Definitive Analysis
| Stable Growth | $7.24 - $10.83 | $8.94 |
| Multi-Stage | $16.90 - $18.60 | $17.74 |
| Blended Fair Value | $13.34 | |
| Current Price | $9.56 | |
| Upside | 39.53% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -18.48% | -0.78% | 0.16 | 0.35 | 1.50 | 2.50 | 0.69 | 0.44 | 0.69 | 0.80 | 0.72 | 0.16 |
| YoY Growth | - | - | -54.29% | -76.67% | -40.00% | 261.66% | 55.56% | -35.81% | -13.56% | 11.35% | 356.10% | -8.89% |
| Dividend Yield | - | - | 2.22% | 5.64% | 17.48% | 18.85% | 5.46% | 4.60% | 10.71% | 6.32% | 9.44% | 4.48% |
| Net Income To Common (M) | 2,744.57 |
| (-) Cash Dividends Paid (M) | 1,591.20 |
| (=) Cash Retained (M) | 1,153.37 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 548.91 | 343.07 | 205.84 |
| Cash Retained (M) | 1,153.37 | 1,153.37 | 1,153.37 |
| (-) Cash Required (M) | -548.91 | -343.07 | -205.84 |
| (=) Excess Retained (M) | 604.46 | 810.30 | 947.53 |
| (/) Shares Outstanding (M) | 3,120.28 | 3,120.28 | 3,120.28 |
| (=) Excess Retained per Share | 0.19 | 0.26 | 0.30 |
| LTM Dividend per Share | 0.51 | 0.51 | 0.51 |
| (+) Excess Retained per Share | 0.19 | 0.26 | 0.30 |
| (=) Adjusted Dividend | 0.70 | 0.77 | 0.81 |
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -2.78% | -1.78% | -0.78% |
| Fair Value | $7.24 | $8.94 | $10.83 |
| Upside / Downside | -24.31% | -6.47% | 13.28% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,744.57 | 2,695.65 | 2,647.60 | 2,600.40 | 2,554.05 | 2,508.52 | 2,583.78 |
| Payout Ratio | 57.98% | 64.38% | 70.79% | 77.19% | 83.60% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,591.20 | 1,735.49 | 1,874.12 | 2,007.26 | 2,135.06 | 2,257.67 | 2,389.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.67% | 6.67% | 6.67% |
| Growth Rate | -2.78% | -1.78% | -0.78% |
| Year 1 PV (M) | 1,610.38 | 1,626.94 | 1,643.51 |
| Year 2 PV (M) | 1,613.66 | 1,647.02 | 1,680.73 |
| Year 3 PV (M) | 1,603.70 | 1,653.70 | 1,704.73 |
| Year 4 PV (M) | 1,582.84 | 1,648.98 | 1,717.17 |
| Year 5 PV (M) | 1,553.08 | 1,634.62 | 1,719.54 |
| PV of Terminal Value (M) | 44,778.58 | 47,129.46 | 49,578.05 |
| Equity Value (M) | 52,742.23 | 55,340.72 | 58,043.73 |
| Shares Outstanding (M) | 3,120.28 | 3,120.28 | 3,120.28 |
| Fair Value | $16.90 | $17.74 | $18.60 |
| Upside / Downside | 76.81% | 85.52% | 94.58% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| ESP | Espey Mfg. & Electronics Corp. | 3.53% | $1.65 | 54.01% |
| F-PC | Ford Motor Company 6% Notes due | 3.53% | $0.74 | 63.45% |
| TECTP | Tectonic Financial, Inc. | 3.53% | $0.38 | 79.28% |
| AMFCX | American Funds American Mutual Fund | 3.52% | $2.06 | 90.87% |
| CRC | California Resources Corporation | 3.52% | $1.64 | 35.94% |
