Definitive Analysis
| Stable Growth | $1,433.81 - $2,209.91 | $1,794.64 |
| Multi-Stage | $2,860.04 - $3,139.90 | $2,997.26 |
| Blended Fair Value | $2,395.95 | |
| Current Price | $1,090.50 | |
| Upside | 119.71% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | ||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.05% | 0.00% | 119.97 | 107.97 | 119.97 | 109.97 | 30.53 | 64.98 | 0.00 | 0.00 | 0.00 | 0.00 |
| YoY Growth | - | - | 11.11% | -10.00% | 9.09% | 260.24% | -53.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Dividend Yield | - | - | 10.91% | 12.26% | 22.64% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| Net Income To Common (M) | 154,999.90 |
| (-) Cash Dividends Paid (M) | 110,000.00 |
| (=) Cash Retained (M) | 44,999.90 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 30,999.98 | 19,374.99 | 11,624.99 |
| Cash Retained (M) | 44,999.90 | 44,999.90 | 44,999.90 |
| (-) Cash Required (M) | -30,999.98 | -19,374.99 | -11,624.99 |
| (=) Excess Retained (M) | 13,999.92 | 25,624.91 | 33,374.91 |
| (/) Shares Outstanding (M) | 1,000.26 | 1,000.26 | 1,000.26 |
| (=) Excess Retained per Share | 14.00 | 25.62 | 33.37 |
| LTM Dividend per Share | 109.97 | 109.97 | 109.97 |
| (+) Excess Retained per Share | 14.00 | 25.62 | 33.37 |
| (=) Adjusted Dividend | 123.97 | 135.59 | 143.34 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.40% | -0.40% | 0.60% |
| Fair Value | $1,433.81 | $1,794.64 | $2,209.91 |
| Upside / Downside | 31.48% | 64.57% | 102.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 154,999.90 | 154,383.92 | 153,770.40 | 153,159.31 | 152,550.65 | 151,944.41 | 156,502.74 |
| Payout Ratio | 70.97% | 74.77% | 78.58% | 82.39% | 86.19% | 90.00% | 92.50% |
| Projected Dividends (M) | 110,000.00 | 115,439.39 | 120,833.81 | 126,183.54 | 131,488.83 | 136,749.97 | 144,765.04 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | -1.40% | -0.40% | 0.60% |
| Year 1 PV (M) | 106,676.68 | 107,758.56 | 108,840.45 |
| Year 2 PV (M) | 103,185.67 | 105,289.24 | 107,414.04 |
| Year 3 PV (M) | 99,574.71 | 102,635.12 | 105,757.60 |
| Year 4 PV (M) | 95,885.00 | 99,834.33 | 103,904.42 |
| Year 5 PV (M) | 92,151.94 | 96,920.59 | 101,884.63 |
| PV of Terminal Value (M) | 2,363,311.06 | 2,485,606.81 | 2,612,913.78 |
| Equity Value (M) | 2,860,785.06 | 2,998,044.65 | 3,140,714.92 |
| Shares Outstanding (M) | 1,000.26 | 1,000.26 | 1,000.26 |
| Fair Value | $2,860.04 | $2,997.26 | $3,139.90 |
| Upside / Downside | 162.27% | 174.85% | 187.93% |
| 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% |