Definitive Analysis
| Stable Growth | $44,673.31 - $81,883.04 | $60,056.13 |
| Multi-Stage | $79,767.16 - $87,445.83 | $83,533.58 |
| Blended Fair Value | $71,794.85 | |
| Current Price | $34,000.00 | |
| Upside | 111.16% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 7.87% | 9.27% | 1,335.50 | 1,343.64 | 1,329.39 | 967.68 | 893.90 | 914.25 | 1,061.63 | 1,043.31 | 477.67 | 470.20 |
| YoY Growth | - | - | -0.61% | 1.07% | 37.38% | 8.25% | -2.23% | -13.88% | 1.76% | 118.42% | 1.59% | -14.57% |
| Dividend Yield | - | - | 4.57% | 3.53% | 2.99% | 1.53% | 1.49% | 3.05% | 2.09% | 1.55% | 0.67% | 0.65% |
| Net Income To Common (M) | 96,637.28 |
| (-) Cash Dividends Paid (M) | 95,211.20 |
| (=) Cash Retained (M) | 1,426.08 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 19,327.46 | 12,079.66 | 7,247.80 |
| Cash Retained (M) | 1,426.08 | 1,426.08 | 1,426.08 |
| (-) Cash Required (M) | -19,327.46 | -12,079.66 | -7,247.80 |
| (=) Excess Retained (M) | -17,901.37 | -10,653.58 | -5,821.71 |
| (/) Shares Outstanding (M) | 31.09 | 31.09 | 31.09 |
| (=) Excess Retained per Share | -575.78 | -342.66 | -187.25 |
| LTM Dividend per Share | 3,062.36 | 3,062.36 | 3,062.36 |
| (+) Excess Retained per Share | -575.78 | -342.66 | -187.25 |
| (=) Adjusted Dividend | 2,486.59 | 2,719.70 | 2,875.12 |
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Fair Value | $44,673.31 | $60,056.13 | $81,883.04 |
| Upside / Downside | 31.39% | 76.64% | 140.83% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 96,637.28 | 98,323.87 | 100,039.89 | 101,785.86 | 103,562.31 | 105,369.75 | 108,530.85 |
| Payout Ratio | 98.52% | 96.82% | 95.11% | 93.41% | 91.70% | 90.00% | 92.50% |
| Projected Dividends (M) | 95,211.20 | 95,196.61 | 95,152.52 | 95,077.89 | 94,971.67 | 94,832.78 | 100,391.03 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.35% | 6.35% | 6.35% |
| Growth Rate | 0.75% | 1.75% | 2.75% |
| Year 1 PV (M) | 88,630.36 | 89,510.11 | 90,389.86 |
| Year 2 PV (M) | 82,478.81 | 84,124.30 | 85,786.06 |
| Year 3 PV (M) | 76,729.55 | 79,037.16 | 81,390.58 |
| Year 4 PV (M) | 71,357.27 | 74,232.91 | 77,194.60 |
| Year 5 PV (M) | 66,338.20 | 69,696.58 | 73,189.63 |
| PV of Terminal Value (M) | 2,094,486.67 | 2,200,520.49 | 2,310,805.87 |
| Equity Value (M) | 2,480,020.85 | 2,597,121.55 | 2,718,756.58 |
| Shares Outstanding (M) | 31.09 | 31.09 | 31.09 |
| Fair Value | $79,767.16 | $83,533.58 | $87,445.83 |
| Upside / Downside | 134.61% | 145.69% | 157.19% |
| 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% |