Definitive Analysis
| Stable Growth | $21,395.11 - $25,221.21 | $23,629.40 |
| Multi-Stage | $39,850.98 - $43,876.63 | $41,825.01 |
| Blended Fair Value | $32,727.21 | |
| Current Price | $2,735.00 | |
| Upside | 1,096.61% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.53% | 0.53% | 21.03 | 103.13 | 128.30 | 250.60 | 32.61 | 10.22 | 25.55 | 51.09 | 81.16 | 28.87 |
| YoY Growth | - | - | -79.61% | -19.62% | -48.80% | 668.52% | 219.09% | -60.00% | -49.99% | -37.05% | 181.09% | 44.74% |
| Dividend Yield | - | - | 0.73% | 6.01% | 8.35% | 16.17% | 2.12% | 1.15% | 2.16% | 2.76% | 4.00% | 1.71% |
| Net Income To Common (M) | 365,825.79 |
| (-) Cash Dividends Paid (M) | 41,941.21 |
| (=) Cash Retained (M) | 323,884.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 73,165.16 | 45,728.22 | 27,436.93 |
| Cash Retained (M) | 323,884.59 | 323,884.59 | 323,884.59 |
| (-) Cash Required (M) | -73,165.16 | -45,728.22 | -27,436.93 |
| (=) Excess Retained (M) | 250,719.43 | 278,156.36 | 296,447.65 |
| (/) Shares Outstanding (M) | 2,801.75 | 2,801.75 | 2,801.75 |
| (=) Excess Retained per Share | 89.49 | 99.28 | 105.81 |
| LTM Dividend per Share | 14.97 | 14.97 | 14.97 |
| (+) Excess Retained per Share | 89.49 | 99.28 | 105.81 |
| (=) Adjusted Dividend | 104.46 | 114.25 | 120.78 |
| WACC / Discount Rate | -18.49% | -18.49% | -18.49% |
| Growth Rate | 2.41% | 3.41% | 4.41% |
| Fair Value | $21,395.11 | $23,629.40 | $25,221.21 |
| Upside / Downside | 682.27% | 763.96% | 822.16% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 365,825.79 | 378,306.52 | 391,213.04 | 404,559.89 | 418,362.09 | 432,635.17 | 445,614.23 |
| Payout Ratio | 11.46% | 27.17% | 42.88% | 58.59% | 74.29% | 90.00% | 92.50% |
| Projected Dividends (M) | 41,941.21 | 102,792.85 | 167,747.78 | 237,015.14 | 310,813.58 | 389,371.66 | 412,193.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | -18.49% | -18.49% | -18.49% |
| Growth Rate | 2.41% | 3.41% | 4.41% |
| Year 1 PV (M) | 124,894.87 | 126,114.41 | 127,333.94 |
| Year 2 PV (M) | 247,639.63 | 252,499.40 | 257,406.40 |
| Year 3 PV (M) | 425,129.40 | 437,704.95 | 450,526.07 |
| Year 4 PV (M) | 677,371.21 | 704,218.04 | 731,855.12 |
| Year 5 PV (M) | 1,031,033.47 | 1,082,363.86 | 1,135,718.60 |
| PV of Terminal Value (M) | 109,146,348.42 | 114,580,240.80 | 120,228,432.62 |
| Equity Value (M) | 111,652,417.00 | 117,183,141.46 | 122,931,272.75 |
| Shares Outstanding (M) | 2,801.75 | 2,801.75 | 2,801.75 |
| Fair Value | $39,850.98 | $41,825.01 | $43,876.63 |
| Upside / Downside | 1,357.07% | 1,429.25% | 1,504.26% |
| 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% |