Definitive Analysis
| Stable Growth | $99.20 - $177.38 | $132.06 |
| Multi-Stage | $150.31 - $164.90 | $157.47 |
| Blended Fair Value | $144.77 | |
| Current Price | $34.10 | |
| Upside | 324.53% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.16% | 5.44% | 1.71 | 1.44 | 1.13 | 1.24 | 1.44 | 1.47 | 1.30 | 1.27 | 1.93 | 1.12 |
| YoY Growth | - | - | 19.34% | 27.17% | -9.02% | -13.69% | -1.98% | 12.67% | 3.00% | -34.59% | 72.67% | 10.89% |
| Dividend Yield | - | - | 6.87% | 6.91% | 4.25% | 4.86% | 6.12% | 5.43% | 4.48% | 3.17% | 6.97% | 4.73% |
| Net Income To Common (M) | 76,110.00 |
| (-) Cash Dividends Paid (M) | 36,391.00 |
| (=) Cash Retained (M) | 39,719.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15,222.00 | 9,513.75 | 5,708.25 |
| Cash Retained (M) | 39,719.00 | 39,719.00 | 39,719.00 |
| (-) Cash Required (M) | -15,222.00 | -9,513.75 | -5,708.25 |
| (=) Excess Retained (M) | 24,497.00 | 30,205.25 | 34,010.75 |
| (/) Shares Outstanding (M) | 10,572.78 | 10,572.78 | 10,572.78 |
| (=) Excess Retained per Share | 2.32 | 2.86 | 3.22 |
| LTM Dividend per Share | 3.44 | 3.44 | 3.44 |
| (+) Excess Retained per Share | 2.32 | 2.86 | 3.22 |
| (=) Adjusted Dividend | 5.76 | 6.30 | 6.66 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 1.16% | 2.16% | 3.16% |
| Fair Value | $99.20 | $132.06 | $177.38 |
| Upside / Downside | 190.91% | 287.27% | 420.17% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 76,110.00 | 77,752.87 | 79,431.20 | 81,145.75 | 82,897.32 | 84,686.70 | 87,227.30 |
| Payout Ratio | 47.81% | 56.25% | 64.69% | 73.13% | 81.56% | 90.00% | 92.50% |
| Projected Dividends (M) | 36,391.00 | 43,736.73 | 51,382.62 | 59,338.22 | 67,613.32 | 76,218.03 | 80,685.25 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 1.16% | 2.16% | 3.16% |
| Year 1 PV (M) | 40,463.55 | 40,863.55 | 41,263.55 |
| Year 2 PV (M) | 43,979.63 | 44,853.45 | 45,735.86 |
| Year 3 PV (M) | 46,988.06 | 48,395.38 | 49,830.52 |
| Year 4 PV (M) | 49,533.95 | 51,521.85 | 53,568.99 |
| Year 5 PV (M) | 51,659.00 | 54,263.36 | 56,971.70 |
| PV of Terminal Value (M) | 1,356,603.83 | 1,424,996.06 | 1,496,119.25 |
| Equity Value (M) | 1,589,228.03 | 1,664,893.64 | 1,743,489.87 |
| Shares Outstanding (M) | 10,572.78 | 10,572.78 | 10,572.78 |
| Fair Value | $150.31 | $157.47 | $164.90 |
| Upside / Downside | 340.80% | 361.79% | 383.59% |
| 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% |