Definitive Analysis
| Stable Growth | $1,470,138.89 - $1,733,269.90 | $1,623,772.03 |
| Multi-Stage | $1,001,263.01 - $1,102,685.47 | $1,050,992.19 |
| Blended Fair Value | $1,337,382.11 | |
| Current Price | $193,500.00 | |
| Upside | 591.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.12% | 4.27% | 1,156.84 | 2,093.94 | 2,110.40 | 1,712.98 | 1,087.07 | 992.29 | 790.26 | 625.24 | 535.55 | 822.36 |
| YoY Growth | - | - | -44.75% | -0.78% | 23.20% | 57.58% | 9.55% | 25.56% | 26.39% | 16.75% | -34.88% | 8.02% |
| Dividend Yield | - | - | 0.90% | 1.36% | 1.38% | 1.04% | 0.58% | 1.02% | 0.74% | 0.59% | 0.77% | 1.40% |
| Net Income To Common (M) | 691,691.42 |
| (-) Cash Dividends Paid (M) | 137,716.64 |
| (=) Cash Retained (M) | 553,974.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 138,338.28 | 86,461.43 | 51,876.86 |
| Cash Retained (M) | 553,974.77 | 553,974.77 | 553,974.77 |
| (-) Cash Required (M) | -138,338.28 | -86,461.43 | -51,876.86 |
| (=) Excess Retained (M) | 415,636.49 | 467,513.35 | 502,097.92 |
| (/) Shares Outstanding (M) | 76.57 | 76.57 | 76.57 |
| (=) Excess Retained per Share | 5,427.87 | 6,105.34 | 6,556.99 |
| LTM Dividend per Share | 1,798.47 | 1,798.47 | 1,798.47 |
| (+) Excess Retained per Share | 5,427.87 | 6,105.34 | 6,556.99 |
| (=) Adjusted Dividend | 7,226.34 | 7,903.81 | 8,355.45 |
| WACC / Discount Rate | -0.70% | -0.70% | -0.70% |
| Growth Rate | 1.72% | 2.72% | 3.72% |
| Fair Value | $1,470,138.89 | $1,623,772.03 | $1,733,269.90 |
| Upside / Downside | 659.76% | 739.16% | 795.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 691,691.42 | 710,511.61 | 729,843.87 | 749,702.15 | 770,100.76 | 791,054.38 | 814,786.01 |
| Payout Ratio | 19.91% | 33.93% | 47.95% | 61.96% | 75.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 137,716.64 | 241,063.10 | 349,931.50 | 464,545.83 | 585,138.15 | 711,948.94 | 753,677.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | -0.70% | -0.70% | -0.70% |
| Growth Rate | 1.72% | 2.72% | 3.72% |
| Year 1 PV (M) | 240,402.75 | 242,766.10 | 245,129.46 |
| Year 2 PV (M) | 348,016.96 | 354,893.18 | 361,836.66 |
| Year 3 PV (M) | 460,738.61 | 474,460.95 | 488,453.08 |
| Year 4 PV (M) | 578,752.85 | 601,849.12 | 625,629.87 |
| Year 5 PV (M) | 702,250.82 | 737,454.73 | 774,056.52 |
| PV of Terminal Value (M) | 74,341,052.45 | 78,067,777.45 | 81,942,483.06 |
| Equity Value (M) | 76,671,214.43 | 80,479,201.53 | 84,437,588.65 |
| Shares Outstanding (M) | 76.57 | 76.57 | 76.57 |
| Fair Value | $1,001,263.01 | $1,050,992.19 | $1,102,685.47 |
| Upside / Downside | 417.45% | 443.15% | 469.86% |
| 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% |