Definitive Analysis
| Stable Growth | $11.75 - $19.22 | $15.09 |
| Multi-Stage | $20.39 - $22.40 | $21.38 |
| Blended Fair Value | $18.23 | |
| Current Price | $7.30 | |
| Upside | 149.74% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 8.33% | 5.55% | 0.51 | 0.49 | 0.42 | 0.38 | 0.37 | 0.34 | 0.33 | 0.30 | 0.29 | 0.30 |
| YoY Growth | - | - | 2.87% | 18.76% | 10.99% | 2.42% | 7.41% | 4.93% | 9.61% | 1.71% | -2.38% | 0.79% |
| Dividend Yield | - | - | 7.39% | 9.35% | 9.34% | 7.87% | 6.62% | 6.63% | 5.77% | 4.87% | 6.03% | 6.95% |
| Net Income To Common (M) | 366,746.00 |
| (-) Cash Dividends Paid (M) | 159,072.00 |
| (=) Cash Retained (M) | 207,674.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 73,349.20 | 45,843.25 | 27,505.95 |
| Cash Retained (M) | 207,674.00 | 207,674.00 | 207,674.00 |
| (-) Cash Required (M) | -73,349.20 | -45,843.25 | -27,505.95 |
| (=) Excess Retained (M) | 134,324.80 | 161,830.75 | 180,168.05 |
| (/) Shares Outstanding (M) | 348,222.20 | 348,222.20 | 348,222.20 |
| (=) Excess Retained per Share | 0.39 | 0.46 | 0.52 |
| LTM Dividend per Share | 0.46 | 0.46 | 0.46 |
| (+) Excess Retained per Share | 0.39 | 0.46 | 0.52 |
| (=) Adjusted Dividend | 0.84 | 0.92 | 0.97 |
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Fair Value | $11.75 | $15.09 | $19.22 |
| Upside / Downside | 60.96% | 106.66% | 163.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 366,746.00 | 370,115.21 | 373,515.37 | 376,946.77 | 380,409.69 | 383,904.42 | 395,421.55 |
| Payout Ratio | 43.37% | 52.70% | 62.02% | 71.35% | 80.67% | 90.00% | 92.50% |
| Projected Dividends (M) | 159,072.00 | 195,047.42 | 231,670.42 | 268,949.84 | 306,894.67 | 345,513.98 | 365,764.93 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.08% | 7.08% | 7.08% |
| Growth Rate | -0.08% | 0.92% | 1.92% |
| Year 1 PV (M) | 180,340.47 | 182,145.34 | 183,950.21 |
| Year 2 PV (M) | 198,050.77 | 202,034.84 | 206,058.60 |
| Year 3 PV (M) | 212,583.83 | 219,030.62 | 225,606.46 |
| Year 4 PV (M) | 224,285.53 | 233,399.94 | 242,789.36 |
| Year 5 PV (M) | 233,469.69 | 245,388.87 | 257,789.97 |
| PV of Terminal Value (M) | 6,052,643.22 | 6,361,645.18 | 6,683,140.44 |
| Equity Value (M) | 7,101,373.50 | 7,443,644.80 | 7,799,335.04 |
| Shares Outstanding (M) | 348,222.20 | 348,222.20 | 348,222.20 |
| Fair Value | $20.39 | $21.38 | $22.40 |
| Upside / Downside | 179.36% | 192.82% | 206.82% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| HWBK | Hawthorn Bancshares, Inc. | 2.27% | $0.77 | 24.18% |
| UTMD | Utah Medical Products, Inc. | 2.27% | $1.28 | 35.35% |
| DKS | DICK'S Sporting Goods, Inc. | 2.26% | $4.52 | 38.61% |
| EML | The Eastern Company | 2.26% | $0.44 | 37.05% |
| SBCF | Seacoast Banking Corporation of Florida | 2.26% | $0.71 | 43.09% |