| FAF | First American Financial Corporation | 3.51% | $2.14 | 46.13% |
| GIC | Global Industrial Company | 3.51% | $1.03 | 58.36% |
| 0R0G.L | Mondelez International, Inc. | 3.50% | $1.89 | 69.92% |
| DCP | DCP Midstream, LP | 3.50% | $1.46 | 34.00% |
| LW | Lamb Weston Holdings, Inc. | 3.50% | $1.48 | 70.35% |
| WSO | Watsco, Inc. | 3.50% | $12.16 | 83.88% |
| 0QYY.L | Harley-Davidson, Inc. | 3.49% | $0.72 | 17.57% |
| LKFN | Lakeland Financial Corporation | 3.49% | $1.97 | 52.13% |
| TRST | TrustCo Bank Corp NY | 3.49% | $1.44 | 48.14% |
| OMC | Omnicom Group Inc. | 3.47% | $2.83 | 41.26% |
| PROV | Provident Financial Holdings, Inc. | 3.47% | $0.55 | 61.73% |
| UTL | Unitil Corporation | 3.47% | $1.70 | 61.75% |
| BF-A | Brown-Forman Corporation | 3.45% | $0.91 | 52.84% |
| COFS | ChoiceOne Financial Services, Inc. | 3.45% | $1.00 | 70.38% |
| FCBP | First Choice Bancorp | 3.45% | $1.00 | 34.34% |
| NXST | Nexstar Media Group, Inc. | 3.45% | $7.20 | 42.75% |
| STBA | S&T Bancorp, Inc. | 3.45% | $1.35 | 29.75% |
| VABK | Virginia National Bankshares Corporation | 3.45% | $1.37 | 55.94% |
| F-PB | Ford Motor Company 6.20% Notes | 3.44% | $0.74 | 63.45% |
| 0K3B.L | The Mosaic Company | 3.43% | $0.87 | 22.53% |
| CPF | Central Pacific Financial Corp. | 3.43% | $1.07 | 43.87% |
| CTBI | Community Trust Bancorp, Inc. | 3.43% | $1.93 | 37.41% |
| IIIN | Insteel Industries, Inc. | 3.43% | $1.11 | 53.05% |
| JJSF | J&J Snack Foods Corp. | 3.43% | $3.11 | 92.62% |
| TMP | Tompkins Financial Corporation | 3.43% | $2.49 | 42.22% |
| ALRS | Alerus Financial Corporation | 3.41% | $0.77 | 39.09% |
| CNXC | Concentrix Corporation | 3.41% | $1.40 | 28.16% |
| FBP | First BanCorp. | 3.41% | $0.71 | 34.06% |
| GLO | Clough Global Opportunities Fund | 3.41% | $0.19 | 15.90% |
| OPBK | OP Bancorp | 3.41% | $0.48 | 30.19% |
| PHX | PHX Minerals Inc. | 3.39% | $0.15 | 81.44% |
| WHG | Westwood Holdings Group, Inc. | 3.39% | $0.60 | 73.76% |
| SCVL | Shoe Carnival, Inc. | 3.38% | $0.59 | 28.17% |
| OGS | ONE Gas, Inc. | 3.37% | $2.61 | 61.93% |
| VALU | Value Line, Inc. | 3.36% | $1.25 | 55.36% |
| WTRG | Essential Utilities, Inc. | 3.36% | $1.30 | 54.79% |
| AVNT | Avient Corporation | 3.35% | $1.06 | 86.14% |
| KTB | Kontoor Brands, Inc. | 3.35% | $2.06 | 53.00% |
| VCTR | Victory Capital Holdings, Inc. | 3.35% | $2.15 | 48.89% |
| WAFD | WaFd, Inc. | 3.35% | $1.08 | 37.44% |
| PB | Prosperity Bancshares, Inc. | 3.34% | $2.32 | 41.44% |
| PFG | Principal Financial Group, Inc. | 3.34% | $2.99 | 43.04% |
| EVBN | Evans Bancorp, Inc. | 3.33% | $1.31 | 60.97% |
| NFYS | Enphys Acquisition Corp. | 3.33% | $0.37 | 68.70% |
| KMPR | Kemper Corporation | 3.32% | $1.31 | 32.45% |