Definitive Analysis
| Stable Growth | $27,807.63 - $55,986.19 | $52,467.26 |
| Multi-Stage | $8,595.07 - $9,410.57 | $8,995.31 |
| Blended Fair Value | $30,731.29 | |
| Current Price | $3,450.00 | |
| Upside | 790.76% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 29.52% | 18.47% | 120.14 | 136.66 | 108.87 | 63.81 | 48.00 | 32.96 | 32.94 | 32.96 | 36.27 | 41.70 |
| YoY Growth | - | - | -12.09% | 25.52% | 70.63% | 32.93% | 45.64% | 0.06% | -0.06% | -9.14% | -13.01% | 88.94% |
| Dividend Yield | - | - | 3.96% | 5.19% | 4.21% | 2.92% | 2.99% | 2.33% | 2.35% | 2.15% | 2.34% | 4.07% |
| Net Income To Common (M) | 15,460.00 |
| (-) Cash Dividends Paid (M) | 4,950.00 |
| (=) Cash Retained (M) | 10,510.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,092.00 | 1,932.50 | 1,159.50 |
| Cash Retained (M) | 10,510.00 | 10,510.00 | 10,510.00 |
| (-) Cash Required (M) | -3,092.00 | -1,932.50 | -1,159.50 |
| (=) Excess Retained (M) | 7,418.00 | 8,577.50 | 9,350.50 |
| (/) Shares Outstanding (M) | 54.92 | 54.92 | 54.92 |
| (=) Excess Retained per Share | 135.08 | 156.19 | 170.27 |
| LTM Dividend per Share | 90.14 | 90.14 | 90.14 |
| (+) Excess Retained per Share | 135.08 | 156.19 | 170.27 |
| (=) Adjusted Dividend | 225.21 | 246.33 | 260.40 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $27,807.63 | $52,467.26 | $55,986.19 |
| Upside / Downside | 706.02% | 1,420.79% | 1,522.79% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 15,460.00 | 16,464.90 | 17,535.12 | 18,674.90 | 19,888.77 | 21,181.54 | 21,816.99 |
| Payout Ratio | 32.02% | 43.61% | 55.21% | 66.81% | 78.40% | 90.00% | 92.50% |
| Projected Dividends (M) | 4,950.00 | 7,181.08 | 9,681.29 | 12,476.19 | 15,593.52 | 19,063.39 | 20,180.71 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 6,688.63 | 6,752.03 | 6,815.43 |
| Year 2 PV (M) | 8,399.00 | 8,558.98 | 8,720.47 |
| Year 3 PV (M) | 10,081.46 | 10,370.87 | 10,665.76 |
| Year 4 PV (M) | 11,736.35 | 12,187.70 | 12,651.94 |
| Year 5 PV (M) | 13,363.99 | 14,009.48 | 14,679.67 |
| PV of Terminal Value (M) | 421,748.26 | 442,118.86 | 463,269.09 |
| Equity Value (M) | 472,017.70 | 493,997.91 | 516,802.35 |
| Shares Outstanding (M) | 54.92 | 54.92 | 54.92 |
| Fair Value | $8,595.07 | $8,995.31 | $9,410.57 |
| Upside / Downside | 149.13% | 160.73% | 172.77% |
| 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% |