Definitive Analysis
| Stable Growth | $247,862.26 - $693,265.53 | $385,153.66 |
| Multi-Stage | $278,830.78 - $306,082.88 | $292,199.40 |
| Blended Fair Value | $338,676.53 | |
| Current Price | $70,100.00 | |
| Upside | 383.13% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.67% | 4.90% | 1,568.21 | 1,960.27 | 2,191.50 | 1,804.77 | 1,574.93 | 1,443.69 | 1,443.55 | 1,443.55 | 1,443.69 | 1,069.40 |
| YoY Growth | - | - | -20.00% | -10.55% | 21.43% | 14.59% | 9.09% | 0.01% | 0.00% | -0.01% | 35.00% | 10.00% |
| Dividend Yield | - | - | 2.21% | 2.38% | 2.83% | 1.98% | 2.68% | 4.89% | 3.30% | 3.29% | 3.72% | 2.47% |
| Net Income To Common (M) | 70,501.81 |
| (-) Cash Dividends Paid (M) | 11,950.07 |
| (=) Cash Retained (M) | 58,551.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 14,100.36 | 8,812.73 | 5,287.64 |
| Cash Retained (M) | 58,551.74 | 58,551.74 | 58,551.74 |
| (-) Cash Required (M) | -14,100.36 | -8,812.73 | -5,287.64 |
| (=) Excess Retained (M) | 44,451.38 | 49,739.01 | 53,264.10 |
| (/) Shares Outstanding (M) | 6.77 | 6.77 | 6.77 |
| (=) Excess Retained per Share | 6,562.54 | 7,343.18 | 7,863.60 |
| LTM Dividend per Share | 1,764.24 | 1,764.24 | 1,764.24 |
| (+) Excess Retained per Share | 6,562.54 | 7,343.18 | 7,863.60 |
| (=) Adjusted Dividend | 8,326.78 | 9,107.42 | 9,627.84 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 2.90% | 3.90% | 4.90% |
| Fair Value | $247,862.26 | $385,153.66 | $693,265.53 |
| Upside / Downside | 253.58% | 449.43% | 888.97% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 70,501.81 | 73,249.73 | 76,104.74 | 79,071.04 | 82,152.96 | 85,354.99 | 87,915.64 |
| Payout Ratio | 16.95% | 31.56% | 46.17% | 60.78% | 75.39% | 90.00% | 92.50% |
| Projected Dividends (M) | 11,950.07 | 23,117.63 | 35,137.57 | 48,059.39 | 61,935.12 | 76,819.49 | 81,321.97 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 2.90% | 3.90% | 4.90% |
| Year 1 PV (M) | 21,527.19 | 21,736.40 | 21,945.61 |
| Year 2 PV (M) | 30,469.12 | 31,064.22 | 31,665.08 |
| Year 3 PV (M) | 38,807.05 | 39,949.50 | 41,114.17 |
| Year 4 PV (M) | 46,570.78 | 48,407.71 | 50,298.46 |
| Year 5 PV (M) | 53,788.83 | 56,453.83 | 59,223.43 |
| PV of Terminal Value (M) | 1,697,497.33 | 1,781,600.97 | 1,869,005.64 |
| Equity Value (M) | 1,888,660.30 | 1,979,212.64 | 2,073,252.39 |
| Shares Outstanding (M) | 6.77 | 6.77 | 6.77 |
| Fair Value | $278,830.78 | $292,199.40 | $306,082.88 |
| Upside / Downside | 297.76% | 316.83% | 336.64% |
| 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% |