Definitive Analysis
| Stable Growth | $1,540,604.70 - $3,684,786.14 | $3,453,184.25 |
| Multi-Stage | $534,291.05 - $585,142.35 | $559,248.26 |
| Blended Fair Value | $2,006,216.25 | |
| Current Price | $165,400.00 | |
| Upside | 1,112.95% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.81% | 15.43% | 3,150.02 | 2,850.02 | 1,900.01 | 1,750.01 | 1,750.01 | 1,650.01 | 1,500.01 | 1,500.01 | 1,500.01 | 1,000.01 |
| YoY Growth | - | - | 10.53% | 50.00% | 8.57% | 0.00% | 6.06% | 10.00% | 0.00% | 0.00% | 50.00% | 33.33% |
| Dividend Yield | - | - | 2.80% | 3.26% | 2.40% | 1.82% | 1.87% | 3.64% | 2.32% | 1.78% | 2.04% | 1.06% |
| Net Income To Common (M) | 1,389,602.10 |
| (-) Cash Dividends Paid (M) | 277,500.00 |
| (=) Cash Retained (M) | 1,112,102.10 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 277,920.42 | 173,700.26 | 104,220.16 |
| Cash Retained (M) | 1,112,102.10 | 1,112,102.10 | 1,112,102.10 |
| (-) Cash Required (M) | -277,920.42 | -173,700.26 | -104,220.16 |
| (=) Excess Retained (M) | 834,181.68 | 938,401.84 | 1,007,881.95 |
| (/) Shares Outstanding (M) | 75.00 | 75.00 | 75.00 |
| (=) Excess Retained per Share | 11,122.50 | 12,512.11 | 13,438.52 |
| LTM Dividend per Share | 3,700.02 | 3,700.02 | 3,700.02 |
| (+) Excess Retained per Share | 11,122.50 | 12,512.11 | 13,438.52 |
| (=) Adjusted Dividend | 14,822.52 | 16,212.13 | 17,138.54 |
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $1,540,604.70 | $3,453,184.25 | $3,684,786.14 |
| Upside / Downside | 831.44% | 1,987.78% | 2,127.80% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,389,602.10 | 1,479,926.24 | 1,576,121.45 | 1,678,569.34 | 1,787,676.35 | 1,903,875.31 | 1,960,991.57 |
| Payout Ratio | 19.97% | 33.98% | 47.98% | 61.99% | 75.99% | 90.00% | 92.50% |
| Projected Dividends (M) | 277,500.00 | 502,816.72 | 756,252.18 | 1,040,509.85 | 1,358,525.85 | 1,713,487.78 | 1,813,917.20 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.52% | 6.52% | 6.52% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 467,629.21 | 472,061.71 | 476,494.22 |
| Year 2 PV (M) | 654,109.52 | 666,568.47 | 679,144.96 |
| Year 3 PV (M) | 836,993.23 | 861,020.29 | 885,502.84 |
| Year 4 PV (M) | 1,016,331.93 | 1,055,417.19 | 1,095,619.08 |
| Year 5 PV (M) | 1,192,176.59 | 1,249,759.16 | 1,309,545.56 |
| PV of Terminal Value (M) | 35,904,320.90 | 37,638,513.02 | 39,439,076.76 |
| Equity Value (M) | 40,071,561.37 | 41,943,339.85 | 43,885,383.41 |
| Shares Outstanding (M) | 75.00 | 75.00 | 75.00 |
| Fair Value | $534,291.05 | $559,248.26 | $585,142.35 |
| Upside / Downside | 223.03% | 238.12% | 253.77% |
| 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% |