Definitive Analysis
| Stable Growth | $123,206.60 - $190,335.34 | $154,368.58 |
| Multi-Stage | $288,632.86 - $317,113.30 | $302,595.63 |
| Blended Fair Value | $228,482.10 | |
| Current Price | $103,300.00 | |
| Upside | 121.18% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 0.00% | 0.00% | 6,226.19 | 4,329.92 | 1,657.55 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 43.79% | 161.22% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 5.00% | 3.60% | 1.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 3,464.69 |
| (-) Cash Dividends Paid (M) | 3,102.35 |
| (=) Cash Retained (M) | 362.35 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 692.94 | 433.09 | 259.85 |
| Cash Retained (M) | 362.35 | 362.35 | 362.35 |
| (-) Cash Required (M) | -692.94 | -433.09 | -259.85 |
| (=) Excess Retained (M) | -330.59 | -70.74 | 102.50 |
| (/) Shares Outstanding (M) | 0.26 | 0.26 | 0.26 |
| (=) Excess Retained per Share | -1,269.30 | -271.60 | 393.54 |
| LTM Dividend per Share | 11,911.48 | 11,911.48 | 11,911.48 |
| (+) Excess Retained per Share | -1,269.30 | -271.60 | 393.54 |
| (=) Adjusted Dividend | 10,642.18 | 11,639.88 | 12,305.02 |
| WACC / Discount Rate | 6.46% | 6.46% | 6.46% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $123,206.60 | $154,368.58 | $190,335.34 |
| Upside / Downside | 19.27% | 49.44% | 84.25% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,464.69 | 3,430.05 | 3,395.75 | 3,361.79 | 3,328.17 | 3,294.89 | 3,393.74 |
| Payout Ratio | 89.54% | 89.63% | 89.73% | 89.82% | 89.91% | 90.00% | 92.50% |
| Projected Dividends (M) | 3,102.35 | 3,074.47 | 3,046.83 | 3,019.45 | 2,992.30 | 2,965.40 | 3,139.21 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.46% | 6.46% | 6.46% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 2,858.60 | 2,887.77 | 2,916.94 |
| Year 2 PV (M) | 2,634.01 | 2,688.04 | 2,742.62 |
| Year 3 PV (M) | 2,427.06 | 2,502.12 | 2,578.71 |
| Year 4 PV (M) | 2,236.37 | 2,329.05 | 2,424.59 |
| Year 5 PV (M) | 2,060.65 | 2,167.96 | 2,279.68 |
| PV of Terminal Value (M) | 62,957.73 | 66,236.09 | 69,649.61 |
| Equity Value (M) | 75,174.43 | 78,811.03 | 82,592.16 |
| Shares Outstanding (M) | 0.26 | 0.26 | 0.26 |
| Fair Value | $288,632.86 | $302,595.63 | $317,113.30 |
| Upside / Downside | 179.41% | 192.93% | 206.98% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| THFF | First Financial Corporation | 3.32% | $1.98 | 31.67% |
| IRDM | Iridium Communications Inc. | 3.31% | $0.59 | 49.66% |
| PDCO | Patterson Companies, Inc. | 3.31% | $1.04 | 66.64% |
| 0HRZ.L | Coterra Energy Inc. | 3.30% | $0.88 | 40.64% |
| ACI | Albertsons Companies, Inc. | 3.30% | $0.57 | 33.33% |
| KDP | Keurig Dr Pepper Inc. | 3.30% | $0.92 | 78.89% |
| SPB | Spectrum Brands Holdings, Inc. | 3.30% | $1.98 | 48.25% |
| 0IUX.L | Genuine Parts Company | 3.29% | $4.05 | 69.77% |
| BG | Bunge Global S.A. | 3.29% | $3.05 | 31.37% |
| HDGCX | The Hartford Dividend and Growth Fund Class C | 3.29% | $1.08 | 20.58% |
| PSBD | Palmer Square Capital BDC Inc. | 3.29% | $0.40 | 90.32% |
| LIEN | Chicago Atlantic BDC, Inc. | 3.28% | $0.34 | 23.50% |
| REXR | Rexford Industrial Realty, Inc. | 3.28% | $1.28 | 90.14% |
| CVCY | Central Valley Community Bancorp | 3.27% | $0.58 | 32.80% |
| F-PD | Ford Motor Company 6.500% Notes | 3.27% | $0.74 | 63.45% |
| FSBW | FS Bancorp, Inc. | 3.27% | $1.33 | 31.78% |
| TRNO | Terreno Realty Corporation | 3.27% | $1.93 | 62.02% |
| 0I1P.L | Comerica Incorporated | 3.26% | $2.82 | 52.30% |
| ALEX | Alexander & Baldwin, Inc. | 3.26% | $0.67 | 66.95% |
| BRX | Brixmor Property Group Inc. | 3.26% | $0.85 | 78.30% |
| AGM-PC | Federal Agricultural Mortgage Corporation | 3.24% | $7.85 | 39.89% |
| HTO | H2O America | 3.24% | $1.60 | 52.08% |
| WEC | WEC Energy Group, Inc. | 3.24% | $3.45 | 66.21% |
| XOM | Exxon Mobil Corporation | 3.24% | $3.98 | 57.54% |
| SCL | Stepan Company | 3.22% | $1.52 | 76.82% |
| HBT | HBT Financial, Inc. | 3.21% | $0.83 | 33.20% |
| KALU | Kaiser Aluminum Corporation | 3.21% | $3.86 | 70.13% |
| SMP | Standard Motor Products, Inc. | 3.20% | $1.18 | 38.74% |
| 0QZA.L | ConocoPhillips | 3.19% | $3.09 | 43.65% |
| PAG | Penske Automotive Group, Inc. | 3.18% | $5.04 | 35.22% |
| CRBG | Corebridge Financial, Inc. | 3.17% | $0.96 | 52.57% |
| ED | Consolidated Edison, Inc. | 3.17% | $3.17 | 56.36% |
| LARK | Landmark Bancorp, Inc. | 3.17% | $0.82 | 38.75% |
| NBPU.L | NB Private Equity Partners Limited | 3.17% | $0.67 | 70.20% |
| PFBC | Preferred Bank | 3.16% | $3.03 | 29.67% |
| HNI | HNI Corporation | 3.15% | $1.34 | 44.63% |
| RBB | RBB Bancorp | 3.15% | $0.64 | 43.45% |
| FG | F&G Annuities & Life, Inc. | 3.14% | $0.94 | 28.23% |
| NBHC | National Bank Holdings Corporation | 3.14% | $1.19 | 37.27% |
| 0KZA.L | SM Energy Company | 3.13% | $0.60 | 9.44% |
| CBU | Community Bank System, Inc. | 3.13% | $1.82 | 46.85% |
| DTE | DTE Energy Company | 3.13% | $4.08 | 87.19% |
| RNST | Renasant Corporation | 3.13% | $1.11 | 48.14% |
| BSRR | Sierra Bancorp | 3.11% | $1.01 | 34.68% |
| FCF | First Commonwealth Financial Corporation | 3.11% | $0.52 | 38.19% |
| PNC | The PNC Financial Services Group, Inc. | 3.11% | $6.57 | 39.89% |
| PRK | Park National Corporation | 3.11% | $4.80 | 44.20% |
| GEF | Greif, Inc. | 3.10% | $2.12 | 12.04% |
| 0QAH.L | Merck & Co., Inc. | 3.09% | $3.25 | 42.60% |
| BANR | Banner Corporation | 3.09% | $1.93 | 35.15% |