Definitive Analysis
| Stable Growth | $10,331.46 - $24,652.58 | $15,274.68 |
| Multi-Stage | $13,812.36 - $15,132.42 | $14,460.00 |
| Blended Fair Value | $14,867.34 | |
| Current Price | $7,000.00 | |
| Upside | 112.39% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.41% | 72.07% | 324.47 | 447.91 | 447.91 | 450.00 | 426.38 | 366.62 | 189.82 | 1.28 | 1.43 | 1.43 |
| YoY Growth | - | - | -27.56% | 0.00% | -0.46% | 5.54% | 16.30% | 93.15% | 14,683.76% | -9.90% | -0.07% | 0.00% |
| Dividend Yield | - | - | 4.64% | 7.26% | 5.44% | 5.86% | 9.45% | 5.76% | 0.40% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 246,061.95 |
| (-) Cash Dividends Paid (M) | 208,119.55 |
| (=) Cash Retained (M) | 37,942.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 49,212.39 | 30,757.74 | 18,454.65 |
| Cash Retained (M) | 37,942.40 | 37,942.40 | 37,942.40 |
| (-) Cash Required (M) | -49,212.39 | -30,757.74 | -18,454.65 |
| (=) Excess Retained (M) | -11,269.99 | 7,184.65 | 19,487.75 |
| (/) Shares Outstanding (M) | 493.41 | 493.41 | 493.41 |
| (=) Excess Retained per Share | -22.84 | 14.56 | 39.50 |
| LTM Dividend per Share | 421.80 | 421.80 | 421.80 |
| (+) Excess Retained per Share | -22.84 | 14.56 | 39.50 |
| (=) Adjusted Dividend | 398.96 | 436.36 | 461.29 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 2.36% | 3.36% | 4.36% |
| Fair Value | $10,331.46 | $15,274.68 | $24,652.58 |
| Upside / Downside | 47.59% | 118.21% | 252.18% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 246,061.95 | 254,336.81 | 262,889.95 | 271,730.72 | 280,868.80 | 290,314.19 | 299,023.62 |
| Payout Ratio | 84.58% | 85.66% | 86.75% | 87.83% | 88.92% | 90.00% | 92.50% |
| Projected Dividends (M) | 208,119.55 | 217,875.38 | 228,052.00 | 238,666.68 | 249,737.39 | 261,282.77 | 276,596.84 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | 2.36% | 3.36% | 4.36% |
| Year 1 PV (M) | 202,949.74 | 204,932.39 | 206,915.04 |
| Year 2 PV (M) | 197,876.67 | 201,761.73 | 205,684.57 |
| Year 3 PV (M) | 192,900.28 | 198,609.11 | 204,429.48 |
| Year 4 PV (M) | 188,020.40 | 195,475.97 | 203,151.11 |
| Year 5 PV (M) | 183,236.73 | 192,363.67 | 201,850.73 |
| PV of Terminal Value (M) | 5,850,180.02 | 6,141,574.84 | 6,444,467.09 |
| Equity Value (M) | 6,815,163.84 | 7,134,717.72 | 7,466,498.01 |
| Shares Outstanding (M) | 493.41 | 493.41 | 493.41 |
| Fair Value | $13,812.36 | $14,460.00 | $15,132.42 |
| Upside / Downside | 97.32% | 106.57% | 116.18% |
| 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% |