Definitive Analysis
| Stable Growth | $364.62 - $967.22 | $557.53 |
| Multi-Stage | $254.04 - $277.31 | $265.46 |
| Blended Fair Value | $411.50 | |
| Current Price | $373.32 | |
| Upside | 10.23% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.69% | 9.17% | 4.16 | 3.92 | 3.61 | 3.28 | 3.07 | 2.88 | 2.60 | 2.33 | 2.11 | 1.93 |
| YoY Growth | - | - | 6.18% | 8.71% | 10.06% | 6.79% | 6.78% | 10.38% | 11.90% | 10.52% | 9.00% | 11.52% |
| Dividend Yield | - | - | 1.12% | 0.80% | 0.80% | 0.71% | 0.66% | 0.86% | 1.00% | 0.99% | 1.05% | 1.21% |
| Net Income To Common (M) | 597.04 |
| (-) Cash Dividends Paid (M) | 236.66 |
| (=) Cash Retained (M) | 360.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 119.41 | 74.63 | 44.78 |
| Cash Retained (M) | 360.38 | 360.38 | 360.38 |
| (-) Cash Required (M) | -119.41 | -74.63 | -44.78 |
| (=) Excess Retained (M) | 240.97 | 285.75 | 315.60 |
| (/) Shares Outstanding (M) | 38.41 | 38.41 | 38.41 |
| (=) Excess Retained per Share | 6.27 | 7.44 | 8.22 |
| LTM Dividend per Share | 6.16 | 6.16 | 6.16 |
| (+) Excess Retained per Share | 6.27 | 7.44 | 8.22 |
| (=) Adjusted Dividend | 12.43 | 13.60 | 14.38 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $364.62 | $557.53 | $967.22 |
| Upside / Downside | -2.33% | 49.35% | 159.09% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 597.04 | 635.85 | 677.18 | 721.19 | 768.07 | 818.00 | 842.54 |
| Payout Ratio | 39.64% | 49.71% | 59.78% | 69.86% | 79.93% | 90.00% | 92.50% |
| Projected Dividends (M) | 236.66 | 316.09 | 404.84 | 503.79 | 613.90 | 736.20 | 779.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 287.01 | 289.73 | 292.45 |
| Year 2 PV (M) | 333.77 | 340.13 | 346.55 |
| Year 3 PV (M) | 377.15 | 387.97 | 399.01 |
| Year 4 PV (M) | 417.30 | 433.34 | 449.85 |
| Year 5 PV (M) | 454.39 | 476.33 | 499.12 |
| PV of Terminal Value (M) | 7,888.12 | 8,269.12 | 8,664.70 |
| Equity Value (M) | 9,757.72 | 10,196.62 | 10,651.67 |
| Shares Outstanding (M) | 38.41 | 38.41 | 38.41 |
| Fair Value | $254.04 | $265.46 | $277.31 |
| Upside / Downside | -31.95% | -28.89% | -25.72% |
| 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% |