Definitive Analysis
| Stable Growth | $174.71 - $314.55 | $233.22 |
| Multi-Stage | $283.99 - $311.85 | $297.65 |
| Blended Fair Value | $265.44 | |
| Current Price | $154.70 | |
| Upside | 71.58% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.24% | 8.14% | 5.27 | 5.03 | 5.06 | 4.79 | 4.32 | 4.28 | 3.78 | 3.27 | 2.99 | 2.41 |
| YoY Growth | - | - | 4.63% | -0.50% | 5.68% | 10.74% | 1.03% | 13.14% | 15.55% | 9.44% | 23.88% | 0.21% |
| Dividend Yield | - | - | 3.42% | 3.22% | 2.97% | 3.07% | 3.73% | 4.25% | 3.68% | 3.25% | 2.82% | 2.51% |
| Net Income To Common (M) | 1,040,875.00 |
| (-) Cash Dividends Paid (M) | 433,303.00 |
| (=) Cash Retained (M) | 607,572.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 208,175.00 | 130,109.38 | 78,065.63 |
| Cash Retained (M) | 607,572.00 | 607,572.00 | 607,572.00 |
| (-) Cash Required (M) | -208,175.00 | -130,109.38 | -78,065.63 |
| (=) Excess Retained (M) | 399,397.00 | 477,462.63 | 529,506.38 |
| (/) Shares Outstanding (M) | 82,941.36 | 82,941.36 | 82,941.36 |
| (=) Excess Retained per Share | 4.82 | 5.76 | 6.38 |
| LTM Dividend per Share | 5.22 | 5.22 | 5.22 |
| (+) Excess Retained per Share | 4.82 | 5.76 | 6.38 |
| (=) Adjusted Dividend | 10.04 | 10.98 | 11.61 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.87% | 1.87% | 2.87% |
| Fair Value | $174.71 | $233.22 | $314.55 |
| Upside / Downside | 12.93% | 50.76% | 103.33% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,040,875.00 | 1,060,290.59 | 1,080,068.33 | 1,100,215.00 | 1,120,737.46 | 1,141,642.73 | 1,175,892.01 |
| Payout Ratio | 41.63% | 51.30% | 60.98% | 70.65% | 80.33% | 90.00% | 92.50% |
| Projected Dividends (M) | 433,303.00 | 543,960.67 | 658,595.81 | 777,318.29 | 900,240.72 | 1,027,478.46 | 1,087,700.11 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 0.87% | 1.87% | 2.87% |
| Year 1 PV (M) | 504,981.36 | 509,987.85 | 514,994.34 |
| Year 2 PV (M) | 567,589.89 | 578,900.09 | 590,321.87 |
| Year 3 PV (M) | 621,902.67 | 640,583.68 | 659,635.10 |
| Year 4 PV (M) | 668,636.42 | 695,549.37 | 723,266.71 |
| Year 5 PV (M) | 708,454.47 | 744,276.60 | 781,533.33 |
| PV of Terminal Value (M) | 20,482,821.92 | 21,518,510.49 | 22,595,676.36 |
| Equity Value (M) | 23,554,386.74 | 24,687,808.09 | 25,865,427.71 |
| Shares Outstanding (M) | 82,941.36 | 82,941.36 | 82,941.36 |
| Fair Value | $283.99 | $297.65 | $311.85 |
| Upside / Downside | 83.57% | 92.41% | 101.58% |
| 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% |