Definitive Analysis
| Stable Growth | $1,687.21 - $2,910.37 | $2,213.96 |
| Multi-Stage | $3,068.34 - $3,369.01 | $3,215.79 |
| Blended Fair Value | $2,714.87 | |
| Current Price | $3,349.00 | |
| Upside | -18.93% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 1.25% | 6.62% | 80.45 | 79.20 | 78.17 | 73.34 | 80.76 | 75.60 | 76.54 | 62.06 | 48.55 | 47.16 |
| YoY Growth | - | - | 1.58% | 1.31% | 6.59% | -9.19% | 6.83% | -1.23% | 23.32% | 27.82% | 2.95% | 11.33% |
| Dividend Yield | - | - | 3.48% | 3.00% | 2.41% | 2.25% | 1.60% | 3.03% | 2.25% | 1.51% | 1.65% | 1.87% |
| Net Income To Common (M) | 15,966.00 |
| (-) Cash Dividends Paid (M) | 9,652.00 |
| (=) Cash Retained (M) | 6,314.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 3,193.20 | 1,995.75 | 1,197.45 |
| Cash Retained (M) | 6,314.00 | 6,314.00 | 6,314.00 |
| (-) Cash Required (M) | -3,193.20 | -1,995.75 | -1,197.45 |
| (=) Excess Retained (M) | 3,120.80 | 4,318.25 | 5,116.55 |
| (/) Shares Outstanding (M) | 119.99 | 119.99 | 119.99 |
| (=) Excess Retained per Share | 26.01 | 35.99 | 42.64 |
| LTM Dividend per Share | 80.44 | 80.44 | 80.44 |
| (+) Excess Retained per Share | 26.01 | 35.99 | 42.64 |
| (=) Adjusted Dividend | 106.45 | 116.43 | 123.08 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 0.22% | 1.22% | 2.22% |
| Fair Value | $1,687.21 | $2,213.96 | $2,910.37 |
| Upside / Downside | -49.62% | -33.89% | -13.10% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 15,966.00 | 16,160.25 | 16,356.86 | 16,555.87 | 16,757.29 | 16,961.17 | 17,470.01 |
| Payout Ratio | 60.45% | 66.36% | 72.27% | 78.18% | 84.09% | 90.00% | 92.50% |
| Projected Dividends (M) | 9,652.00 | 10,724.39 | 11,821.44 | 12,943.61 | 14,091.33 | 15,265.05 | 16,159.76 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | 0.22% | 1.22% | 2.22% |
| Year 1 PV (M) | 9,966.68 | 10,066.13 | 10,165.58 |
| Year 2 PV (M) | 10,210.01 | 10,414.79 | 10,621.59 |
| Year 3 PV (M) | 10,389.36 | 10,703.48 | 11,023.87 |
| Year 4 PV (M) | 10,511.46 | 10,937.33 | 11,376.01 |
| Year 5 PV (M) | 10,582.48 | 11,121.10 | 11,681.44 |
| PV of Terminal Value (M) | 316,517.86 | 332,627.85 | 349,387.23 |
| Equity Value (M) | 368,177.84 | 385,870.68 | 404,255.72 |
| Shares Outstanding (M) | 119.99 | 119.99 | 119.99 |
| Fair Value | $3,068.34 | $3,215.79 | $3,369.01 |
| Upside / Downside | -8.38% | -3.98% | 0.60% |
| 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% |