Definitive Analysis
| Stable Growth | $10,338.67 - $21,618.25 | $14,603.91 |
| Multi-Stage | $15,320.86 - $16,784.67 | $16,038.99 |
| Blended Fair Value | $15,321.45 | |
| Current Price | $20,750.00 | |
| Upside | -26.16% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -17.15% | 35.80% | 381.61 | 1,592.13 | 1,408.76 | 1,420.15 | 1,050.29 | 977.85 | 248.19 | 8.48 | 9.66 | 12.76 |
| YoY Growth | - | - | -76.03% | 13.02% | -0.80% | 35.21% | 7.41% | 293.99% | 2,826.47% | -12.20% | -24.33% | -28.64% |
| Dividend Yield | - | - | 2.25% | 10.57% | 6.82% | 3.06% | 2.44% | 4.77% | 0.58% | 0.03% | 0.03% | 0.05% |
| Net Income To Common (M) | 49,401.52 |
| (-) Cash Dividends Paid (M) | 45,211.26 |
| (=) Cash Retained (M) | 4,190.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9,880.30 | 6,175.19 | 3,705.11 |
| Cash Retained (M) | 4,190.26 | 4,190.26 | 4,190.26 |
| (-) Cash Required (M) | -9,880.30 | -6,175.19 | -3,705.11 |
| (=) Excess Retained (M) | -5,690.04 | -1,984.93 | 485.15 |
| (/) Shares Outstanding (M) | 84.90 | 84.90 | 84.90 |
| (=) Excess Retained per Share | -67.02 | -23.38 | 5.71 |
| LTM Dividend per Share | 532.54 | 532.54 | 532.54 |
| (+) Excess Retained per Share | -67.02 | -23.38 | 5.71 |
| (=) Adjusted Dividend | 465.52 | 509.16 | 538.25 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 1.83% | 2.83% | 3.83% |
| Fair Value | $10,338.67 | $14,603.91 | $21,618.25 |
| Upside / Downside | -50.18% | -29.62% | 4.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 49,401.52 | 50,802.00 | 52,242.19 | 53,723.20 | 55,246.20 | 56,812.38 | 58,516.75 |
| Payout Ratio | 91.52% | 91.21% | 90.91% | 90.61% | 90.30% | 90.00% | 92.50% |
| Projected Dividends (M) | 45,211.26 | 46,338.72 | 47,493.77 | 48,677.08 | 49,889.30 | 51,131.14 | 54,127.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | 1.83% | 2.83% | 3.83% |
| Year 1 PV (M) | 43,119.74 | 43,543.16 | 43,966.59 |
| Year 2 PV (M) | 41,124.52 | 41,936.15 | 42,755.72 |
| Year 3 PV (M) | 39,221.18 | 40,388.00 | 41,577.73 |
| Year 4 PV (M) | 37,405.52 | 38,896.56 | 40,431.75 |
| Year 5 PV (M) | 35,673.50 | 37,459.78 | 39,316.90 |
| PV of Terminal Value (M) | 1,104,158.42 | 1,159,446.81 | 1,216,928.12 |
| Equity Value (M) | 1,300,702.87 | 1,361,670.47 | 1,424,976.81 |
| Shares Outstanding (M) | 84.90 | 84.90 | 84.90 |
| Fair Value | $15,320.86 | $16,038.99 | $16,784.67 |
| Upside / Downside | -26.16% | -22.70% | -19.11% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| SAH | Sonic Automotive, Inc. | 2.13% | $1.31 | 35.28% |
| AIG-PA | American International Group, Inc. | 2.12% | $1.69 | 30.01% |
| LANC | Lancaster Colony Corporation | 2.11% | $3.82 | 61.80% |
| TDAC | Translational Development Acquisition Corp. | 2.10% | $0.22 | 79.86% |
| FAST | Fastenal Company | 2.09% | $0.85 | 79.50% |
