EXECUTIVE SUMMARY
Investment Thesis (3 Sentences)
Fortis Inc is a North American regulated utility holding company with an exceptional 51-year dividend growth streak, operating ~99% regulated assets across Canada, the US, and the Caribbean. The company offers defensive characteristics (Beta 0.40) with visible 6.5% annual rate base growth supported by a $26 billion 5-year capital plan targeting grid modernization and clean energy transition. While ROE (7.61%) is below Buffett's 15% threshold, this is typical for regulated utilities that trade lower returns for stable, predictable cash flows secured by regulatory compact.
Key Metrics Dashboard
| Metric | Value | Assessment |
|---|---|---|
| Market Cap | $26.2B USD | Large-cap utility |
| P/E (TTM) | 21.22 | Premium valuation |
| Forward P/E | 19.57 | Moderate |
| P/B Ratio | 1.58 | Fair |
| ROE (TTM) | 7.61% | Below 15% (utility typical) |
| Dividend Yield | 4.8% | Attractive |
| Dividend Growth | 51 years | Exceptional |
| Beta | 0.40 | Low volatility |
| Debt/Equity | 1.40 | Elevated (utility typical) |
Recommendation Summary
| Component | Assessment |
|---|---|
| Quality Score | 85/100 - High quality regulated utility |
| Moat Durability | WIDE - Government-granted monopoly |
| Risk Score | LOW - Regulatory compact protects returns |
| Catalyst | Visible: $26B CapEx, 6.5% rate base CAGR |
| Verdict | ACCUMULATE on weakness |
PRE-ANALYSIS SCREENING
Step 1: Immediate Disqualifiers (Munger Anti-Checklist)
| Disqualifier | Status | Notes |
|---|---|---|
| Outside circle of competence | PASS | Regulated utility - simple business model |
| Heavily promoted by Wall Street | PASS | Low coverage, boring utility |
| Requires macro forecast | PASS | Rate base growth secured by regulation |
| Questionable management | PASS | Long tenure, aligned with shareholders |
| Complex capital structure | PASS | Simple common equity, no preferred |
| Single customer dependence | PASS | 3.4 million customers diversified |
| Requires technology prediction | PASS | Traditional utility infrastructure |
| Sharp price drop bias | PASS | Researching for portfolio fit, not reaction |
| Social proof trap | PASS | Not widely owned by famous investors |
| Story > numbers | PASS | Numbers drive thesis |
| Can't identify opportunity | PASS | Utility sector out of favor post-rate hikes |
Result: PASSES all anti-checklist items
Step 2: Graham's 7 Criteria for Defensive Investors
| # | Criterion | Test | FTS Status | Pass? |
|---|---|---|---|---|
| 1 | Adequate Size | Assets > $50M (utility) | $73.5B assets | PASS |
| 2 | Strong Financial Condition | Current Ratio > 2:1 | ~0.6:1 (utility typical) | FAIL |
| 3 | Earnings Stability | Positive 10 years | 10+ years profitable | PASS |
| 4 | Dividend Record | 20+ years uninterrupted | 51 consecutive years | PASS |
| 5 | Earnings Growth | >33% EPS growth 10 years | ~50%+ (5-yr CAGR 7.1%) | PASS |
| 6 | Moderate P/E | P/E < 15 (3-yr avg) | P/E 21.22 | FAIL |
| 7 | Moderate P/B | P/B < 1.5 or P/E×P/B < 22.5 | P/E×P/B = 33.5 | FAIL |
Graham Number Calculation:
Graham Number = √(22.5 × EPS × BVPS)
Where: EPS = $2.44 (TTM), BVPS = $27.40 (approx)
Graham Number = √(22.5 × 2.44 × 27.40) = √$1,504 = $38.78
Result: FAILS Graham defensive criteria (typical for quality utilities which trade at premiums)
Step 2b: Buffett Quality Criteria
| Criterion | Status | Notes |
|---|---|---|
| One-sentence business | PASS | "Fortis owns regulated electric and gas utilities that earn allowed returns on invested capital" |
| ROE > 15%? | FAIL | 7.61% (but typical for regulated utilities) |
| Management skin in game | PASS | Long-tenured executive team with equity comp |
| Identifiable moat | PASS | Government-granted monopoly |
| Consistent FCF | PARTIAL | OCF strong, FCF negative due to growth CapEx |
Step 3: Megatrend Resilience Screen
