Definitive Analysis
| Stable Growth | $154,843.75 - $247,581.88 | $196,887.78 |
| Multi-Stage | $330,366.67 - $363,031.35 | $346,382.05 |
| Blended Fair Value | $271,634.92 | |
| Current Price | $151,200.00 | |
| Upside | 79.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | -0.10% | 5.08% | 7,032.47 | 6,401.64 | 6,280.40 | 6,370.81 | 6,980.98 | 7,066.15 | 6,822.23 | 6,100.93 | 5,310.39 | 4,845.46 |
| YoY Growth | - | - | 9.85% | 1.93% | -1.42% | -8.74% | -1.21% | 3.58% | 11.82% | 14.89% | 9.60% | 13.05% |
| Dividend Yield | - | - | 5.15% | 4.41% | 4.07% | 4.41% | 5.92% | 3.32% | 3.78% | 3.83% | 3.04% | 2.95% |
| Net Income To Common (M) | 46,055.88 |
| (-) Cash Dividends Paid (M) | 31,691.72 |
| (=) Cash Retained (M) | 14,364.16 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 9,211.18 | 5,756.98 | 3,454.19 |
| Cash Retained (M) | 14,364.16 | 14,364.16 | 14,364.16 |
| (-) Cash Required (M) | -9,211.18 | -5,756.98 | -3,454.19 |
| (=) Excess Retained (M) | 5,152.98 | 8,607.17 | 10,909.97 |
| (/) Shares Outstanding (M) | 3.08 | 3.08 | 3.08 |
| (=) Excess Retained per Share | 1,670.85 | 2,790.87 | 3,537.55 |
| LTM Dividend per Share | 10,276.02 | 10,276.02 | 10,276.02 |
| (+) Excess Retained per Share | 1,670.85 | 2,790.87 | 3,537.55 |
| (=) Adjusted Dividend | 11,946.87 | 13,066.89 | 13,813.57 |
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.14% | -0.14% | 0.86% |
| Fair Value | $154,843.75 | $196,887.78 | $247,581.88 |
| Upside / Downside | 2.41% | 30.22% | 63.74% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 46,055.88 | 45,989.17 | 45,922.55 | 45,856.04 | 45,789.62 | 45,723.30 | 47,095.00 |
| Payout Ratio | 68.81% | 73.05% | 77.29% | 81.52% | 85.76% | 90.00% | 92.50% |
| Projected Dividends (M) | 31,691.72 | 33,594.70 | 35,492.11 | 37,383.94 | 39,270.23 | 41,150.97 | 43,562.87 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.48% | 6.48% | 6.48% |
| Growth Rate | -1.14% | -0.14% | 0.86% |
| Year 1 PV (M) | 31,233.62 | 31,549.57 | 31,865.53 |
| Year 2 PV (M) | 30,678.55 | 31,302.37 | 31,932.46 |
| Year 3 PV (M) | 30,042.76 | 30,963.73 | 31,903.34 |
| Year 4 PV (M) | 29,340.64 | 30,546.00 | 31,788.11 |
| Year 5 PV (M) | 28,584.97 | 30,060.32 | 31,595.97 |
| PV of Terminal Value (M) | 868,985.29 | 913,836.01 | 960,519.80 |
| Equity Value (M) | 1,018,865.83 | 1,068,258.00 | 1,119,605.21 |
| Shares Outstanding (M) | 3.08 | 3.08 | 3.08 |
| Fair Value | $330,366.67 | $346,382.05 | $363,031.35 |
| Upside / Downside | 118.50% | 129.09% | 140.10% |
| 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% |