Definitive Analysis
| Stable Growth | $2,439.94 - $4,100.82 | $3,167.85 |
| Multi-Stage | $4,852.45 - $5,334.29 | $5,088.71 |
| Blended Fair Value | $4,128.28 | |
| Current Price | $5,636.00 | |
| Upside | -26.75% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.17% | 1.63% | 105.47 | 99.79 | 81.91 | 48.23 | 48.19 | 94.73 | 92.88 | 142.59 | 89.73 | 81.57 |
| YoY Growth | - | - | 5.69% | 21.82% | 69.86% | 0.08% | -49.13% | 2.00% | -34.86% | 58.91% | 10.01% | -9.10% |
| Dividend Yield | - | - | 2.12% | 2.20% | 2.83% | 2.25% | 1.92% | 4.75% | 3.27% | 4.41% | 2.95% | 4.05% |
| Net Income To Common (M) | 10,634.00 |
| (-) Cash Dividends Paid (M) | 5,293.00 |
| (=) Cash Retained (M) | 5,341.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 2,126.80 | 1,329.25 | 797.55 |
| Cash Retained (M) | 5,341.00 | 5,341.00 | 5,341.00 |
| (-) Cash Required (M) | -2,126.80 | -1,329.25 | -797.55 |
| (=) Excess Retained (M) | 3,214.20 | 4,011.75 | 4,543.45 |
| (/) Shares Outstanding (M) | 51.80 | 51.80 | 51.80 |
| (=) Excess Retained per Share | 62.05 | 77.45 | 87.71 |
| LTM Dividend per Share | 102.18 | 102.18 | 102.18 |
| (+) Excess Retained per Share | 62.05 | 77.45 | 87.71 |
| (=) Adjusted Dividend | 164.24 | 179.63 | 189.90 |
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | -0.37% | 0.63% | 1.63% |
| Fair Value | $2,439.94 | $3,167.85 | $4,100.82 |
| Upside / Downside | -56.71% | -43.79% | -27.24% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 10,634.00 | 10,700.86 | 10,768.14 | 10,835.84 | 10,903.97 | 10,972.53 | 11,301.70 |
| Payout Ratio | 49.77% | 57.82% | 65.86% | 73.91% | 81.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 5,293.00 | 6,187.18 | 7,092.39 | 8,008.74 | 8,936.33 | 9,875.27 | 10,454.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.33% | 6.33% | 6.33% |
| Growth Rate | -0.37% | 0.63% | 1.63% |
| Year 1 PV (M) | 5,760.76 | 5,818.58 | 5,876.40 |
| Year 2 PV (M) | 6,148.46 | 6,272.51 | 6,397.79 |
| Year 3 PV (M) | 6,464.35 | 6,660.96 | 6,861.52 |
| Year 4 PV (M) | 6,715.94 | 6,989.67 | 7,271.68 |
| Year 5 PV (M) | 6,910.09 | 7,263.91 | 7,632.08 |
| PV of Terminal Value (M) | 219,351.30 | 230,582.96 | 242,270.05 |
| Equity Value (M) | 251,350.90 | 263,588.58 | 276,309.53 |
| Shares Outstanding (M) | 51.80 | 51.80 | 51.80 |
| Fair Value | $4,852.45 | $5,088.71 | $5,334.29 |
| Upside / Downside | -13.90% | -9.71% | -5.35% |
| 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% |