Definitive Analysis
| Stable Growth | $88,724.50 - $155,888.74 | $117,284.78 |
| Multi-Stage | $83,705.12 - $91,637.88 | $87,598.22 |
| Blended Fair Value | $102,441.50 | |
| Current Price | $118,200.00 | |
| Upside | -13.33% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 5.69% | 17.47% | 353.63 | 224.25 | 35.63 | 35.63 | 227.90 | 268.09 | 111.82 | 85.65 | 158.31 | 132.10 |
| YoY Growth | - | - | 57.70% | 529.32% | 0.00% | -84.36% | -14.99% | 139.75% | 30.56% | -45.90% | 19.84% | 86.89% |
| Dividend Yield | - | - | 0.44% | 0.36% | 0.08% | 0.06% | 0.40% | 0.36% | 0.44% | 0.41% | 0.81% | 0.61% |
| Net Income To Common (M) | 434,392.40 |
| (-) Cash Dividends Paid (M) | 24,080.17 |
| (=) Cash Retained (M) | 410,312.23 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 86,878.48 | 54,299.05 | 32,579.43 |
| Cash Retained (M) | 410,312.23 | 410,312.23 | 410,312.23 |
| (-) Cash Required (M) | -86,878.48 | -54,299.05 | -32,579.43 |
| (=) Excess Retained (M) | 323,433.75 | 356,013.18 | 377,732.80 |
| (/) Shares Outstanding (M) | 66.86 | 66.86 | 66.86 |
| (=) Excess Retained per Share | 4,837.68 | 5,324.97 | 5,649.84 |
| LTM Dividend per Share | 360.17 | 360.17 | 360.17 |
| (+) Excess Retained per Share | 4,837.68 | 5,324.97 | 5,649.84 |
| (=) Adjusted Dividend | 5,197.85 | 5,685.15 | 6,010.01 |
| WACC / Discount Rate | 9.77% | 9.77% | 9.77% |
| Growth Rate | 3.69% | 4.69% | 5.69% |
| Fair Value | $88,724.50 | $117,284.78 | $155,888.74 |
| Upside / Downside | -24.94% | -0.77% | 31.89% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 434,392.40 | 454,786.91 | 476,138.94 | 498,493.44 | 521,897.47 | 546,400.31 | 562,792.32 |
| Payout Ratio | 5.54% | 22.43% | 39.33% | 56.22% | 73.11% | 90.00% | 92.50% |
| Projected Dividends (M) | 24,080.17 | 102,030.22 | 187,246.63 | 280,239.88 | 381,552.37 | 491,760.28 | 520,582.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.77% | 9.77% | 9.77% |
| Growth Rate | 3.69% | 4.69% | 5.69% |
| Year 1 PV (M) | 92,061.43 | 92,949.24 | 93,837.05 |
| Year 2 PV (M) | 152,444.50 | 155,398.92 | 158,381.70 |
| Year 3 PV (M) | 205,862.17 | 211,875.59 | 218,004.99 |
| Year 4 PV (M) | 252,900.46 | 262,798.04 | 272,983.34 |
| Year 5 PV (M) | 294,101.87 | 308,559.14 | 323,579.45 |
| PV of Terminal Value (M) | 4,598,923.96 | 4,824,994.96 | 5,059,870.28 |
| Equity Value (M) | 5,596,294.37 | 5,856,575.90 | 6,126,656.81 |
| Shares Outstanding (M) | 66.86 | 66.86 | 66.86 |
| Fair Value | $83,705.12 | $87,598.22 | $91,637.88 |
| Upside / Downside | -29.18% | -25.89% | -22.47% |
| 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% |