Definitive Analysis
| Stable Growth | $594.53 - $923.17 | $746.55 |
| Multi-Stage | $1,333.67 - $1,468.74 | $1,399.88 |
| Blended Fair Value | $1,073.21 | |
| Current Price | $905.00 | |
| Upside | 18.59% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.88% | 0.09% | 28.86 | 41.79 | 14.93 | 14.93 | 24.88 | 30.16 | 40.21 | 30.16 | 16.40 | 30.87 |
| YoY Growth | - | - | -30.95% | 180.00% | 0.00% | -40.00% | -17.51% | -25.00% | 33.33% | 83.86% | -46.87% | 7.99% |
| Dividend Yield | - | - | 9.43% | 12.15% | 4.85% | 5.45% | 7.54% | 10.77% | 9.95% | 7.01% | 3.96% | 4.94% |
| Net Income To Common (M) | 153,231.45 |
| (-) Cash Dividends Paid (M) | 53,523.04 |
| (=) Cash Retained (M) | 99,708.41 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 30,646.29 | 19,153.93 | 11,492.36 |
| Cash Retained (M) | 99,708.41 | 99,708.41 | 99,708.41 |
| (-) Cash Required (M) | -30,646.29 | -19,153.93 | -11,492.36 |
| (=) Excess Retained (M) | 69,062.12 | 80,554.48 | 88,216.05 |
| (/) Shares Outstanding (M) | 2,429.01 | 2,429.01 | 2,429.01 |
| (=) Excess Retained per Share | 28.43 | 33.16 | 36.32 |
| LTM Dividend per Share | 22.03 | 22.03 | 22.03 |
| (+) Excess Retained per Share | 28.43 | 33.16 | 36.32 |
| (=) Adjusted Dividend | 50.47 | 55.20 | 58.35 |
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -1.91% | -0.91% | 0.09% |
| Fair Value | $594.53 | $746.55 | $923.17 |
| Upside / Downside | -34.31% | -17.51% | 2.01% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 153,231.45 | 151,843.12 | 150,467.37 | 149,104.09 | 147,753.15 | 146,414.46 | 150,806.89 |
| Payout Ratio | 34.93% | 45.94% | 56.96% | 67.97% | 78.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 53,523.04 | 69,762.25 | 85,702.79 | 101,348.76 | 116,704.17 | 131,773.01 | 139,496.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.42% | 6.42% | 6.42% |
| Growth Rate | -1.91% | -0.91% | 0.09% |
| Year 1 PV (M) | 64,891.68 | 65,553.21 | 66,214.73 |
| Year 2 PV (M) | 74,153.58 | 75,673.18 | 77,208.18 |
| Year 3 PV (M) | 81,568.82 | 84,088.95 | 86,660.46 |
| Year 4 PV (M) | 87,369.67 | 90,987.21 | 94,715.95 |
| Year 5 PV (M) | 91,763.38 | 96,537.04 | 101,507.33 |
| PV of Terminal Value (M) | 2,839,740.77 | 2,987,468.12 | 3,141,280.48 |
| Equity Value (M) | 3,239,487.90 | 3,400,307.70 | 3,567,587.13 |
| Shares Outstanding (M) | 2,429.01 | 2,429.01 | 2,429.01 |
| Fair Value | $1,333.67 | $1,399.88 | $1,468.74 |
| Upside / Downside | 47.37% | 54.68% | 62.29% |
| 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% |