Definitive Analysis
| Stable Growth | $1,470,138.89 - $1,733,269.90 | $1,623,772.03 |
| Multi-Stage | $987,480.29 - $1,087,499.68 | $1,036,521.55 |
| Blended Fair Value | $1,330,146.79 | |
| Current Price | $193,500.00 | |
| Upside | 587.41% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.12% | 4.27% | 1,156.84 | 2,093.94 | 2,110.40 | 1,712.98 | 1,087.07 | 992.29 | 790.26 | 625.24 | 535.55 | 822.36 |
| YoY Growth | - | - | -44.75% | -0.78% | 23.20% | 57.58% | 9.55% | 25.56% | 26.39% | 16.75% | -34.88% | 8.02% |
| Dividend Yield | - | - | 0.90% | 1.36% | 1.38% | 1.04% | 0.58% | 1.02% | 0.74% | 0.59% | 0.77% | 1.40% |
| Net Income To Common (M) | 691,691.42 |
| (-) Cash Dividends Paid (M) | 137,716.64 |
| (=) Cash Retained (M) | 553,974.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 138,338.28 | 86,461.43 | 51,876.86 |
| Cash Retained (M) | 553,974.77 | 553,974.77 | 553,974.77 |
| (-) Cash Required (M) | -138,338.28 | -86,461.43 | -51,876.86 |
| (=) Excess Retained (M) | 415,636.49 | 467,513.35 | 502,097.92 |
| (/) Shares Outstanding (M) | 76.57 | 76.57 | 76.57 |
| (=) Excess Retained per Share | 5,427.87 | 6,105.34 | 6,556.99 |
| LTM Dividend per Share | 1,798.47 | 1,798.47 | 1,798.47 |
| (+) Excess Retained per Share | 5,427.87 | 6,105.34 | 6,556.99 |
| (=) Adjusted Dividend | 7,226.34 | 7,903.81 | 8,355.45 |
| WACC / Discount Rate | -0.42% | -0.42% | -0.42% |
| Growth Rate | 1.72% | 2.72% | 3.72% |
| Fair Value | $1,470,138.89 | $1,623,772.03 | $1,733,269.90 |
| Upside / Downside | 659.76% | 739.16% | 795.75% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 691,691.42 | 710,511.61 | 729,843.87 | 749,702.15 | 770,100.76 | 791,054.38 | 814,786.01 |
| Payout Ratio | 19.91% | 33.93% | 47.95% | 61.96% | 75.98% | 90.00% | 92.50% |
| Projected Dividends (M) | 137,716.64 | 241,063.10 | 349,931.50 | 464,545.83 | 585,138.15 | 711,948.94 | 753,677.06 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | -0.42% | -0.42% | -0.42% |
| Growth Rate | 1.72% | 2.72% | 3.72% |
| Year 1 PV (M) | 239,731.07 | 242,087.82 | 244,444.58 |
| Year 2 PV (M) | 346,074.98 | 352,912.83 | 359,817.57 |
| Year 3 PV (M) | 456,887.53 | 470,495.17 | 484,370.35 |
| Year 4 PV (M) | 572,311.85 | 595,151.08 | 618,667.17 |
| Year 5 PV (M) | 692,495.18 | 727,210.04 | 763,303.35 |
| PV of Terminal Value (M) | 73,308,309.15 | 76,983,262.62 | 80,804,140.95 |
| Equity Value (M) | 75,615,809.76 | 79,371,119.56 | 83,274,743.98 |
| Shares Outstanding (M) | 76.57 | 76.57 | 76.57 |
| Fair Value | $987,480.29 | $1,036,521.55 | $1,087,499.68 |
| Upside / Downside | 410.33% | 435.67% | 462.02% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| SIGI | Selective Insurance Group, Inc. | 1.77% | $1.48 | 22.19% |
| FUSB | First US Bancshares, Inc. | 1.76% | $0.25 | 26.72% |
| R | Ryder System, Inc. | 1.76% | $3.41 | 28.29% |
