Definitive Analysis
| Stable Growth | $4,700.71 - $12,867.00 | $12,058.26 |
| Multi-Stage | $1,869.71 - $2,042.71 | $1,954.63 |
| Blended Fair Value | $7,006.45 | |
| Current Price | $2,300.00 | |
| Upside | 204.63% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 15.69% | 15.76% | 55.36 | 58.57 | 36.31 | 30.81 | 26.96 | 26.71 | 33.87 | 29.60 | 26.35 | 0.00 |
| YoY Growth | - | - | -5.48% | 61.31% | 17.84% | 14.29% | 0.95% | -21.15% | 14.42% | 12.33% | 0.00% | -100.00% |
| Dividend Yield | - | - | 2.78% | 3.14% | 1.68% | 1.07% | 1.30% | 2.95% | 4.29% | 2.65% | 2.42% | 0.00% |
| Net Income To Common (M) | 1,453,472.00 |
| (-) Cash Dividends Paid (M) | 1,241,463.00 |
| (=) Cash Retained (M) | 212,009.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 290,694.40 | 181,684.00 | 109,010.40 |
| Cash Retained (M) | 212,009.00 | 212,009.00 | 212,009.00 |
| (-) Cash Required (M) | -290,694.40 | -181,684.00 | -109,010.40 |
| (=) Excess Retained (M) | -78,685.40 | 30,325.00 | 102,998.60 |
| (/) Shares Outstanding (M) | 22,465.16 | 22,465.16 | 22,465.16 |
| (=) Excess Retained per Share | -3.50 | 1.35 | 4.58 |
| LTM Dividend per Share | 55.26 | 55.26 | 55.26 |
| (+) Excess Retained per Share | -3.50 | 1.35 | 4.58 |
| (=) Adjusted Dividend | 51.76 | 56.61 | 59.85 |
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $4,700.71 | $12,058.26 | $12,867.00 |
| Upside / Downside | 104.38% | 424.27% | 459.43% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,453,472.00 | 1,547,947.68 | 1,648,564.28 | 1,755,720.96 | 1,869,842.82 | 1,991,382.60 | 2,051,124.08 |
| Payout Ratio | 85.41% | 86.33% | 87.25% | 88.17% | 89.08% | 90.00% | 92.50% |
| Projected Dividends (M) | 1,241,463.00 | 1,336,357.06 | 1,438,342.16 | 1,547,939.22 | 1,665,706.91 | 1,792,244.34 | 1,897,289.77 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.66% | 6.66% | 6.66% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 1,241,129.39 | 1,252,893.65 | 1,264,657.91 |
| Year 2 PV (M) | 1,240,655.79 | 1,264,286.80 | 1,288,140.74 |
| Year 3 PV (M) | 1,240,045.29 | 1,275,642.54 | 1,311,914.59 |
| Year 4 PV (M) | 1,239,300.93 | 1,286,960.95 | 1,335,982.58 |
| Year 5 PV (M) | 1,238,425.70 | 1,298,242.13 | 1,360,347.87 |
| PV of Terminal Value (M) | 35,803,822.06 | 37,533,160.06 | 39,328,683.89 |
| Equity Value (M) | 42,003,379.17 | 43,911,186.12 | 45,889,727.57 |
| Shares Outstanding (M) | 22,465.16 | 22,465.16 | 22,465.16 |
| Fair Value | $1,869.71 | $1,954.63 | $2,042.71 |
| Upside / Downside | -18.71% | -15.02% | -11.19% |
| 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% |