Definitive Analysis
| Stable Growth | $12,510.19 - $39,071.47 | $36,615.69 |
| Multi-Stage | $5,242.17 - $5,736.10 | $5,484.61 |
| Blended Fair Value | $21,050.15 | |
| Current Price | $4,429.00 | |
| Upside | 375.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 11.50% | 15.99% | 65.97 | 53.96 | 49.28 | 46.60 | 43.27 | 38.28 | 32.45 | 31.62 | 27.45 | 19.96 |
| YoY Growth | - | - | 22.27% | 9.48% | 5.76% | 7.70% | 13.03% | 17.97% | 2.64% | 15.16% | 37.53% | 33.36% |
| Dividend Yield | - | - | 1.52% | 1.71% | 2.18% | 2.03% | 1.96% | 2.19% | 1.79% | 1.84% | 1.63% | 1.57% |
| Net Income To Common (M) | 61,413.00 |
| (-) Cash Dividends Paid (M) | 22,189.00 |
| (=) Cash Retained (M) | 39,224.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 12,282.60 | 7,676.63 | 4,605.98 |
| Cash Retained (M) | 39,224.00 | 39,224.00 | 39,224.00 |
| (-) Cash Required (M) | -12,282.60 | -7,676.63 | -4,605.98 |
| (=) Excess Retained (M) | 26,941.40 | 31,547.38 | 34,618.03 |
| (/) Shares Outstanding (M) | 312.59 | 312.59 | 312.59 |
| (=) Excess Retained per Share | 86.19 | 100.92 | 110.74 |
| LTM Dividend per Share | 70.98 | 70.98 | 70.98 |
| (+) Excess Retained per Share | 86.19 | 100.92 | 110.74 |
| (=) Adjusted Dividend | 157.17 | 171.90 | 181.73 |
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $12,510.19 | $36,615.69 | $39,071.47 |
| Upside / Downside | 182.46% | 726.73% | 782.17% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 61,413.00 | 65,404.85 | 69,656.16 | 74,183.81 | 79,005.76 | 84,141.13 | 86,665.37 |
| Payout Ratio | 36.13% | 46.90% | 57.68% | 68.45% | 79.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 22,189.00 | 30,677.90 | 40,176.61 | 50,780.54 | 62,593.23 | 75,727.02 | 80,165.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.83% | 6.83% | 6.83% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 28,448.14 | 28,717.79 | 28,987.44 |
| Year 2 PV (M) | 34,548.54 | 35,206.59 | 35,870.85 |
| Year 3 PV (M) | 40,493.17 | 41,655.59 | 42,840.04 |
| Year 4 PV (M) | 46,284.98 | 48,064.97 | 49,895.81 |
| Year 5 PV (M) | 51,926.83 | 54,434.91 | 57,038.99 |
| PV of Terminal Value (M) | 1,436,969.25 | 1,506,375.40 | 1,578,437.89 |
| Equity Value (M) | 1,638,670.90 | 1,714,455.25 | 1,793,071.01 |
| Shares Outstanding (M) | 312.59 | 312.59 | 312.59 |
| Fair Value | $5,242.17 | $5,484.61 | $5,736.10 |
| Upside / Downside | 18.36% | 23.83% | 29.51% |
| 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% |