Definitive Analysis
| Stable Growth | $9,199.57 - $25,176.54 | $23,594.11 |
| Multi-Stage | $3,515.26 - $3,848.29 | $3,678.71 |
| Blended Fair Value | $13,636.41 | |
| Current Price | $2,618.50 | |
| Upside | 420.77% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 38.19% | 19.76% | 34.52 | 31.98 | 27.58 | 21.59 | 8.63 | 6.85 | 6.85 | 6.85 | 6.34 | 5.69 |
| YoY Growth | - | - | 7.95% | 15.94% | 27.76% | 150.20% | 25.98% | 0.02% | 0.01% | 8.07% | 11.38% | 0.01% |
| Dividend Yield | - | - | 1.21% | 1.35% | 1.02% | 0.91% | 0.50% | 0.75% | 1.36% | 1.23% | 1.24% | 1.09% |
| Net Income To Common (M) | 22,492.00 |
| (-) Cash Dividends Paid (M) | 6,192.00 |
| (=) Cash Retained (M) | 16,300.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 4,498.40 | 2,811.50 | 1,686.90 |
| Cash Retained (M) | 16,300.00 | 16,300.00 | 16,300.00 |
| (-) Cash Required (M) | -4,498.40 | -2,811.50 | -1,686.90 |
| (=) Excess Retained (M) | 11,801.60 | 13,488.50 | 14,613.10 |
| (/) Shares Outstanding (M) | 177.67 | 177.67 | 177.67 |
| (=) Excess Retained per Share | 66.42 | 75.92 | 82.25 |
| LTM Dividend per Share | 34.85 | 34.85 | 34.85 |
| (+) Excess Retained per Share | 66.42 | 75.92 | 82.25 |
| (=) Adjusted Dividend | 101.28 | 110.77 | 117.10 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $9,199.57 | $23,594.11 | $25,176.54 |
| Upside / Downside | 251.33% | 801.05% | 861.49% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 22,492.00 | 23,953.98 | 25,510.99 | 27,169.20 | 28,935.20 | 30,815.99 | 31,740.47 |
| Payout Ratio | 27.53% | 40.02% | 52.52% | 65.01% | 77.51% | 90.00% | 92.50% |
| Projected Dividends (M) | 6,192.00 | 9,587.30 | 13,397.83 | 17,663.22 | 22,426.50 | 27,734.39 | 29,359.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 8,904.14 | 8,988.54 | 9,072.94 |
| Year 2 PV (M) | 11,556.47 | 11,776.59 | 11,998.79 |
| Year 3 PV (M) | 14,150.00 | 14,556.19 | 14,970.09 |
| Year 4 PV (M) | 16,685.66 | 17,327.35 | 17,987.36 |
| Year 5 PV (M) | 19,164.43 | 20,090.08 | 21,051.16 |
| PV of Terminal Value (M) | 554,092.75 | 580,855.63 | 608,642.80 |
| Equity Value (M) | 624,553.45 | 653,594.38 | 683,723.13 |
| Shares Outstanding (M) | 177.67 | 177.67 | 177.67 |
| Fair Value | $3,515.26 | $3,678.71 | $3,848.29 |
| Upside / Downside | 34.25% | 40.49% | 46.97% |
| 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% |