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 % ⇵ |
|---|---|---|---|---|
| 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% |