Definitive Analysis
| Stable Growth | $403.19 - $1,042.07 | $976.57 |
| Multi-Stage | $148.56 - $162.63 | $155.47 |
| Blended Fair Value | $566.02 | |
| Current Price | $123.51 | |
| Upside | 358.28% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 71.94% | 30.25% | 2.30 | 1.50 | 1.43 | 0.77 | 1.44 | 0.15 | 0.29 | 0.18 | 0.51 | 0.12 |
| YoY Growth | - | - | 53.33% | 4.90% | 85.71% | -46.25% | 836.10% | -46.67% | 60.58% | -65.03% | 339.35% | -28.96% |
| Dividend Yield | - | - | 1.63% | 0.87% | 4.38% | 3.93% | 5.78% | 0.62% | 1.16% | 0.72% | 2.06% | 0.47% |
| Net Income To Common (M) | 68,352.00 |
| (-) Cash Dividends Paid (M) | 20,909.60 |
| (=) Cash Retained (M) | 47,442.40 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 13,670.40 | 8,544.00 | 5,126.40 |
| Cash Retained (M) | 47,442.40 | 47,442.40 | 47,442.40 |
| (-) Cash Required (M) | -13,670.40 | -8,544.00 | -5,126.40 |
| (=) Excess Retained (M) | 33,772.00 | 38,898.40 | 42,316.00 |
| (/) Shares Outstanding (M) | 13,044.77 | 13,044.77 | 13,044.77 |
| (=) Excess Retained per Share | 2.59 | 2.98 | 3.24 |
| LTM Dividend per Share | 1.60 | 1.60 | 1.60 |
| (+) Excess Retained per Share | 2.59 | 2.98 | 3.24 |
| (=) Adjusted Dividend | 4.19 | 4.58 | 4.85 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $403.19 | $976.57 | $1,042.07 |
| Upside / Downside | 226.45% | 690.68% | 743.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 68,352.00 | 72,794.88 | 77,526.55 | 82,565.77 | 87,932.55 | 93,648.16 | 96,457.61 |
| Payout Ratio | 30.59% | 42.47% | 54.35% | 66.24% | 78.12% | 90.00% | 92.50% |
| Projected Dividends (M) | 20,909.60 | 30,918.06 | 42,139.27 | 54,688.61 | 68,691.33 | 84,283.35 | 89,223.29 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 28,732.32 | 29,004.66 | 29,277.01 |
| Year 2 PV (M) | 36,391.84 | 37,085.00 | 37,784.71 |
| Year 3 PV (M) | 43,890.69 | 45,150.64 | 46,434.47 |
| Year 4 PV (M) | 51,231.37 | 53,201.58 | 55,228.08 |
| Year 5 PV (M) | 58,416.33 | 61,237.86 | 64,167.38 |
| PV of Terminal Value (M) | 1,719,289.83 | 1,802,332.17 | 1,888,552.74 |
| Equity Value (M) | 1,937,952.38 | 2,028,011.92 | 2,121,444.38 |
| Shares Outstanding (M) | 13,044.77 | 13,044.77 | 13,044.77 |
| Fair Value | $148.56 | $155.47 | $162.63 |
| Upside / Downside | 20.28% | 25.87% | 31.67% |
| 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% |