Definitive Analysis
| Stable Growth | $165,757.58 - $317,583.20 | $226,675.52 |
| Multi-Stage | $244,077.43 - $267,726.97 | $255,678.10 |
| Blended Fair Value | $241,176.81 | |
| Current Price | $133,600.00 | |
| Upside | 80.52% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 3.04% | 3.83% | 5,442.73 | 7,203.84 | 5,343.30 | 5,525.89 | 5,167.46 | 4,686.01 | 4,686.01 | 4,217.41 | 3,973.67 | 3,971.55 |
| YoY Growth | - | - | -24.45% | 34.82% | -3.30% | 6.94% | 10.27% | 0.00% | 11.11% | 6.13% | 0.05% | 6.25% |
| Dividend Yield | - | - | 5.38% | 7.87% | 6.37% | 6.85% | 6.35% | 6.27% | 4.46% | 4.22% | 4.08% | 3.61% |
| Net Income To Common (M) | 1,143,499.00 |
| (-) Cash Dividends Paid (M) | 602,969.00 |
| (=) Cash Retained (M) | 540,530.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 228,699.80 | 142,937.38 | 85,762.43 |
| Cash Retained (M) | 540,530.00 | 540,530.00 | 540,530.00 |
| (-) Cash Required (M) | -228,699.80 | -142,937.38 | -85,762.43 |
| (=) Excess Retained (M) | 311,830.20 | 397,592.63 | 454,767.58 |
| (/) Shares Outstanding (M) | 107.78 | 107.78 | 107.78 |
| (=) Excess Retained per Share | 2,893.20 | 3,688.91 | 4,219.39 |
| LTM Dividend per Share | 5,594.42 | 5,594.42 | 5,594.42 |
| (+) Excess Retained per Share | 2,893.20 | 3,688.91 | 4,219.39 |
| (=) Adjusted Dividend | 8,487.61 | 9,283.33 | 9,813.80 |
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 1.55% | 2.55% | 3.55% |
| Fair Value | $165,757.58 | $226,675.52 | $317,583.20 |
| Upside / Downside | 24.07% | 69.67% | 137.71% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,143,499.00 | 1,172,650.70 | 1,202,545.59 | 1,233,202.59 | 1,264,641.15 | 1,296,881.18 | 1,335,787.61 |
| Payout Ratio | 52.73% | 60.18% | 67.64% | 75.09% | 82.55% | 90.00% | 92.50% |
| Projected Dividends (M) | 602,969.00 | 705,749.72 | 813,379.03 | 926,037.34 | 1,043,911.12 | 1,167,193.06 | 1,235,603.54 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.75% | 6.75% | 6.75% |
| Growth Rate | 1.55% | 2.55% | 3.55% |
| Year 1 PV (M) | 654,682.04 | 661,128.98 | 667,575.91 |
| Year 2 PV (M) | 699,926.43 | 713,779.26 | 727,767.83 |
| Year 3 PV (M) | 739,209.66 | 761,263.36 | 783,751.39 |
| Year 4 PV (M) | 773,005.12 | 803,906.29 | 835,724.80 |
| Year 5 PV (M) | 801,754.22 | 842,015.48 | 883,878.16 |
| PV of Terminal Value (M) | 22,638,209.74 | 23,775,020.56 | 24,957,048.80 |
| Equity Value (M) | 26,306,787.20 | 27,557,113.92 | 28,855,746.89 |
| Shares Outstanding (M) | 107.78 | 107.78 | 107.78 |
| Fair Value | $244,077.43 | $255,678.10 | $267,726.97 |
| Upside / Downside | 82.69% | 91.38% | 100.39% |
| 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% |