| Megatrend | Score | Notes |
|---|---|---|
| China Tech Superiority | +1 | Immune - domestic infrastructure |
| Europe Degrowth | +1 | Immune - North American focus |
| American Protectionism | +2 | Benefits - domestic energy infrastructure spending |
| AI/Automation | +2 | Benefits - data center load growth driving demand |
| Demographics/Aging | +1 | Immune - essential utility services |
| Fiscal Crisis | 0 | Neutral - regulated rates may lag inflation |
| Energy Transition | +2 | Benefits - $7B clean energy CapEx, grid modernization |
Total Score: +9 | Tier: 1 "Fortress"
All scores ≥ 0 and total ≥ +7 qualifies for Tier 1 full position sizing
Step 4: Macro Debt Cycle Assessment
Canada Debt Position:
| Indicator | Value | Status |
|---|---|---|
| Total Debt/GDP | ~105% | OK |
| Debt growth (3yr) | ~10% of GDP | OK |
| Household debt | Elevated | Caution |
| Short rates | 3.25% (falling) | Normalizing |
Debt Cycle Stage: Late deleveraging / Early normalization
Company Macro Resilience:
- Debt in own currency (CAD/USD)
- Counter-cyclical demand (essential utility)
- Strong OCF regardless of credit conditions
- Pricing power through regulation
- Net cash position (elevated debt, but appropriate for utility)
Macro Resilience Score: Green Flags: 4 | Red Flags: 0
PHASE 1: RISK ANALYSIS (Inversion Thinking)
"All I want to know is where I'm going to die, so I'll never go there." - Munger
1.1 Technological Disruption Risk
| Risk Factor | Probability | Impact | Expected Loss |
|---|---|---|---|
| Rooftop solar/DER disruption | 15% | 20% value loss | 3% |
| Battery storage bypass | 10% | 15% value loss | 1.5% |
| Grid defection | 5% | 30% value loss | 1.5% |
Analysis:
- Fortis owns transmission (ITC) and distribution networks - even with distributed generation, the grid remains essential
- Data center boom requires massive grid interconnection (bullish for transmission)
- Regulated utility model allows recovery of stranded costs in most jurisdictions
Mitigation: Rate base includes grid modernization investments that adapt to new technologies.
1.2 Regulatory/Legal Risk
| Risk Factor | Probability | Impact | Expected Loss |
|---|---|---|---|
| ROE compression (secular) | 60% | 5% value loss | 3% |
| Iowa ROFR adverse ruling | 30% | 3% value loss | 0.9% |
| BC policy uncertainty | 20% | 2% value loss | 0.4% |
| Arizona wildfire liability | 10% | 10% value loss | 1% |
Key Regulatory Risks:
- FERC ROE Compression: MISO base ROE reduced to 9.98% in 2024; ITC all-in ROE at 10.73% with incentives
- Iowa ROFR Litigation: District court ruled against ROFR; Iowa Supreme Court granted stay; ~70% of projects are upgrades on existing rights-of-way
- S&P Climate Risk Concerns: Negative outlook citing physical/climate risks; FFO/debt threshold raised to 12%
Mitigation: Multi-jurisdictional diversification limits regulatory concentration risk.
1.3 Financial/Operational Risk
| Risk Factor | Probability | Impact | Expected Loss |
|---|---|---|---|
| Cost overruns on $26B plan | 40% | 3% value loss | 1.2% |
| Interest rate spike impact | 20% | 8% value loss | 1.6% |
| Execution risk on growth | 25% | 5% value loss | 1.25% |
Analysis:
- Eagle Mountain Gas Line project increased from $420M to $750M (79% increase)
- High leverage (D/E 1.40) means interest rate sensitivity
- Strong OCF (212% of net income) provides buffer
1.4 Climate/ESG Risk
| Risk Factor | Probability | Impact | Expected Loss |
|---|---|---|---|
| Wildfire liability (Arizona) | 10% | 15% value loss | 1.5% |
| Stranded fossil assets | 15% | 5% value loss | 0.75% |
| Carbon transition costs | 50% | 3% value loss | 1.5% |
Emissions Targets:
- 33% reduction achieved vs 2019
- 50% by 2030, 75% by 2035, Net zero by 2050
- TEP coal closure: remaining 900 MW by 2032
INVERSION SECTION (Required)
How could this investment lose 50%+ permanently?
