Definitive Analysis
| Stable Growth | $19,755.10 - $39,310.13 | $36,839.35 |
| Multi-Stage | $6,122.71 - $6,699.79 | $6,405.96 |
| Blended Fair Value | $21,622.65 | |
| Current Price | $2,888.00 | |
| Upside | 648.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.60% | 10.38% | 84.62 | 72.55 | 56.58 | 50.37 | 49.41 | 48.88 | 49.02 | 38.03 | 21.55 | 21.81 |
| YoY Growth | - | - | 16.64% | 28.23% | 12.32% | 1.94% | 1.09% | -0.29% | 28.91% | 76.44% | -1.19% | -30.77% |
| Dividend Yield | - | - | 2.93% | 2.23% | 2.45% | 3.74% | 4.90% | 6.46% | 5.05% | 3.71% | 2.74% | 3.66% |
| Net Income To Common (M) | 799,471.00 |
| (-) Cash Dividends Paid (M) | 397,713.00 |
| (=) Cash Retained (M) | 401,758.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 159,894.20 | 99,933.88 | 59,960.33 |
| Cash Retained (M) | 401,758.00 | 401,758.00 | 401,758.00 |
| (-) Cash Required (M) | -159,894.20 | -99,933.88 | -59,960.33 |
| (=) Excess Retained (M) | 241,863.80 | 301,824.13 | 341,797.68 |
| (/) Shares Outstanding (M) | 4,044.63 | 4,044.63 | 4,044.63 |
| (=) Excess Retained per Share | 59.80 | 74.62 | 84.51 |
| LTM Dividend per Share | 98.33 | 98.33 | 98.33 |
| (+) Excess Retained per Share | 59.80 | 74.62 | 84.51 |
| (=) Adjusted Dividend | 158.13 | 172.95 | 182.84 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $19,755.10 | $36,839.35 | $39,310.13 |
| Upside / Downside | 584.04% | 1,175.60% | 1,261.15% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 799,471.00 | 851,436.62 | 906,779.99 | 965,720.69 | 1,028,492.54 | 1,095,344.55 | 1,128,204.89 |
| Payout Ratio | 49.75% | 57.80% | 65.85% | 73.90% | 81.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 397,713.00 | 492,110.07 | 597,098.41 | 713,656.08 | 842,843.51 | 985,810.10 | 1,043,589.52 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 458,405.86 | 462,750.94 | 467,096.02 |
| Year 2 PV (M) | 518,109.73 | 527,978.26 | 537,939.90 |
| Year 3 PV (M) | 576,836.48 | 593,395.38 | 610,268.19 |
| Year 4 PV (M) | 634,597.86 | 659,002.71 | 684,104.78 |
| Year 5 PV (M) | 691,405.51 | 724,800.66 | 759,473.91 |
| PV of Terminal Value (M) | 21,884,728.41 | 22,941,768.98 | 24,039,264.97 |
| Equity Value (M) | 24,764,083.86 | 25,909,696.93 | 27,098,147.77 |
| Shares Outstanding (M) | 4,044.63 | 4,044.63 | 4,044.63 |
| Fair Value | $6,122.71 | $6,405.96 | $6,699.79 |
| Upside / Downside | 112.01% | 121.81% | 131.99% |
| 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% |