Definitive Analysis
| Stable Growth | $3,440.50 - $7,867.22 | $5,014.02 |
| Multi-Stage | $2,550.68 - $2,781.02 | $2,663.78 |
| Blended Fair Value | $3,838.90 | |
| Current Price | $147,000.00 | |
| Upside | -97.39% | |
| Decision | Don't Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 38.55% | 67.08% | 217.00 | 181.00 | 290.00 | 115.00 | 133.00 | 42.50 | 30.00 | 31.50 | 7.00 | 4.57 |
| YoY Growth | - | - | 19.89% | -37.59% | 152.17% | -13.53% | 212.94% | 41.67% | -4.76% | 350.00% | 53.27% | 256.87% |
| Dividend Yield | - | - | 0.53% | 11.95% | 14.80% | 3.38% | 11.42% | 12.43% | 2.12% | 5.58% | 0.54% | 0.43% |
| Net Income To Common (M) | 315,343.00 |
| (-) Cash Dividends Paid (M) | 161,250.00 |
| (=) Cash Retained (M) | 154,093.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 63,068.60 | 39,417.88 | 23,650.73 |
| Cash Retained (M) | 154,093.00 | 154,093.00 | 154,093.00 |
| (-) Cash Required (M) | -63,068.60 | -39,417.88 | -23,650.73 |
| (=) Excess Retained (M) | 91,024.40 | 114,675.13 | 130,442.28 |
| (/) Shares Outstanding (M) | 1,875.00 | 1,875.00 | 1,875.00 |
| (=) Excess Retained per Share | 48.55 | 61.16 | 69.57 |
| LTM Dividend per Share | 86.00 | 86.00 | 86.00 |
| (+) Excess Retained per Share | 48.55 | 61.16 | 69.57 |
| (=) Adjusted Dividend | 134.55 | 147.16 | 155.57 |
| WACC / Discount Rate | 9.63% | 9.63% | 9.63% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $3,440.50 | $5,014.02 | $7,867.22 |
| Upside / Downside | -97.66% | -96.59% | -94.65% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 315,343.00 | 335,840.30 | 357,669.91 | 380,918.46 | 405,678.16 | 432,047.24 | 445,008.66 |
| Payout Ratio | 51.13% | 58.91% | 66.68% | 74.45% | 82.23% | 90.00% | 92.50% |
| Projected Dividends (M) | 161,250.00 | 197,836.25 | 238,497.44 | 283,608.72 | 333,576.81 | 388,842.51 | 411,633.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 9.63% | 9.63% | 9.63% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 178,770.63 | 180,465.14 | 182,159.65 |
| Year 2 PV (M) | 194,744.10 | 198,453.43 | 202,197.75 |
| Year 3 PV (M) | 209,262.05 | 215,269.21 | 221,390.25 |
| Year 4 PV (M) | 222,411.40 | 230,964.72 | 239,762.40 |
| Year 5 PV (M) | 234,274.62 | 245,590.17 | 257,338.79 |
| PV of Terminal Value (M) | 3,743,062.18 | 3,923,853.48 | 4,111,564.09 |
| Equity Value (M) | 4,782,524.98 | 4,994,596.15 | 5,214,412.93 |
| Shares Outstanding (M) | 1,875.00 | 1,875.00 | 1,875.00 |
| Fair Value | $2,550.68 | $2,663.78 | $2,781.02 |
| Upside / Downside | -98.26% | -98.19% | -98.11% |
| 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% |