- Sustained high inflation causes rate lag → earnings erosion → dividend cut → yield-driven selling
- Major wildfire liability in Arizona (low probability given asset locations)
- Complete loss of MISO transmission opportunities + adverse ROFR ruling
- Nationalization or major regulatory restructuring (extremely low probability)
What would make me sell immediately (non-price triggers)?
- Dividend cut or freeze (breaks 51-year streak)
- Management integrity issues or governance failures
- Major unrecoverable disaster (wildfire, nuclear incident at utility peer causing regulatory contagion)
- Credit downgrade to junk status
Bear Case (3 sentences): Fortis trades at a 21x P/E premium despite earning only 7.6% ROE - a valuation that requires perpetual growth in a regulated industry facing secular ROE compression. The $26 billion capital plan relies on regulatory approvals and rate recovery that may face pushback from cost-conscious commissions. Data center load growth excitement ignores the capital intensity of serving this demand and potential for overbuild.
Can I state the bear case better than the bears? Yes - but the regulatory compact provides strong downside protection, and the dividend streak demonstrates management's commitment to shareholders.
PHASE 2: FINANCIAL ANALYSIS
2.1 Profitability Metrics
5-Year Financial Trend (USD millions):
| Year | Revenue | Operating Income | Net Income | ROE |
|---|---|---|---|---|
| 2024 | $11,508 | $3,292 | $1,680 | 7.6% |
| 2023 | $11,517 | $3,084 | $1,573 | 7.5% |
| 2022 | $11,043 | $2,740 | $1,394 | 6.8% |
| 2021 | $9,448 | $2,469 | $1,294 | 6.9% |
| 2020 | $8,935 | $2,508 | $1,274 | 7.0% |
5-Year CAGR:
- Revenue: 6.5%
- Operating Income: 7.0%
- Net Income: 7.1%
- EBITDA: 7.7%
DuPont ROE Decomposition:
ROE = Net Margin × Asset Turnover × Equity Multiplier
ROE = 14.6% × 0.156 × 3.09 = 7.0%
Where:
- Net Margin: $1,680M / $11,508M = 14.6%
- Asset Turnover: $11,508M / $73,486M = 0.156
- Equity Multiplier: $73,486M / $23,808M = 3.09
Key Insight: Low ROE is driven by low asset turnover (capital-intensive utility) and moderate leverage, not poor margins. This is structural for regulated utilities.
2.2 Owner Earnings Calculation
Owner Earnings = Net Income + D&A - Maintenance CapEx
Net Income (2024): $1,680M
+ Depreciation/Amortization: ~$2,200M (estimated from EBITDA-EBIT)
- Maintenance CapEx: ~$1,500M (estimated 30% of total CapEx)
= Owner Earnings: ~$2,380M
Owner Earnings per Share = $2,380M / 505M shares = ~$4.71/share
2.3 Valuation Analysis
Valuation Method Summary:
| Method | Value/Share | Current Price | Margin of Safety |
|---|---|---|---|
| Graham Number | $38.78 | $43 USD | -11% (overvalued) |
| Owner Earnings (10x) | $47.10 | $43 USD | +9% |
| Owner Earnings (15x) | $70.65 | $43 USD | +39% |
| DCF (Conservative) | $48-52 | $43 USD | +12-21% |
| Peer Multiple | $45-50 | $43 USD | +5-16% |
DCF Assumptions (Conservative):
- Growth rate: 5% (below 6.5% rate base growth guidance)
- Terminal growth: 2%
- Discount rate: 8%
- Terminal multiple: 12x EBITDA
Relative Valuation:
| Peer | P/E | Dividend Yield | ROE |
|---|---|---|---|
| Fortis (FTS) | 21.2x | 4.8% | 7.6% |
| Emera (EMA) | 18.5x | 5.2% | 7.2% |
| Canadian Utilities (CU) | 17.0x | 5.4% | 8.1% |
| Duke Energy (DUK) | 19.5x | 3.8% | 9.5% |
| Southern Company (SO) | 20.0x | 3.5% | 12.8% |
Fortis trades at a premium to Canadian peers but in-line with US peers, reflecting its larger US operations and superior dividend growth track record.
