Definitive Analysis
| Stable Growth | $1,924.84 - $3,391.71 | $2,547.31 |
| Multi-Stage | $1,544.31 - $1,682.94 | $1,612.39 |
| Blended Fair Value | $2,079.85 | |
| Current Price | $4,205.00 | |
| Upside | -50.54% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.57% | 13.05% | 41.14 | 31.41 | 28.07 | 24.18 | 21.02 | 19.95 | 16.80 | 14.70 | 12.61 | 12.60 |
| YoY Growth | - | - | 30.98% | 11.89% | 16.06% | 15.05% | 5.36% | 18.79% | 14.25% | 16.63% | 0.05% | 4.44% |
| Dividend Yield | - | - | 0.98% | 0.84% | 1.58% | 1.88% | 1.65% | 2.93% | 2.08% | 1.88% | 1.83% | 2.97% |
| Net Income To Common (M) | 632,603.00 |
| (-) Cash Dividends Paid (M) | 197,841.00 |
| (=) Cash Retained (M) | 434,762.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 126,520.60 | 79,075.38 | 47,445.23 |
| Cash Retained (M) | 434,762.00 | 434,762.00 | 434,762.00 |
| (-) Cash Required (M) | -126,520.60 | -79,075.38 | -47,445.23 |
| (=) Excess Retained (M) | 308,241.40 | 355,686.63 | 387,316.78 |
| (/) Shares Outstanding (M) | 4,595.85 | 4,595.85 | 4,595.85 |
| (=) Excess Retained per Share | 67.07 | 77.39 | 84.28 |
| LTM Dividend per Share | 43.05 | 43.05 | 43.05 |
| (+) Excess Retained per Share | 67.07 | 77.39 | 84.28 |
| (=) Adjusted Dividend | 110.12 | 120.44 | 127.32 |
| WACC / Discount Rate | 11.54% | 11.54% | 11.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,924.84 | $2,547.31 | $3,391.71 |
| Upside / Downside | -54.22% | -39.42% | -19.34% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 632,603.00 | 673,722.20 | 717,514.14 | 764,152.56 | 813,822.47 | 866,720.93 | 892,722.56 |
| Payout Ratio | 31.27% | 43.02% | 54.76% | 66.51% | 78.25% | 90.00% | 92.50% |
| Projected Dividends (M) | 197,841.00 | 289,830.53 | 392,942.81 | 508,235.17 | 636,855.34 | 780,048.84 | 825,768.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 11.54% | 11.54% | 11.54% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 257,415.02 | 259,854.98 | 262,294.93 |
| Year 2 PV (M) | 309,962.31 | 315,866.22 | 321,825.82 |
| Year 3 PV (M) | 356,068.87 | 366,290.33 | 376,705.55 |
| Year 4 PV (M) | 396,277.90 | 411,517.63 | 427,192.75 |
| Year 5 PV (M) | 431,092.65 | 451,914.59 | 473,533.43 |
| PV of Terminal Value (M) | 5,346,610.16 | 5,604,853.43 | 5,872,980.28 |
| Equity Value (M) | 7,097,426.92 | 7,410,297.18 | 7,734,532.77 |
| Shares Outstanding (M) | 4,595.85 | 4,595.85 | 4,595.85 |
| Fair Value | $1,544.31 | $1,612.39 | $1,682.94 |
| Upside / Downside | -63.27% | -61.66% | -59.98% |
| 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% |