Definitive Analysis
| Stable Growth | $679,788.23 - $2,606,497.70 | $1,947,223.22 |
| Multi-Stage | $316,835.88 - $346,925.27 | $331,603.89 |
| Blended Fair Value | $1,139,413.56 | |
| Current Price | $113,500.00 | |
| Upside | 903.89% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 23.44% | 29.23% | 2,870.25 | 226.95 | 353.16 | 1,763.37 | 1,094.32 | 1,001.52 | 1,120.69 | 842.11 | 681.74 | 326.16 |
| YoY Growth | - | - | 1,164.70% | -35.74% | -79.97% | 61.14% | 9.27% | -10.63% | 33.08% | 23.52% | 109.02% | 47.58% |
| Dividend Yield | - | - | 2.35% | 0.28% | 0.91% | 4.34% | 6.36% | 9.72% | 7.86% | 5.69% | 5.61% | 2.64% |
| Net Income To Common (M) | 2,329,894.39 |
| (-) Cash Dividends Paid (M) | 285,347.12 |
| (=) Cash Retained (M) | 2,044,547.27 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 465,978.88 | 291,236.80 | 174,742.08 |
| Cash Retained (M) | 2,044,547.27 | 2,044,547.27 | 2,044,547.27 |
| (-) Cash Required (M) | -465,978.88 | -291,236.80 | -174,742.08 |
| (=) Excess Retained (M) | 1,578,568.40 | 1,753,310.48 | 1,869,805.19 |
| (/) Shares Outstanding (M) | 177.77 | 177.77 | 177.77 |
| (=) Excess Retained per Share | 8,879.82 | 9,862.79 | 10,518.10 |
| LTM Dividend per Share | 1,605.15 | 1,605.15 | 1,605.15 |
| (+) Excess Retained per Share | 8,879.82 | 9,862.79 | 10,518.10 |
| (=) Adjusted Dividend | 10,484.97 | 11,467.93 | 12,123.25 |
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $679,788.23 | $1,947,223.22 | $2,606,497.70 |
| Upside / Downside | 498.93% | 1,615.62% | 2,196.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 2,329,894.39 | 2,481,337.53 | 2,642,624.47 | 2,814,395.06 | 2,997,330.74 | 3,192,157.23 | 3,287,921.95 |
| Payout Ratio | 12.25% | 27.80% | 43.35% | 58.90% | 74.45% | 90.00% | 92.50% |
| Projected Dividends (M) | 285,347.12 | 689,756.50 | 1,145,533.51 | 1,657,647.31 | 2,231,496.02 | 2,872,941.51 | 3,041,327.80 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.13% | 7.13% | 7.13% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 637,821.01 | 643,866.71 | 649,912.41 |
| Year 2 PV (M) | 979,521.20 | 998,178.33 | 1,017,011.47 |
| Year 3 PV (M) | 1,310,693.66 | 1,348,318.96 | 1,386,657.52 |
| Year 4 PV (M) | 1,631,579.37 | 1,694,325.30 | 1,758,863.85 |
| Year 5 PV (M) | 1,942,414.42 | 2,036,233.76 | 2,133,643.79 |
| PV of Terminal Value (M) | 49,821,964.39 | 52,228,383.90 | 54,726,902.75 |
| Equity Value (M) | 56,323,994.05 | 58,949,306.97 | 61,672,991.78 |
| Shares Outstanding (M) | 177.77 | 177.77 | 177.77 |
| Fair Value | $316,835.88 | $331,603.89 | $346,925.27 |
| Upside / Downside | 179.15% | 192.16% | 205.66% |
| 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% |