2.4 Cash Flow Analysis
| Year | Operating CF | CapEx | Free Cash Flow | Dividends |
|---|---|---|---|---|
| 2024 | $3,882M | $5,218M | ($1,336M) | $818M |
| 2023 | $3,545M | $4,169M | ($624M) | $768M |
| 2022 | $3,074M | $3,865M | ($791M) | $737M |
| 2021 | $2,907M | $3,386M | ($479M) | $671M |
| 2020 | $2,701M | $4,039M | ($1,338M) | $851M |
Key Observations:
- Negative FCF is structural - growth-mode utility funding $26B capital plan
- OCF covers dividends easily - 21-24% payout ratio on OCF basis
- OCF/Net Income > 200% - strong cash conversion due to depreciation
- Funding Gap: Bridged through debt issuance and DRIP (dividend reinvestment)
PHASE 3: MOAT ANALYSIS
3.1 Moat Sources Identified
| Moat Type | Strength | Durability | Evidence |
|---|---|---|---|
| Government-Granted Monopoly | WIDE | 30+ years | ~99% regulated assets; exclusive service territories |
| Regulatory Compact | WIDE | 20+ years | Allowed ROE on rate base; cost-plus model |
| Scale Advantages | MEDIUM | 15+ years | $53B rate base by 2029; largest regulated utility in Canada |
| Switching Costs | HIGH | Indefinite | Customers cannot choose alternative provider |
3.2 Moat Metrics
Pricing Power:
- TEP ROE: 9.75% allowed
- UNS Electric ROE: 9.75% allowed
- Central Hudson ROE: 9.5% allowed (improved from 9.0%)
- ITC ROE: 10.73% all-in with incentives
Customer Retention: ~100% (regulated monopoly)
Market Share Stability: 100% in service territories
ROIC vs WACC:
- Estimated ROIC: ~5.5% (on total capital)
- Estimated WACC: ~6.0%
- Spread: ~-0.5% (but allowed ROE on equity > cost of equity)
3.3 Moat Durability Assessment
Forces of Erosion:
| Threat | Severity (1-5) | Timeline | Company Mitigation |
|---|---|---|---|
| Distributed generation | 2 | 10-20 years | Grid still essential; transmission investments |
| ROE compression | 3 | Ongoing | Multi-jurisdictional diversification |
| Political/regulatory change | 2 | Variable | Constructive regulatory relationships |
| Technology bypass | 1 | 20+ years | Grid infrastructure remains critical |
| Climate liability | 2 | 5-15 years | Risk mitigation programs; favorable jurisdictions |
10-Year Moat Trajectory: STABLE to WIDER
- Grid modernization increases asset criticality
- Data center/electrification drives transmission investment
- Regulatory compact remains intact in democratic societies
PHASE 4: MANAGEMENT & INCENTIVE ANALYSIS
4.1 Leadership Team
| Executive | Role | Tenure | Assessment |
|---|---|---|---|
| David Hutchens | President & CEO | 5+ years | Strong operational background |
| Jocelyn Perry | EVP & CFO | 10+ years | Disciplined capital allocation |
4.2 Capital Allocation Track Record
| Use of FCF | Allocation | Quality Assessment |
|---|---|---|
| CapEx (Rate Base Growth) | ~65% | Strong - regulated returns |
| Dividends | ~20% | Strong - 51 years of growth |
| Debt Service | ~15% | Neutral - managing leverage |
Key Capital Decisions (Last 5 Years):
- ✅ ITC Acquisition (2016) - High-quality transmission assets
- ✅ $26B capital plan focused on regulated investments
- ⚠️ Eagle Mountain cost escalation ($420M → $750M)
- ✅ Sold non-regulated Aitken Creek storage facility
4.3 Insider Activity
Low insider ownership (0.25%) is typical for large utilities. No significant insider sales reported.
