Definitive Analysis
| Stable Growth | $4,700.71 - $12,867.00 | $12,058.26 |
| Multi-Stage | $1,869.71 - $2,042.71 | $1,954.63 |
| Blended Fair Value | $7,006.45 | |
| Current Price | $2,300.00 | |
| Upside | 204.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.69% | 15.76% | 55.36 | 58.57 | 36.31 | 30.81 | 26.96 | 26.71 | 33.87 | 29.60 | 26.35 | 0.00 |
| YoY Growth | - | - | -5.48% | 61.31% | 17.84% | 14.29% | 0.95% | -21.15% | 14.42% | 12.33% | 0.00% | -100.00% |
| Dividend Yield | - | - | 2.78% | 3.14% | 1.68% | 1.07% | 1.30% | 2.95% | 4.29% | 2.65% | 2.42% | 0.00% |
| Net Income To Common (M) | 1,453,472.00 |
| (-) Cash Dividends Paid (M) | 1,241,463.00 |
| (=) Cash Retained (M) | 212,009.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 290,694.40 | 181,684.00 | 109,010.40 |
| Cash Retained (M) | 212,009.00 | 212,009.00 | 212,009.00 |
| (-) Cash Required (M) | -290,694.40 | -181,684.00 | -109,010.40 |
| (=) Excess Retained (M) | -78,685.40 | 30,325.00 | 102,998.60 |
| (/) Shares Outstanding (M) | 22,465.16 | 22,465.16 | 22,465.16 |
| (=) Excess Retained per Share | -3.50 | 1.35 | 4.58 |
| LTM Dividend per Share | 55.26 | 55.26 | 55.26 |
| (+) Excess Retained per Share | -3.50 | 1.35 | 4.58 |
| (=) Adjusted Dividend | 51.76 | 56.61 | 59.85 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $4,700.71 | $12,058.26 | $12,867.00 |
| Upside / Downside | 104.38% | 424.27% | 459.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,453,472.00 | 1,547,947.68 | 1,648,564.28 | 1,755,720.96 | 1,869,842.82 | 1,991,382.60 | 2,051,124.08 |
| Payout Ratio | 85.41% | 86.33% | 87.25% | 88.17% | 89.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,241,463.00 | 1,336,357.06 | 1,438,342.16 | 1,547,939.22 | 1,665,706.91 | 1,792,244.34 | 1,897,289.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,241,129.39 | 1,252,893.65 | 1,264,657.91 |
| Year 2 PV (M) | 1,240,655.79 | 1,264,286.80 | 1,288,140.74 |
| Year 3 PV (M) | 1,240,045.29 | 1,275,642.54 | 1,311,914.59 |
| Year 4 PV (M) | 1,239,300.93 | 1,286,960.95 | 1,335,982.58 |
| Year 5 PV (M) | 1,238,425.70 | 1,298,242.13 | 1,360,347.87 |
| PV of Terminal Value (M) | 35,803,822.06 | 37,533,160.06 | 39,328,683.89 |
| Equity Value (M) | 42,003,379.17 | 43,911,186.12 | 45,889,727.57 |
| Shares Outstanding (M) | 22,465.16 | 22,465.16 | 22,465.16 |
| Fair Value | $1,869.71 | $1,954.63 | $2,042.71 |
| Upside / Downside | -18.71% | -15.02% | -11.19% |
| 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% |