 | 2.77 | 2.77 |
| (+) Excess Retained per Share | -0.33 | -0.10 | 0.06 |
| (=) Adjusted Dividend | 2.44 | 2.67 | 2.82 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.02% | 3.02% | 4.02% |
| Fair Value | $35.18 | $45.25 | $57.82 |
| Upside / Downside | -54.37% | -41.31% | -25.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 477.10 | 491.51 | 506.36 | 521.66 | 537.42 | 553.66 | 570.27 |
| Payout Ratio | 90.67% | 90.54% | 90.40% | 90.27% | 90.13% | 90.00% | 92.50% |
| Projected Dividends (M) | 432.60 | 445.01 | 457.77 | 470.90 | 484.40 | 498.30 | 527.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 2.02% | 3.02% | 4.02% |
| Year 1 PV (M) | 403.94 | 407.90 | 411.86 |
| Year 2 PV (M) | 377.18 | 384.61 | 392.11 |
| Year 3 PV (M) | 352.18 | 362.64 | 373.31 |
| Year 4 PV (M) | 328.85 | 341.93 | 355.40 |
| Year 5 PV (M) | 307.06 | 322.41 | 338.36 |
| PV of Terminal Value (M) | 5,330.53 | 5,596.95 | 5,873.92 |
| Equity Value (M) | 7,099.74 | 7,416.44 | 7,744.95 |
| Shares Outstanding (M) | 156.40 | 156.40 | 156.40 |
| Fair Value | $45.39 | $47.42 | $49.52 |
| Upside / Downside | -41.12% | -38.50% | -35.77% |
| 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% |