4.4 Incentive Alignment
- Compensation tied to rate base growth, EPS growth, TSR
- Long-term incentive plans with 3-year vesting
- Dividend growth commitment suggests shareholder alignment
PHASE 5: CATALYST ANALYSIS
5.1 Identified Catalysts
| Catalyst | Type | Timeline | Probability | Impact |
|---|---|---|---|---|
| MISO Tranche 2.1 approval | External | H2 2024-2025 | 80% | +5% |
| Arizona data center contracts | Operational | 2025-2027 | 60% | +3% |
| Iowa ROFR resolution | Legal | 2025 | 70% | +2% |
| Rate case outcomes (Central Hudson, TEP) | Regulatory | 2025 | 75% | +2% |
| Interest rate normalization | External | 2025-2026 | 70% | +5% |
5.2 Upside Opportunities
- MISO Tranche 2.1: $21.8B portfolio; ITC portion estimated at $3B+
- Arizona Load Growth: TEP/UNS seeing significant data center interest; $2.5-5B incremental investment opportunity
- Big Cedar Data Center: $400M investment for 1,600 MW data center load
- Rate Relief: Formula rates or forward test years would reduce Arizona regulatory lag
5.3 No-Catalyst Assessment
Even without catalysts, Fortis offers:
- 4.8% current yield
- 4-6% dividend growth (through 2029 guidance)
- 6.5% rate base CAGR visibility
- Total expected return: 9-11% annually
PHASE 6: DECISION SYNTHESIS
6.1 Quality Score
| Component | Weight | Score | Weighted |
|---|---|---|---|
| Business Quality | 25% | 90 | 22.5 |
| Moat Durability | 25% | 85 | 21.25 |
| Financial Strength | 20% | 75 | 15.0 |
| Management Quality | 15% | 80 | 12.0 |
| Growth Visibility | 15% | 85 | 12.75 |
| Total | 100% | 83.5 |
6.2 Risk Score
| Risk Category | Weight | Score (1-10) | Weighted |
|---|---|---|---|
| Regulatory Risk | 30% | 3 | 0.9 |
| Financial Risk | 25% | 4 | 1.0 |
| Operational Risk | 20% | 2 | 0.4 |
| Competitive Risk | 15% | 1 | 0.15 |
| Macro Risk | 10% | 3 | 0.3 |
| Total | 100% | 2.75 (Low) |
6.3 Expected Return Probability Tree
| Scenario | Probability | 5-Year Total Return | Weighted Return |
|---|---|---|---|
| Bull Case | 20% | +80% | +16% |
| Base Case | 55% | +50% | +27.5% |
| Bear Case | 20% | +15% | +3% |
| Disaster | 5% | -30% | -1.5% |
| Expected | 100% | +45% |
Annualized expected return: ~7.8% (excludes dividends) + 4.8% yield = ~12.6% total
6.4 Position Sizing
Position Size = Base × (MOS/Target) × (Quality/100) × (1-Risk) × Catalyst Mult.
Where:
- Base: 4% (Tier 1 "Fortress" allocation)
- MOS: 15% / Target 20% = 0.75
- Quality: 83.5/100 = 0.835
- Risk: 1 - 0.275 = 0.725
- Catalyst: 1.0 (catalysts present)
Position Size = 4% × 0.75 × 0.835 × 0.725 × 1.0 = 1.8%
Recommended Position: 2% at current prices; increase to 4% at Buffett Buy Price
INVESTMENT RECOMMENDATION
┌─────────────────────────────────────────────────────────────────┐
│ INVESTMENT RECOMMENDATION │
├─────────────────────────────────────────────────────────────────┤
│ Company: Fortis Inc Ticker: FTS (TSX/NYSE) │
│ Current Price: CAD $61 / USD $43 Date: December 24, 2024 │
├─────────────────────────────────────────────────────────────────┤
│ VALUATION SUMMARY │
│ ┌─────────────────────────┬─────────────┬─────────────────────┐ │
│ │ Method │ Value/Share │ vs Current Price │ │
│ ├─────────────────────────┼─────────────┼─────────────────────┤ │
│ │ Graham Number │ USD $38.78 │ -10% (overvalued) │ │
│ │ Owner Earnings (10x) │ USD $47.10 │ +10% │ │
│ │ Owner Earnings (15x) │ USD $70.65 │ +64% │ │
│ │ DCF (Conservative) │ USD $50.00 │ +16% │ │
│ │ Peer Median │ USD $45.00 │ +5% │ │
│ └─────────────────────────┴─────────────┴─────────────────────┘ │
│ │
│ INTRINSIC VALUE ESTIMATE: USD $48 / CAD $67 (weighted average) │
│ MARGIN OF SAFETY: 12% │
├─────────────────────────────────────────────────────────────────┤
│ RECOMMENDATION: [ ] BUY [X] WAIT/ACCUMULATE [ ] HOLD [ ] SELL│
├─────────────────────────────────────────────────────────────────┤
│ BUY PRICE (Strong Buy): CAD $47 / USD $34 (30% below IV) │
│ ACCUMULATE PRICE: CAD $54 / USD $38 (20% below IV) │
│ FAIR VALUE: CAD $67 / USD $48 │
│ TAKE PROFITS PRICE: CAD $80 / USD $58 (20% above IV) │
│ SELL PRICE: CAD $100 / USD $72 (50% above IV) │
├─────────────────────────────────────────────────────────────────┤
│ POSITION SIZE: 2% starter now; 4% at Strong Buy Price │
│ CATALYST: MISO Tranche 2.1, data center load, rate cuts │
│ PRIMARY RISK: ROE compression, regulatory lag │
│ SELL TRIGGER: Dividend cut, credit downgrade to junk │
└─────────────────────────────────────────────────────────────────┘
Recommendation Rationale
WAIT/ACCUMULATE - Fortis is a high-quality, Tier 1 "Fortress" utility with an exceptional 51-year dividend growth streak and visible growth catalysts. However, the current price offers only ~12% margin of safety, which is below the 20% minimum threshold for initiating a full position.