| WMK | Weis Markets, Inc. | 2.26% | $1.45 | 35.88% |
| 0JYA.L | Marathon Petroleum Corporation | 2.25% | $3.72 | 74.60% |
| FSBC | Five Star Bancorp | 2.25% | $0.80 | 29.79% |
| IBM | International Business Machines Corporation | 2.25% | $6.56 | 78.75% |
| 0KYZ.L | SBA Communications Corporation | 2.24% | $4.32 | 54.40% |
| BPOP | Popular, Inc. | 2.24% | $2.82 | 24.06% |
| MFIN | Medallion Financial Corp. | 2.24% | $0.23 | 12.50% |
| MS | Morgan Stanley | 2.24% | $4.07 | 40.12% |
| FXNC | First National Corporation | 2.23% | $0.55 | 86.28% |
| BAC | Bank of America Corporation | 2.22% | $1.24 | 31.97% |
| SSB | SouthState Corporation | 2.22% | $2.09 | 30.58% |
| VLGEA | Village Super Market, Inc. | 2.22% | $0.77 | 20.42% |
| WWW | Wolverine World Wide, Inc. | 2.22% | $0.41 | 37.79% |
| CCBG | Capital City Bank Group, Inc. | 2.21% | $0.93 | 26.22% |
| CG | The Carlyle Group Inc. | 2.20% | $1.34 | 76.25% |
| NHI | National Health Investors, Inc. | 2.20% | $1.69 | 54.58% |
| VNO | Vornado Realty Trust | 2.20% | $0.73 | 15.58% |
| BANC | Banc of California, Inc. | 2.19% | $0.43 | 32.44% |
| EBTC | Enterprise Bancorp, Inc. | 2.19% | $0.87 | 26.66% |
| RHP | Ryman Hospitality Properties, Inc. | 2.19% | $2.09 | 57.31% |
| CDP | COPT Defense Properties | 2.18% | $0.60 | 45.15% |
| FDS | FactSet Research Systems Inc. | 2.18% | $6.20 | 39.64% |
| ISBA | Isabella Bank Corporation | 2.18% | $1.10 | 44.52% |
| WH | Wyndham Hotels & Resorts, Inc. | 2.18% | $1.64 | 37.28% |
| EFSC | Enterprise Financial Services Corp | 2.17% | $1.17 | 22.34% |
| ETH | Grayscale Ethereum Mini Trust | 2.17% | $0.64 | 34.57% |
| SEM | Select Medical Holdings Corporation | 2.17% | $0.32 | 36.19% |
| BFST | Business First Bancshares, Inc. | 2.16% | $0.56 | 20.21% |
| CWBC | Community West Bancshares | 2.16% | $0.48 | 26.89% |
| EHTH | eHealth, Inc. | 2.16% | $0.09 | 5.60% |
| TPL | Texas Pacific Land Corporation | 2.16% | $6.42 | 31.02% |
| CBSH | Commerce Bancshares, Inc. | 2.15% | $1.12 | 26.40% |
| COLM | Columbia Sportswear Company | 2.15% | $1.20 | 35.55% |
| HTH | Hilltop Holdings Inc. | 2.15% | $0.73 | 28.46% |
| NATH | Nathan's Famous, Inc. | 2.15% | $1.98 | 35.76% |
| RCKY | Rocky Brands, Inc. | 2.15% | $0.62 | 22.50% |
| BDX | Becton, Dickinson and Company | 2.14% | $4.17 | 71.28% |
| CI | Cigna Corporation | 2.14% | $5.96 | 26.01% |
| FBIZ | First Business Financial Services, Inc. | 2.14% | $1.15 | 18.19% |
| JBSS | John B. Sanfilippo & Son, Inc. | 2.14% | $1.49 | 26.50% |
| JNPR | Juniper Networks, Inc. | 2.14% | $0.86 | 82.37% |
| POOL | Pool Corporation | 2.14% | $4.92 | 44.68% |
| CSCO | Cisco Systems, Inc. | 2.13% | $1.62 | 62.56% |
| CSTR | CapStar Financial Holdings, Inc. | 2.13% | $0.43 | 30.48% |
| HTLF | Heartland Financial USA, Inc. | 2.13% | $1.38 | 69.73% |