Definitive Analysis
| Stable Growth | $3,040.89 - $13,233.47 | $5,285.06 |
| Multi-Stage | $3,308.69 - $3,634.34 | $3,468.43 |
| Blended Fair Value | $4,376.74 | |
| Current Price | $1,639.00 | |
| Upside | 167.04% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.30% | 9.28% | 37.64 | 36.13 | 39.22 | 34.49 | 30.90 | 26.46 | 21.53 | 19.34 | 18.26 | 17.15 |
| YoY Growth | - | - | 4.17% | -7.90% | 13.74% | 11.62% | 16.78% | 22.89% | 11.33% | 5.89% | 6.48% | 10.73% |
| Dividend Yield | - | - | 2.51% | 2.11% | 3.40% | 2.63% | 2.27% | 1.91% | 2.14% | 2.12% | 2.61% | 3.38% |
| Net Income To Common (M) | 4,932.47 |
| (-) Cash Dividends Paid (M) | 464.48 |
| (=) Cash Retained (M) | 4,467.98 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 986.49 | 616.56 | 369.94 |
| Cash Retained (M) | 4,467.98 | 4,467.98 | 4,467.98 |
| (-) Cash Required (M) | -986.49 | -616.56 | -369.94 |
| (=) Excess Retained (M) | 3,481.49 | 3,851.43 | 4,098.05 |
| (/) Shares Outstanding (M) | 48.74 | 48.74 | 48.74 |
| (=) Excess Retained per Share | 71.42 | 79.01 | 84.07 |
| LTM Dividend per Share | 9.53 | 9.53 | 9.53 |
| (+) Excess Retained per Share | 71.42 | 79.01 | 84.07 |
| (=) Adjusted Dividend | 80.95 | 88.54 | 93.60 |
| WACC / Discount Rate | 5.78% | 5.78% | 5.78% |
| Growth Rate | 3.04% | 4.04% | 5.04% |
| Fair Value | $3,040.89 | $5,285.06 | $13,233.47 |
| Upside / Downside | 85.53% | 222.46% | 707.41% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 4,932.47 | 5,131.54 | 5,338.64 | 5,554.10 | 5,778.26 | 6,011.46 | 6,191.80 |
| Payout Ratio | 9.42% | 25.53% | 41.65% | 57.77% | 73.88% | 90.00% | 92.50% |
| Projected Dividends (M) | 464.48 | 1,310.26 | 2,223.55 | 3,208.42 | 4,269.17 | 5,410.31 | 5,727.42 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 5.78% | 5.78% | 5.78% |
| Growth Rate | 3.04% | 4.04% | 5.04% |
| Year 1 PV (M) | 1,226.77 | 1,238.68 | 1,250.59 |
| Year 2 PV (M) | 1,949.22 | 1,987.24 | 2,025.62 |
| Year 3 PV (M) | 2,633.37 | 2,710.79 | 2,789.71 |
| Year 4 PV (M) | 3,280.73 | 3,409.96 | 3,542.97 |
| Year 5 PV (M) | 3,892.75 | 4,085.35 | 4,285.51 |
| PV of Terminal Value (M) | 148,298.43 | 155,635.92 | 163,261.03 |
| Equity Value (M) | 161,281.26 | 169,067.94 | 177,155.42 |
| Shares Outstanding (M) | 48.74 | 48.74 | 48.74 |
| Fair Value | $3,308.69 | $3,468.43 | $3,634.34 |
| Upside / Downside | 101.87% | 111.62% | 121.74% |
| 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% |