Definitive Analysis
| Stable Growth | $257,886.24 - $906,040.65 | $426,490.87 |
| Multi-Stage | $222,683.89 - $243,718.16 | $233,006.53 |
| Blended Fair Value | $329,748.70 | |
| Current Price | $132,900.00 | |
| Upside | 148.12% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.27% | 6.15% | 4,915.85 | 4,599.65 | 4,996.60 | 4,406.94 | 3,651.50 | 3,460.69 | 3,157.09 | 2,987.04 | 2,727.87 | 2,568.04 |
| YoY Growth | - | - | 6.87% | -7.94% | 13.38% | 20.69% | 5.51% | 9.62% | 5.69% | 9.50% | 6.22% | -5.11% |
| Dividend Yield | - | - | 4.02% | 3.76% | 4.25% | 3.29% | 3.05% | 2.18% | 2.28% | 2.71% | 2.11% | 2.23% |
| Net Income To Common (M) | 79,312.40 |
| (-) Cash Dividends Paid (M) | 41,809.00 |
| (=) Cash Retained (M) | 37,503.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 15,862.48 | 9,914.05 | 5,948.43 |
| Cash Retained (M) | 37,503.40 | 37,503.40 | 37,503.40 |
| (-) Cash Required (M) | -15,862.48 | -9,914.05 | -5,948.43 |
| (=) Excess Retained (M) | 21,640.92 | 27,589.35 | 31,554.97 |
| (/) Shares Outstanding (M) | 8.50 | 8.50 | 8.50 |
| (=) Excess Retained per Share | 2,544.50 | 3,243.90 | 3,710.17 |
| LTM Dividend per Share | 4,915.82 | 4,915.82 | 4,915.82 |
| (+) Excess Retained per Share | 2,544.50 | 3,243.90 | 3,710.17 |
| (=) Adjusted Dividend | 7,460.32 | 8,159.72 | 8,625.99 |
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 4.03% | 5.03% | 6.03% |
| Fair Value | $257,886.24 | $426,490.87 | $906,040.65 |
| Upside / Downside | 94.05% | 220.91% | 581.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 79,312.40 | 83,302.14 | 87,492.58 | 91,893.82 | 96,516.46 | 101,371.63 | 104,412.78 |
| Payout Ratio | 52.71% | 60.17% | 67.63% | 75.09% | 82.54% | 90.00% | 92.50% |
| Projected Dividends (M) | 41,809.00 | 50,124.12 | 59,170.01 | 68,999.15 | 79,667.45 | 91,234.47 | 96,581.82 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.04% | 7.04% | 7.04% |
| Growth Rate | 4.03% | 5.03% | 6.03% |
| Year 1 PV (M) | 46,381.67 | 46,827.52 | 47,273.36 |
| Year 2 PV (M) | 50,664.17 | 51,642.87 | 52,630.94 |
| Year 3 PV (M) | 54,669.19 | 56,260.93 | 57,883.27 |
| Year 4 PV (M) | 58,408.96 | 60,687.39 | 63,031.84 |
| Year 5 PV (M) | 61,895.23 | 64,927.84 | 68,078.16 |
| PV of Terminal Value (M) | 1,621,904.79 | 1,701,371.33 | 1,783,922.60 |
| Equity Value (M) | 1,893,924.01 | 1,981,717.88 | 2,072,820.19 |
| Shares Outstanding (M) | 8.50 | 8.50 | 8.50 |
| Fair Value | $222,683.89 | $233,006.53 | $243,718.16 |
| Upside / Downside | 67.56% | 75.32% | 83.38% |
| 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% |