Action Plan:
- At current price (CAD $61): Small starter position (1-2%) acceptable for portfolio diversification
- At CAD $54 / USD $38: Accumulate to 3% position
- At CAD $47 / USD $34: Full 4-5% position (Tier 1 allocation)
Explicit Sell Triggers
- Thesis Break: Dividend cut or freeze (ends 51-year streak)
- Moat Erosion: Sustained ROE compression below 8% across portfolio
- Management Failure: Governance scandal, excessive leverage (>2.0 D/E)
- Valuation: Price exceeds CAD $100 / USD $72 (50% above fair value)
Monitoring Metrics
| Metric | Current | Threshold | Action if Breached |
|---|---|---|---|
| Dividend Growth | 4.2% | <3% for 2 years | Review thesis |
| FFO/Debt | 11.4% | <10% | Reduce position |
| Rate Base CAGR | 6.5% | <4% | Review thesis |
| Allowed ROE (avg) | ~10% | <8.5% | Accept lower returns or exit |
| S&P Rating | BBB+ | Below BBB | Significant concern |
APPENDICES
Appendix A: Source Documents
| Document | Source | Local Path |
|---|---|---|
| Annual Report 2024 | Fortis IR | data/annual-report-2024.pdf |
| Annual Report 2023 | Fortis IR | data/annual-report-2023.pdf |
| Annual Report 2022 | Fortis IR | data/annual-report-2022.pdf |
| Income Statement | AlphaVantage | data/income-statement.json |
| Balance Sheet | AlphaVantage | data/balance-sheet.json |
| Cash Flow | AlphaVantage | data/cash-flow.json |
| Company Overview | AlphaVantage | data/company-overview.json |
| Earnings Transcript Q3 2024 | AlphaVantage | data/earnings-transcript-Q3-2024.md |
| Earnings Transcript Q2 2024 | AlphaVantage | data/earnings-transcript-Q2-2024.md |
| Earnings Transcript Q1 2024 | AlphaVantage | data/earnings-transcript-Q1-2024.md |
| Earnings Transcript Q4 2023 | AlphaVantage | data/earnings-transcript-Q4-2023.md |
| Historical Prices | EODHD | data/historical-prices.json |
| Dividend History | EODHD | data/dividends.csv |
Appendix B: Key Assumptions
| Assumption | Value | Confidence | Sensitivity |
|---|---|---|---|
| Rate base CAGR | 6.5% | High | ±1% = ±5% IV |
| Allowed ROE (average) | 9.5% | Medium | ±0.5% = ±8% IV |
| Dividend growth | 5% | High | ±1% = ±3% IV |
| Terminal growth | 2% | Medium | ±0.5% = ±10% IV |
| Discount rate | 8% | Medium | ±0.5% = ±8% IV |
Appendix C: Quarterly Dividend History (CAD)
| Year | Q1 | Q2 | Q3 | Q4 | Annual | YoY Growth |
|---|---|---|---|---|---|---|
| 2024 | $0.59 | $0.59 | $0.59 | $0.615 | $2.40 | +4.2% |
| 2023 | $0.565 | $0.565 | $0.565 | $0.59 | $2.29 | +5.9% |
| 2022 | $0.535 | $0.535 | $0.535 | $0.565 | $2.17 | +5.9% |
| 2021 | $0.505 | $0.505 | $0.505 | $0.535 | $2.05 | +6.0% |
| 2020 | $0.475 | $0.475 | $0.475 | $0.505 | $1.93 | +6.3% |
Analysis completed December 24, 2024 Framework: Warren Buffett / Charlie Munger / Seth Klarman Value Investing Methodology