Definitive Analysis
| Stable Growth | $123,717.22 - $202,121.49 | $158,743.29 |
| Multi-Stage | $215,568.38 - $236,645.67 | $225,904.87 |
| Blended Fair Value | $192,324.08 | |
| Current Price | $156,100.00 | |
| Upside | 23.21% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.18% | 2.97% | 5,933.58 | 5,675.42 | 5,664.91 | 5,500.35 | 5,458.74 | 5,327.70 | 5,163.08 | 4,942.06 | 4,529.00 | 4,167.90 |
| YoY Growth | - | - | 4.55% | 0.19% | 2.99% | 0.76% | 2.46% | 3.19% | 4.47% | 9.12% | 8.66% | -5.83% |
| Dividend Yield | - | - | 4.15% | 3.60% | 3.27% | 2.98% | 2.92% | 3.12% | 3.06% | 3.40% | 3.36% | 2.94% |
| Net Income To Common (M) | 31,777.98 |
| (-) Cash Dividends Paid (M) | 16,554.91 |
| (=) Cash Retained (M) | 15,223.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 6,355.60 | 3,972.25 | 2,383.35 |
| Cash Retained (M) | 15,223.08 | 15,223.08 | 15,223.08 |
| (-) Cash Required (M) | -6,355.60 | -3,972.25 | -2,383.35 |
| (=) Excess Retained (M) | 8,867.48 | 11,250.83 | 12,839.73 |
| (/) Shares Outstanding (M) | 2.86 | 2.86 | 2.86 |
| (=) Excess Retained per Share | 3,105.82 | 3,940.58 | 4,497.09 |
| LTM Dividend per Share | 5,798.32 | 5,798.32 | 5,798.32 |
| (+) Excess Retained per Share | 3,105.82 | 3,940.58 | 4,497.09 |
| (=) Adjusted Dividend | 8,904.14 | 9,738.90 | 10,295.41 |
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Fair Value | $123,717.22 | $158,743.29 | $202,121.49 |
| Upside / Downside | -20.74% | 1.69% | 29.48% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 31,777.98 | 32,071.27 | 32,367.26 | 32,665.98 | 32,967.46 | 33,271.72 | 34,269.87 |
| Payout Ratio | 52.10% | 59.68% | 67.26% | 74.84% | 82.42% | 90.00% | 92.50% |
| Projected Dividends (M) | 16,554.91 | 19,138.98 | 21,769.35 | 24,446.63 | 27,171.48 | 29,944.55 | 31,699.63 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.11% | 7.11% | 7.11% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Year 1 PV (M) | 17,690.73 | 17,867.77 | 18,044.82 |
| Year 2 PV (M) | 18,599.41 | 18,973.55 | 19,351.41 |
| Year 3 PV (M) | 19,306.33 | 19,891.79 | 20,488.96 |
| Year 4 PV (M) | 19,834.49 | 20,640.48 | 21,470.79 |
| Year 5 PV (M) | 20,204.69 | 21,236.15 | 22,309.30 |
| PV of Terminal Value (M) | 519,838.16 | 546,375.99 | 573,986.74 |
| Equity Value (M) | 615,473.81 | 644,985.73 | 675,652.02 |
| Shares Outstanding (M) | 2.86 | 2.86 | 2.86 |
| Fair Value | $215,568.38 | $225,904.87 | $236,645.67 |
| Upside / Downside | 38.10% | 44.72% | 51.60% |
| 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% |