Definitive Analysis
| Stable Growth | $2,739,110.19 - $6,230,670.24 | $5,839,050.49 |
| Multi-Stage | $957,855.90 - $1,046,743.83 | $1,001,489.69 |
| Blended Fair Value | $3,420,270.09 | |
| Current Price | $414,000.00 | |
| Upside | 726.15% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 9.69% | 3.05% | 26,999.71 | 17,999.81 | 18,999.80 | 13,999.85 | 15,999.83 | 16,999.82 | 18,999.80 | 16,999.82 | 19,999.78 | 18,999.80 |
| YoY Growth | - | - | 50.00% | -5.26% | 35.71% | -12.50% | -5.88% | -10.53% | 11.76% | -15.00% | 5.26% | -5.00% |
| Dividend Yield | - | - | 8.19% | 7.04% | 8.26% | 5.52% | 6.35% | 6.91% | 5.90% | 5.01% | 5.03% | 3.86% |
| Net Income To Common (M) | 40,728.89 |
| (-) Cash Dividends Paid (M) | 35,100.00 |
| (=) Cash Retained (M) | 5,628.89 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 8,145.78 | 5,091.11 | 3,054.67 |
| Cash Retained (M) | 5,628.89 | 5,628.89 | 5,628.89 |
| (-) Cash Required (M) | -8,145.78 | -5,091.11 | -3,054.67 |
| (=) Excess Retained (M) | -2,516.89 | 537.78 | 2,574.23 |
| (/) Shares Outstanding (M) | 1.30 | 1.30 | 1.30 |
| (=) Excess Retained per Share | -1,936.05 | 413.67 | 1,980.15 |
| LTM Dividend per Share | 26,999.71 | 26,999.71 | 26,999.71 |
| (+) Excess Retained per Share | -1,936.05 | 413.67 | 1,980.15 |
| (=) Adjusted Dividend | 25,063.66 | 27,413.38 | 28,979.86 |
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $2,739,110.19 | $5,839,050.49 | $6,230,670.24 |
| Upside / Downside | 561.62% | 1,310.40% | 1,404.99% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 40,728.89 | 43,376.27 | 46,195.73 | 49,198.45 | 52,396.35 | 55,802.11 | 57,476.18 |
| Payout Ratio | 86.18% | 86.94% | 87.71% | 88.47% | 89.24% | 90.00% | 92.50% |
| Projected Dividends (M) | 35,100.00 | 37,712.93 | 40,517.24 | 43,526.78 | 46,756.37 | 50,221.90 | 53,165.46 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.47% | 6.47% | 6.47% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 35,090.12 | 35,422.72 | 35,755.33 |
| Year 2 PV (M) | 35,077.53 | 35,745.65 | 36,420.08 |
| Year 3 PV (M) | 35,062.28 | 36,068.79 | 37,094.38 |
| Year 4 PV (M) | 35,044.42 | 36,392.13 | 37,778.35 |
| Year 5 PV (M) | 35,024.01 | 36,715.68 | 38,472.10 |
| PV of Terminal Value (M) | 1,069,927.73 | 1,121,605.64 | 1,175,261.38 |
| Equity Value (M) | 1,245,226.08 | 1,301,950.62 | 1,360,781.63 |
| Shares Outstanding (M) | 1.30 | 1.30 | 1.30 |
| Fair Value | $957,855.90 | $1,001,489.69 | $1,046,743.83 |
| Upside / Downside | 131.37% | 141.91% | 152.84% |
| 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% |