| RGA | Reinsurance Group of America, Incorporated | 1.75% | $3.55 | 27.34% |
| TFG.AS | Tetragon Financial Group Limited | 1.75% | $0.30 | 3.32% |
| WFC | Wells Fargo & Company | 1.75% | $1.67 | 25.46% |
| HCKT | The Hackett Group, Inc. | 1.74% | $0.34 | 85.97% |
| LEG | Leggett & Platt, Incorporated | 1.74% | $0.19 | 11.94% |
| RPRX | Royalty Pharma plc | 1.74% | $0.67 | 49.36% |
| SFBC | Sound Financial Bancorp, Inc. | 1.74% | $0.76 | 37.96% |
| SXT | Sensient Technologies Corporation | 1.74% | $1.63 | 50.00% |
| MKTX | MarketAxess Holdings Inc. | 1.73% | $3.09 | 52.31% |
| PRG | PROG Holdings, Inc. | 1.73% | $0.51 | 12.57% |
| STEL | Stellar Bancorp, Inc. | 1.73% | $0.53 | 26.88% |
| UFCS | United Fire Group, Inc. | 1.73% | $0.62 | 14.63% |
| AMAL | Amalgamated Financial Corp. | 1.72% | $0.55 | 16.32% |
| BK | The Bank of New York Mellon Corporation | 1.72% | $2.01 | 27.06% |
| COWN | Cowen Inc. | 1.72% | $0.67 | 33.32% |
| DG | Dollar General Corporation | 1.72% | $2.35 | 40.66% |
| AMKR | Amkor Technology, Inc. | 1.71% | $0.73 | 59.04% |
| DTF | DTF Tax-Free Income 2028 Term Fund Inc. | 1.71% | $0.20 | 80.42% |
| ERIE | Erie Indemnity Company | 1.71% | $4.75 | 38.59% |
| FLXS | Flexsteel Industries, Inc. | 1.71% | $0.68 | 17.01% |
| MTCH | Match Group, Inc. | 1.71% | $0.54 | 25.07% |
| LBRT | Liberty Energy Inc. | 1.70% | $0.32 | 28.43% |
| OVBC | Ohio Valley Banc Corp. | 1.70% | $0.67 | 28.36% |
| WTFC | Wintrust Financial Corporation | 1.70% | $2.43 | 20.92% |
| BANF | BancFirst Corporation | 1.69% | $1.80 | 25.72% |
| BDL | Flanigan's Enterprises, Inc. | 1.69% | $0.50 | 21.50% |
| CDHAX | Calvert International Responsible Idx A | 1.69% | $0.64 | 41.92% |
| CINR | Sisecam Resources LP | 1.69% | $0.34 | 19.21% |
| EXPO | Exponent, Inc. | 1.69% | $1.18 | 58.07% |
| GD | General Dynamics Corporation | 1.69% | $5.80 | 37.41% |
| HQI | HireQuest, Inc. | 1.69% | $0.18 | 36.36% |
| OTF | Blue Owl Technology Finance Corp. | 1.69% | $0.24 | 9.20% |
| PHIN | PHINIA Inc. | 1.68% | $1.09 | 47.78% |
| PTRS | Partners Bancorp | 1.68% | $0.12 | 13.62% |
| RNGR | Ranger Energy Services, Inc. | 1.67% | $0.24 | 34.90% |
| HQH | Abrdn Healthcare Investors | 1.66% | $0.31 | 6.95% |
| JILL | J.Jill, Inc. | 1.66% | $0.23 | 10.45% |
| PSH.AS | Pershing Square Holdings, Ltd. | 1.65% | $0.85 | 6.48% |
| SKT | Tanger Inc. | 1.65% | $0.55 | 58.16% |
| USCB | USCB Financial Holdings, Inc. | 1.64% | $0.30 | 18.70% |
| BOTJ | Bank of the James Financial Group, Inc. | 1.62% | $0.30 | 26.41% |
| RS | Reliance Steel & Aluminum Co. | 1.62% | $4.78 | 34.66% |
| SCI | Service Corporation International | 1.62% | $1.25 | 33.57% |
| SMLP | Summit Midstream Partners, LP | 1.62% | $0.59 | 6.02% |
| TKR | The Timken Company | 1.62% | $1.40 | 32.90% |
| TRINL | Trinity Capital Inc. - 7.00% No | 1.62% | $0.41 | 20.50% |
| CARR | Carrier Global Corporation | 1.61% | $0.86 | 18.56% |