Definitive Analysis
| Stable Growth | $34.77 - $48.26 | $41.53 |
| Multi-Stage | $64.85 - $71.20 | $67.96 |
| Blended Fair Value | $54.75 | |
| Current Price | $59.49 | |
| Upside | -7.97% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -3.07% | -2.29% | 2.10 | 2.01 | 2.00 | 1.61 | 2.04 | 2.46 | 2.87 | 3.58 | 3.30 | 2.99 |
| YoY Growth | - | - | 4.41% | 0.74% | 23.85% | -21.01% | -16.87% | -14.43% | -19.83% | 8.52% | 10.40% | 12.85% |
| Dividend Yield | - | - | 4.54% | 4.20% | 5.09% | 2.78% | 3.34% | 11.32% | 6.96% | 6.93% | 8.67% | 8.66% |
| Net Income To Common (M) | 411.00 |
| (-) Cash Dividends Paid (M) | 226.00 |
| (=) Cash Retained (M) | 185.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 82.20 | 51.38 | 30.83 |
| Cash Retained (M) | 185.00 | 185.00 | 185.00 |
| (-) Cash Required (M) | -82.20 | -51.38 | -30.83 |
| (=) Excess Retained (M) | 102.80 | 133.63 | 154.18 |
| (/) Shares Outstanding (M) | 67.60 | 67.60 | 67.60 |
| (=) Excess Retained per Share | 1.52 | 1.98 | 2.28 |
| LTM Dividend per Share | 3.34 | 3.34 | 3.34 |
| (+) Excess Retained per Share | 1.52 | 1.98 | 2.28 |
| (=) Adjusted Dividend | 4.86 | 5.32 | 5.62 |
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.29% | -3.29% | -2.29% |
| Fair Value | $34.77 | $41.53 | $48.26 |
| Upside / Downside | -41.55% | -30.18% | -18.88% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 411.00 | 397.48 | 384.41 | 371.77 | 359.54 | 347.71 | 358.14 |
| Payout Ratio | 54.99% | 61.99% | 68.99% | 76.00% | 83.00% | 90.00% | 92.50% |
| Projected Dividends (M) | 226.00 | 246.40 | 265.21 | 282.52 | 298.41 | 312.94 | 331.28 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.10% | 9.10% | 9.10% |
| Growth Rate | -4.29% | -3.29% | -2.29% |
| Year 1 PV (M) | 223.52 | 225.85 | 228.19 |
| Year 2 PV (M) | 218.24 | 222.82 | 227.46 |
| Year 3 PV (M) | 210.89 | 217.57 | 224.39 |
| Year 4 PV (M) | 202.06 | 210.64 | 219.49 |
| Year 5 PV (M) | 192.23 | 202.48 | 213.17 |
| PV of Terminal Value (M) | 3,337.02 | 3,515.03 | 3,700.56 |
| Equity Value (M) | 4,383.96 | 4,594.40 | 4,813.25 |
| Shares Outstanding (M) | 67.60 | 67.60 | 67.60 |
| Fair Value | $64.85 | $67.96 | $71.20 |
| Upside / Downside | 9.01% | 14.25% | 19.69% |
| 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% |