Definitive Analysis
| Stable Growth | $851.39 - $1,427.07 | $1,104.15 |
| Multi-Stage | $1,565.27 - $1,721.16 | $1,641.70 |
| Blended Fair Value | $1,372.93 | |
| Current Price | $346.00 | |
| Upside | 296.80% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 2.78% | 0.00% | 20.23 | 16.89 | 9.44 | 0.00 | 22.21 | 17.64 | 14.80 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 19.77% | 78.94% | 0.00% | -100.00% | 25.88% | 19.20% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.56% | 4.22% | 3.15% | 0.00% | 9.10% | 9.24% | 4.30% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 250,409.00 |
| (-) Cash Dividends Paid (M) | 78,529.00 |
| (=) Cash Retained (M) | 171,880.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 50,081.80 | 31,301.13 | 18,780.68 |
| Cash Retained (M) | 171,880.00 | 171,880.00 | 171,880.00 |
| (-) Cash Required (M) | -50,081.80 | -31,301.13 | -18,780.68 |
| (=) Excess Retained (M) | 121,798.20 | 140,578.88 | 153,099.33 |
| (/) Shares Outstanding (M) | 3,481.48 | 3,481.48 | 3,481.48 |
| (=) Excess Retained per Share | 34.98 | 40.38 | 43.98 |
| LTM Dividend per Share | 22.56 | 22.56 | 22.56 |
| (+) Excess Retained per Share | 34.98 | 40.38 | 43.98 |
| (=) Adjusted Dividend | 57.54 | 62.94 | 66.53 |
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -0.15% | 0.85% | 1.85% |
| Fair Value | $851.39 | $1,104.15 | $1,427.07 |
| Upside / Downside | 146.07% | 219.12% | 312.45% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 250,409.00 | 252,543.52 | 254,696.23 | 256,867.29 | 259,056.85 | 261,265.09 | 269,103.04 |
| Payout Ratio | 31.36% | 43.09% | 54.82% | 66.54% | 78.27% | 90.00% | 92.50% |
| Projected Dividends (M) | 78,529.00 | 108,816.55 | 139,614.73 | 170,930.07 | 202,769.13 | 235,138.58 | 248,920.31 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.60% | 6.60% | 6.60% |
| Growth Rate | -0.15% | 0.85% | 1.85% |
| Year 1 PV (M) | 101,066.32 | 102,078.48 | 103,090.64 |
| Year 2 PV (M) | 120,435.44 | 122,859.79 | 125,308.30 |
| Year 3 PV (M) | 136,947.17 | 141,103.00 | 145,342.07 |
| Year 4 PV (M) | 150,885.66 | 157,021.42 | 163,342.43 |
| Year 5 PV (M) | 162,510.55 | 170,812.72 | 179,450.78 |
| PV of Terminal Value (M) | 4,777,612.38 | 5,021,686.06 | 5,275,634.53 |
| Equity Value (M) | 5,449,457.53 | 5,715,561.47 | 5,992,168.75 |
| Shares Outstanding (M) | 3,481.48 | 3,481.48 | 3,481.48 |
| Fair Value | $1,565.27 | $1,641.70 | $1,721.16 |
| Upside / Downside | 352.39% | 374.48% | 397.44% |
| 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% |