Definitive Analysis
| Stable Growth | $4,009.83 - $12,506.42 | $11,720.34 |
| Multi-Stage | $1,751.53 - $1,912.49 | $1,830.55 |
| Blended Fair Value | $6,775.45 | |
| Current Price | $1,385.10 | |
| Upside | 389.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 64.31% | 21.15% | 59.90 | 51.88 | 47.90 | 41.98 | 12.00 | 5.00 | 4.05 | 6.23 | 12.48 | 9.94 |
| YoY Growth | - | - | 15.47% | 8.30% | 14.10% | 249.79% | 139.94% | 23.48% | -35.01% | -50.06% | 25.54% | 13.08% |
| Dividend Yield | - | - | 3.47% | 3.53% | 4.03% | 4.31% | 1.22% | 0.90% | 0.77% | 1.35% | 2.93% | 2.72% |
| Net Income To Common (M) | 170,588.63 |
| (-) Cash Dividends Paid (M) | 162,768.13 |
| (=) Cash Retained (M) | 7,820.50 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 34,117.73 | 21,323.58 | 12,794.15 |
| Cash Retained (M) | 7,820.50 | 7,820.50 | 7,820.50 |
| (-) Cash Required (M) | -34,117.73 | -21,323.58 | -12,794.15 |
| (=) Excess Retained (M) | -26,297.23 | -13,503.08 | -4,973.65 |
| (/) Shares Outstanding (M) | 2,712.67 | 2,712.67 | 2,712.67 |
| (=) Excess Retained per Share | -9.69 | -4.98 | -1.83 |
| LTM Dividend per Share | 60.00 | 60.00 | 60.00 |
| (+) Excess Retained per Share | -9.69 | -4.98 | -1.83 |
| (=) Adjusted Dividend | 50.31 | 55.03 | 58.17 |
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $4,009.83 | $11,720.34 | $12,506.42 |
| Upside / Downside | 189.50% | 746.17% | 802.93% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 170,588.63 | 181,676.89 | 193,485.89 | 206,062.47 | 219,456.53 | 233,721.21 | 240,732.84 |
| Payout Ratio | 95.42% | 94.33% | 93.25% | 92.17% | 91.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 162,768.13 | 171,380.29 | 180,424.33 | 189,920.02 | 199,887.85 | 210,349.09 | 222,677.88 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.82% | 6.82% | 6.82% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 158,926.52 | 160,432.93 | 161,939.34 |
| Year 2 PV (M) | 155,155.11 | 158,110.38 | 161,093.53 |
| Year 3 PV (M) | 151,452.77 | 155,800.44 | 160,230.52 |
| Year 4 PV (M) | 147,818.36 | 153,503.03 | 159,350.12 |
| Year 5 PV (M) | 144,250.76 | 151,218.12 | 158,452.15 |
| PV of Terminal Value (M) | 3,993,723.49 | 4,186,621.83 | 4,386,902.84 |
| Equity Value (M) | 4,751,327.01 | 4,965,686.74 | 5,187,968.50 |
| Shares Outstanding (M) | 2,712.67 | 2,712.67 | 2,712.67 |
| Fair Value | $1,751.53 | $1,830.55 | $1,912.49 |
| Upside / Downside | 26.46% | 32.16% | 38.08% |
| 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% |