Definitive Analysis
| Stable Growth | $511,762.20 - $1,289,254.03 | $770,066.75 |
| Multi-Stage | $628,741.22 - $689,918.52 | $658,752.05 |
| Blended Fair Value | $714,409.40 | |
| Current Price | $66,900.00 | |
| Upside | 967.88% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.58% | 7.28% | 7,663.98 | 7,430.11 | 7,112.00 | 7,701.55 | 7,059.53 | 6,125.31 | 7,381.38 | 5,414.18 | 4,198.64 | 3,981.66 |
| YoY Growth | - | - | 3.15% | 4.47% | -7.65% | 9.09% | 15.25% | -17.02% | 36.33% | 28.95% | 5.45% | 4.89% |
| Dividend Yield | - | - | 14.01% | 12.81% | 13.50% | 12.56% | 11.73% | 15.41% | 12.30% | 8.50% | 6.74% | 6.34% |
| Net Income To Common (M) | 92,333.90 |
| (-) Cash Dividends Paid (M) | 32,089.32 |
| (=) Cash Retained (M) | 60,244.58 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 18,466.78 | 11,541.74 | 6,925.04 |
| Cash Retained (M) | 60,244.58 | 60,244.58 | 60,244.58 |
| (-) Cash Required (M) | -18,466.78 | -11,541.74 | -6,925.04 |
| (=) Excess Retained (M) | 41,777.80 | 48,702.85 | 53,319.54 |
| (/) Shares Outstanding (M) | 3.94 | 3.94 | 3.94 |
| (=) Excess Retained per Share | 10,605.52 | 12,363.48 | 13,535.46 |
| LTM Dividend per Share | 8,146.05 | 8,146.05 | 8,146.05 |
| (+) Excess Retained per Share | 10,605.52 | 12,363.48 | 13,535.46 |
| (=) Adjusted Dividend | 18,751.57 | 20,509.53 | 21,681.50 |
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 2.58% | 3.58% | 4.58% |
| Fair Value | $511,762.20 | $770,066.75 | $1,289,254.03 |
| Upside / Downside | 664.97% | 1,051.07% | 1,827.14% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 92,333.90 | 95,643.15 | 99,071.00 | 102,621.71 | 106,299.68 | 110,109.46 | 113,412.74 |
| Payout Ratio | 34.75% | 45.80% | 56.85% | 67.90% | 78.95% | 90.00% | 92.50% |
| Projected Dividends (M) | 32,089.32 | 43,807.29 | 56,323.98 | 69,681.60 | 83,924.35 | 99,098.51 | 104,906.79 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.34% | 6.34% | 6.34% |
| Growth Rate | 2.58% | 3.58% | 4.58% |
| Year 1 PV (M) | 40,796.72 | 41,194.41 | 41,592.10 |
| Year 2 PV (M) | 48,848.48 | 49,805.48 | 50,771.77 |
| Year 3 PV (M) | 56,280.08 | 57,942.05 | 59,636.42 |
| Year 4 PV (M) | 63,125.29 | 65,622.93 | 68,193.96 |
| Year 5 PV (M) | 69,416.29 | 72,866.29 | 76,452.12 |
| PV of Terminal Value (M) | 2,198,301.99 | 2,307,557.84 | 2,421,115.16 |
| Equity Value (M) | 2,476,768.86 | 2,594,989.00 | 2,717,761.52 |
| Shares Outstanding (M) | 3.94 | 3.94 | 3.94 |
| Fair Value | $628,741.22 | $658,752.05 | $689,918.52 |
| Upside / Downside | 839.82% | 884.68% | 931.27% |
| 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% |