Definitive Analysis
| Stable Growth | $117,627.85 - $512,537.30 | $282,817.78 |
| Multi-Stage | $59,557.14 - $65,164.99 | $62,309.70 |
| Blended Fair Value | $172,563.74 | |
| Current Price | $88,900.00 | |
| Upside | 94.11% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -2.71% | 10.81% | 400.46 | 252.76 | 578.12 | 589.62 | 538.46 | 459.42 | 417.09 | 302.39 | 229.40 | 208.55 |
| YoY Growth | - | - | 58.44% | -56.28% | -1.95% | 9.50% | 17.20% | 10.15% | 37.93% | 31.82% | 10.00% | 45.33% |
| Dividend Yield | - | - | 0.73% | 0.58% | 1.65% | 1.27% | 0.55% | 0.57% | 0.91% | 0.52% | 0.93% | 0.86% |
| Net Income To Common (M) | 73,338.26 |
| (-) Cash Dividends Paid (M) | 18,671.63 |
| (=) Cash Retained (M) | 54,666.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14,667.65 | 9,167.28 | 5,500.37 |
| Cash Retained (M) | 54,666.63 | 54,666.63 | 54,666.63 |
| (-) Cash Required (M) | -14,667.65 | -9,167.28 | -5,500.37 |
| (=) Excess Retained (M) | 39,998.98 | 45,499.35 | 49,166.26 |
| (/) Shares Outstanding (M) | 28.46 | 28.46 | 28.46 |
| (=) Excess Retained per Share | 1,405.61 | 1,598.89 | 1,727.75 |
| LTM Dividend per Share | 656.14 | 656.14 | 656.14 |
| (+) Excess Retained per Share | 1,405.61 | 1,598.89 | 1,727.75 |
| (=) Adjusted Dividend | 2,061.75 | 2,255.04 | 2,383.89 |
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $117,627.85 | $282,817.78 | $512,537.30 |
| Upside / Downside | 32.31% | 218.13% | 476.53% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 73,338.26 | 78,105.24 | 83,182.08 | 88,588.92 | 94,347.20 | 100,479.77 | 103,494.16 |
| Payout Ratio | 25.46% | 38.37% | 51.28% | 64.18% | 77.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 18,671.63 | 29,967.17 | 42,652.25 | 56,859.77 | 72,734.07 | 90,431.79 | 95,732.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.35% | 7.35% | 7.35% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 27,653.49 | 27,915.60 | 28,177.72 |
| Year 2 PV (M) | 36,320.36 | 37,012.17 | 37,710.49 |
| Year 3 PV (M) | 44,680.45 | 45,963.07 | 47,270.00 |
| Year 4 PV (M) | 52,741.74 | 54,770.04 | 56,856.29 |
| Year 5 PV (M) | 60,512.05 | 63,434.81 | 66,469.42 |
| PV of Terminal Value (M) | 1,472,894.45 | 1,544,035.81 | 1,617,899.91 |
| Equity Value (M) | 1,694,802.55 | 1,773,131.49 | 1,854,383.82 |
| Shares Outstanding (M) | 28.46 | 28.46 | 28.46 |
| Fair Value | $59,557.14 | $62,309.70 | $65,164.99 |
| Upside / Downside | -33.01% | -29.91% | -26.70% |
| 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% |