Definitive Analysis
| Stable Growth | $1,116.67 - $1,775.39 | $1,416.47 |
| Multi-Stage | $2,353.89 - $2,590.05 | $2,469.67 |
| Blended Fair Value | $1,943.07 | |
| Current Price | $880.00 | |
| Upside | 120.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.28% | 0.73% | 34.90 | 52.14 | 98.97 | 15.41 | 35.95 | 41.22 | 30.44 | 12.17 | 0.00 | 17.79 |
| YoY Growth | - | - | -33.07% | -47.32% | 542.36% | -57.14% | -12.79% | 35.45% | 150.00% | 0.00% | -100.00% | -45.16% |
| Dividend Yield | - | - | 3.88% | 4.59% | 7.39% | 2.00% | 7.22% | 9.16% | 4.65% | 1.87% | 0.00% | 4.45% |
| Net Income To Common (M) | 163,395.00 |
| (-) Cash Dividends Paid (M) | 65,911.00 |
| (=) Cash Retained (M) | 97,484.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32,679.00 | 20,424.38 | 12,254.63 |
| Cash Retained (M) | 97,484.00 | 97,484.00 | 97,484.00 |
| (-) Cash Required (M) | -32,679.00 | -20,424.38 | -12,254.63 |
| (=) Excess Retained (M) | 64,805.00 | 77,059.63 | 85,229.38 |
| (/) Shares Outstanding (M) | 1,491.04 | 1,491.04 | 1,491.04 |
| (=) Excess Retained per Share | 43.46 | 51.68 | 57.16 |
| LTM Dividend per Share | 44.20 | 44.20 | 44.20 |
| (+) Excess Retained per Share | 43.46 | 51.68 | 57.16 |
| (=) Adjusted Dividend | 87.67 | 95.89 | 101.37 |
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | -1.27% | -0.27% | 0.73% |
| Fair Value | $1,116.67 | $1,416.47 | $1,775.39 |
| Upside / Downside | 26.89% | 60.96% | 101.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 163,395.00 | 162,961.57 | 162,529.30 | 162,098.17 | 161,668.18 | 161,239.34 | 166,076.52 |
| Payout Ratio | 40.34% | 50.27% | 60.20% | 70.14% | 80.07% | 90.00% | 92.50% |
| Projected Dividends (M) | 65,911.00 | 81,922.01 | 97,847.62 | 113,688.16 | 129,443.98 | 145,115.40 | 153,620.78 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.49% | 6.49% | 6.49% |
| Growth Rate | -1.27% | -0.27% | 0.73% |
| Year 1 PV (M) | 76,160.68 | 76,932.05 | 77,703.41 |
| Year 2 PV (M) | 84,568.90 | 86,290.63 | 88,029.70 |
| Year 3 PV (M) | 91,349.43 | 94,153.24 | 97,013.84 |
| Year 4 PV (M) | 96,694.70 | 100,671.97 | 104,770.69 |
| Year 5 PV (M) | 100,777.72 | 105,985.61 | 111,406.61 |
| PV of Terminal Value (M) | 3,060,193.72 | 3,218,335.27 | 3,382,948.11 |
| Equity Value (M) | 3,509,745.16 | 3,682,368.77 | 3,861,872.37 |
| Shares Outstanding (M) | 1,491.04 | 1,491.04 | 1,491.04 |
| Fair Value | $2,353.89 | $2,469.67 | $2,590.05 |
| Upside / Downside | 167.49% | 180.64% | 194.32% |
| 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% |