| FDUS | Fidus Investment Corporation | 2.09% | $0.41 | 17.86% |
| IBOC | International Bancshares Corporation | 2.09% | $1.40 | 20.70% |
| SMRSX | ALPS/Smith Short Duration Bond Investor | 2.09% | $0.22 | 98.81% |
| SSSS | SuRo Capital Corp. | 2.09% | $0.20 | 8.46% |
| MLR | Miller Industries, Inc. | 2.08% | $0.78 | 30.00% |
| OACC | Oaktree Acquisition Corp. III Life Sciences | 2.08% | $0.22 | 61.74% |
| FCCO | First Community Corporation | 2.07% | $0.60 | 25.08% |
| GNTX | Gentex Corporation | 2.07% | $0.49 | 28.42% |
| OACCU | Oaktree Acquisition Corp. III Life Sciences Unit | 2.07% | $0.22 | 61.74% |
| DLB | Dolby Laboratories, Inc. | 2.06% | $1.31 | 49.64% |
| APOG | Apogee Enterprises, Inc. | 2.05% | $0.77 | 37.24% |
| CAKE | The Cheesecake Factory Incorporated | 2.05% | $1.08 | 32.74% |
| EWBC | East West Bancorp, Inc. | 2.05% | $2.36 | 25.97% |
| ALF | Centurion Acquisition Corp. | 2.04% | $0.22 | 51.38% |
| ATO | Atmos Energy Corporation | 2.04% | $3.45 | 46.19% |
| OVLY | Oak Valley Bancorp | 2.04% | $0.61 | 29.73% |
| 0HYE.L | Cincinnati Financial Corporation | 2.03% | $3.28 | 24.36% |
| AOS | A. O. Smith Corporation | 2.03% | $1.39 | 36.68% |
| ACT | Enact Holdings, Inc. | 2.02% | $0.80 | 18.03% |
| ARKO | Arko Corp. | 2.02% | $0.09 | 55.86% |
| KFY | Korn Ferry | 2.02% | $1.34 | 26.97% |
| 0H68.L | Aflac Incorporated | 2.01% | $2.20 | 28.14% |
| LEN | Lennar Corporation | 2.01% | $2.10 | 25.46% |
| AVY | Avery Dennison Corporation | 2.00% | $3.66 | 41.17% |
| RHLD | Resolute Holdings Management, Inc. | 2.00% | $3.74 | 22.61% |
| ALFUU | Centurion Acquisition Corp. Unit | 1.99% | $0.22 | 51.38% |
| GNTY | Guaranty Bancshares, Inc. | 1.99% | $0.97 | 30.69% |
| NC | NACCO Industries, Inc. | 1.99% | $0.95 | 24.54% |
| QCOM | QUALCOMM Incorporated | 1.99% | $3.44 | 68.67% |
| THG | The Hanover Insurance Group, Inc. | 1.98% | $3.55 | 20.46% |
| CNMD | CONMED Corporation | 1.97% | $0.80 | 38.60% |
| FBIN | Fortune Brands Innovations, Inc. | 1.97% | $1.00 | 36.69% |
| FEIM | Frequency Electronics, Inc. | 1.97% | $1.00 | 46.25% |
| RPM | RPM International Inc. | 1.97% | $2.04 | 37.93% |
| BNJ | Brookfield Finance Inc. 4.50% P | 1.96% | $0.30 | 70.51% |
| MTG | MGIC Investment Corporation | 1.96% | $0.57 | 17.51% |
| CCS | Century Communities, Inc. | 1.95% | $1.15 | 16.06% |
| 0K6F.L | NetApp, Inc. | 1.94% | $2.07 | 35.51% |
| BLK | BlackRock, Inc. | 1.94% | $21.00 | 53.94% |
| FNB-PE | F.N.B. Corporation | 1.94% | $0.48 | 34.55% |
| 0L4F.L | Sealed Air Corporation | 1.93% | $0.80 | 30.13% |
| AEO | American Eagle Outfitters, Inc. | 1.93% | $0.51 | 42.14% |
| SLGN | Silgan Holdings Inc. | 1.93% | $0.80 | 26.98% |
| FSFG | First Savings Financial Group, Inc. | 1.92% | $0.61 | 23.93% |
| GEN | Gen Digital Inc. | 1.92% | $0.50 | 54.91% |