Definitive Analysis
| Stable Growth | $553.04 - $1,041.38 | $751.28 |
| Multi-Stage | $824.51 - $905.16 | $864.06 |
| Blended Fair Value | $807.67 | |
| Current Price | $224.00 | |
| Upside | 260.57% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.89% | 3.39% | 20.04 | 18.19 | 16.22 | 9.54 | 2.86 | 10.46 | 17.10 | 7.61 | 11.40 | 11.17 |
| YoY Growth | - | - | 10.21% | 12.12% | 70.05% | 233.76% | -72.68% | -38.82% | 124.82% | -33.26% | 2.07% | -22.26% |
| Dividend Yield | - | - | 9.37% | 8.34% | 6.14% | 4.22% | 1.35% | 5.23% | 4.30% | 2.03% | 2.46% | 1.80% |
| Net Income To Common (M) | 376,436.45 |
| (-) Cash Dividends Paid (M) | 135,925.86 |
| (=) Cash Retained (M) | 240,510.59 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 75,287.29 | 47,054.56 | 28,232.73 |
| Cash Retained (M) | 240,510.59 | 240,510.59 | 240,510.59 |
| (-) Cash Required (M) | -75,287.29 | -47,054.56 | -28,232.73 |
| (=) Excess Retained (M) | 165,223.30 | 193,456.03 | 212,277.86 |
| (/) Shares Outstanding (M) | 10,320.00 | 10,320.00 | 10,320.00 |
| (=) Excess Retained per Share | 16.01 | 18.75 | 20.57 |
| LTM Dividend per Share | 13.17 | 13.17 | 13.17 |
| (+) Excess Retained per Share | 16.01 | 18.75 | 20.57 |
| (=) Adjusted Dividend | 29.18 | 31.92 | 33.74 |
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 1.39% | 2.39% | 3.39% |
| Fair Value | $553.04 | $751.28 | $1,041.38 |
| Upside / Downside | 146.89% | 235.39% | 364.90% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 376,436.45 | 385,425.96 | 394,630.16 | 404,054.15 | 413,703.19 | 423,582.66 | 436,290.14 |
| Payout Ratio | 36.11% | 46.89% | 57.67% | 68.44% | 79.22% | 90.00% | 92.50% |
| Projected Dividends (M) | 135,925.86 | 180,714.15 | 227,564.06 | 276,548.53 | 327,742.77 | 381,224.40 | 403,568.38 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.74% | 6.74% | 6.74% |
| Growth Rate | 1.39% | 2.39% | 3.39% |
| Year 1 PV (M) | 167,652.98 | 169,306.56 | 170,960.14 |
| Year 2 PV (M) | 195,858.28 | 199,740.87 | 203,661.57 |
| Year 3 PV (M) | 220,815.09 | 227,413.50 | 234,142.07 |
| Year 4 PV (M) | 242,778.17 | 252,498.99 | 262,508.84 |
| Year 5 PV (M) | 261,984.95 | 275,162.24 | 288,864.52 |
| PV of Terminal Value (M) | 7,419,817.98 | 7,793,019.40 | 8,181,089.01 |
| Equity Value (M) | 8,508,907.45 | 8,917,141.57 | 9,341,226.15 |
| Shares Outstanding (M) | 10,320.00 | 10,320.00 | 10,320.00 |
| Fair Value | $824.51 | $864.06 | $905.16 |
| Upside / Downside | 268.08% | 285.74% | 304.09% |
| 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% |