Definitive Analysis
| Stable Growth | $5,167.47 - $7,824.07 | $6,418.09 |
| Multi-Stage | $12,694.25 - $13,986.85 | $13,327.74 |
| Blended Fair Value | $9,872.91 | |
| Current Price | $6,525.00 | |
| Upside | 51.31% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -31.36% | -21.13% | 92.15 | 163.96 | 519.80 | 552.47 | 794.40 | 604.71 | 769.64 | 1,021.42 | 456.30 | 1,484.30 |
| YoY Growth | - | - | -43.80% | -68.46% | -5.91% | -30.45% | 31.37% | -21.43% | -24.65% | 123.85% | -69.26% | 50.00% |
| Dividend Yield | - | - | 1.77% | 1.84% | 4.94% | 5.13% | 6.50% | 4.84% | 3.47% | 6.38% | 2.75% | 7.52% |
| Net Income To Common (M) | 2,015,120.00 |
| (-) Cash Dividends Paid (M) | 867,318.00 |
| (=) Cash Retained (M) | 1,147,802.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 403,024.00 | 251,890.00 | 151,134.00 |
| Cash Retained (M) | 1,147,802.00 | 1,147,802.00 | 1,147,802.00 |
| (-) Cash Required (M) | -403,024.00 | -251,890.00 | -151,134.00 |
| (=) Excess Retained (M) | 744,778.00 | 895,912.00 | 996,668.00 |
| (/) Shares Outstanding (M) | 3,347.06 | 3,347.06 | 3,347.06 |
| (=) Excess Retained per Share | 222.52 | 267.67 | 297.77 |
| LTM Dividend per Share | 259.13 | 259.13 | 259.13 |
| (+) Excess Retained per Share | 222.52 | 267.67 | 297.77 |
| (=) Adjusted Dividend | 481.65 | 526.80 | 556.90 |
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -2.75% | -1.75% | -0.75% |
| Fair Value | $5,167.47 | $6,418.09 | $7,824.07 |
| Upside / Downside | -20.80% | -1.64% | 19.91% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,015,120.00 | 1,979,883.15 | 1,945,262.46 | 1,911,247.15 | 1,877,826.65 | 1,844,990.54 | 1,900,340.26 |
| Payout Ratio | 43.04% | 52.43% | 61.82% | 71.22% | 80.61% | 90.00% | 92.50% |
| Projected Dividends (M) | 867,318.00 | 1,038,100.47 | 1,202,645.06 | 1,361,117.70 | 1,513,680.43 | 1,660,491.49 | 1,757,814.74 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.32% | 6.32% | 6.32% |
| Growth Rate | -2.75% | -1.75% | -0.75% |
| Year 1 PV (M) | 966,492.00 | 976,430.08 | 986,368.16 |
| Year 2 PV (M) | 1,042,449.97 | 1,063,998.45 | 1,085,767.37 |
| Year 3 PV (M) | 1,098,429.80 | 1,132,663.66 | 1,167,601.52 |
| Year 4 PV (M) | 1,137,286.01 | 1,184,789.63 | 1,233,766.08 |
| Year 5 PV (M) | 1,161,531.60 | 1,222,490.41 | 1,285,982.14 |
| PV of Terminal Value (M) | 37,082,198.11 | 39,028,324.03 | 41,055,313.93 |
| Equity Value (M) | 42,488,387.50 | 44,608,696.27 | 46,814,799.20 |
| Shares Outstanding (M) | 3,347.06 | 3,347.06 | 3,347.06 |
| Fair Value | $12,694.25 | $13,327.74 | $13,986.85 |
| Upside / Downside | 94.55% | 104.26% | 114.36% |
| 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% |