Definitive Analysis
| Stable Growth | $3.46 - $5.32 | $4.32 |
| Multi-Stage | $7.69 - $8.47 | $8.07 |
| Blended Fair Value | $6.20 | |
| Current Price | $0.93 | |
| Upside | 566.17% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 17.33% | 0.00% | 0.09 | 0.07 | 0.07 | 0.08 | 0.05 | 0.04 | 0.37 | 0.03 | 0.03 | 0.00 |
| YoY Growth | - | - | 15.81% | 12.12% | -17.50% | 60.00% | 29.74% | -89.58% | 1,161.23% | 12.39% | 0.00% | 0.00% |
| Dividend Yield | - | - | 8.24% | 7.93% | 7.12% | 9.73% | 5.08% | 4.15% | 35.55% | 2.96% | 2.44% | 0.00% |
| Net Income To Common (M) | 188.21 |
| (-) Cash Dividends Paid (M) | 79.85 |
| (=) Cash Retained (M) | 108.36 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 37.64 | 23.53 | 14.12 |
| Cash Retained (M) | 108.36 | 108.36 | 108.36 |
| (-) Cash Required (M) | -37.64 | -23.53 | -14.12 |
| (=) Excess Retained (M) | 70.72 | 84.84 | 94.25 |
| (/) Shares Outstanding (M) | 500.00 | 500.00 | 500.00 |
| (=) Excess Retained per Share | 0.14 | 0.17 | 0.19 |
| LTM Dividend per Share | 0.16 | 0.16 | 0.16 |
| (+) Excess Retained per Share | 0.14 | 0.17 | 0.19 |
| (=) Adjusted Dividend | 0.30 | 0.33 | 0.35 |
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Fair Value | $3.46 | $4.32 | $5.32 |
| Upside / Downside | 271.36% | 364.73% | 472.11% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 188.21 | 186.33 | 184.47 | 182.62 | 180.80 | 178.99 | 184.36 |
| Payout Ratio | 42.43% | 51.94% | 61.46% | 70.97% | 80.49% | 90.00% | 92.50% |
| Projected Dividends (M) | 79.85 | 96.78 | 113.37 | 129.61 | 145.52 | 161.09 | 170.53 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.54% | 6.54% | 6.54% |
| Growth Rate | -2.00% | -1.00% | 0.00% |
| Year 1 PV (M) | 89.92 | 90.84 | 91.76 |
| Year 2 PV (M) | 97.86 | 99.87 | 101.90 |
| Year 3 PV (M) | 103.96 | 107.17 | 110.45 |
| Year 4 PV (M) | 108.44 | 112.94 | 117.57 |
| Year 5 PV (M) | 111.54 | 117.35 | 123.40 |
| PV of Terminal Value (M) | 3,334.53 | 3,508.17 | 3,688.96 |
| Equity Value (M) | 3,846.26 | 4,036.34 | 4,234.04 |
| Shares Outstanding (M) | 500.00 | 500.00 | 500.00 |
| Fair Value | $7.69 | $8.07 | $8.47 |
| Upside / Downside | 726.76% | 767.62% | 810.12% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| SMBC | Southern Missouri Bancorp, Inc. | 1.61% | $0.94 | 17.19% |
| VIRC | Virco Mfg. Corporation | 1.61% | $0.10 | 41.34% |
| CNO | CNO Financial Group, Inc. | 1.60% | $0.67 | 22.53% |
| IVT | InvenTrust Properties Corp. | 1.60% | $0.45 | 29.49% |
| KBR | KBR, Inc. | 1.60% | $0.65 | 21.84% |
| OBK | Origin Bancorp, Inc. | 1.60% | $0.60 | 31.45% |
| TNC | Tennant Company | 1.60% | $1.18 | 39.96% |
| DELL | Dell Technologies Inc. | 1.59% | $2.03 | 27.33% |
| RVSB | Riverview Bancorp, Inc. | 1.59% | $0.08 | 35.84% |
| 0HPW.L | Broadridge Financial Solutions, Inc. | 1.58% | $3.49 | 44.54% |
| CCF | Chase Corporation | 1.58% | $2.01 | 57.26% |
| MSIF | MSC Income Fund, Inc. | 1.58% | $0.21 | 12.72% |
| PRI | Primerica, Inc. | 1.58% | $4.10 | 18.44% |
| IEX | IDEX Corporation | 1.57% | $2.82 | 44.28% |
| LHX | L3Harris Technologies, Inc. | 1.57% | $4.79 | 51.11% |
| MRO | Marathon Oil Corporation | 1.57% | $0.45 | 19.02% |
| NEU | NewMarket Corporation | 1.57% | $10.82 | 22.69% |
| PSMT | PriceSmart, Inc. | 1.57% | $1.93 | 39.29% |
| TFSL | TFS Financial Corporation | 1.57% | $0.21 | 65.45% |
| UFPI | UFP Industries, Inc. | 1.57% | $1.44 | 25.79% |
| 0M3Q.L | Zoetis Inc. | 1.56% | $1.95 | 32.55% |
| 0K92.L | Northrop Grumman Corporation | 1.55% | $8.80 | 31.43% |
| 0QZ5.L | Cognizant Technology Solutions Corporation | 1.55% | $1.25 | 28.62% |
| EMR | Emerson Electric Co. | 1.55% | $2.11 | 51.98% |
| SYF | Synchrony Financial | 1.55% | $1.32 | 13.96% |
| TXRH | Texas Roadhouse, Inc. | 1.55% | $2.65 | 40.30% |
| 0HQW.L | C.H. Robinson Worldwide, Inc. | 1.54% | $2.48 | 50.26% |
| 0J76.L | Huntington Ingalls Industries, Inc. | 1.54% | $5.36 | 37.08% |
| BHE | Benchmark Electronics, Inc. | 1.54% | $0.68 | 65.62% |
| DPZ | Domino's Pizza, Inc. | 1.54% | $6.54 | 37.90% |
| GRC | The Gorman-Rupp Company | 1.54% | $0.74 | 38.69% |
| DFS | Discover Financial Services | 1.53% | $3.06 | 16.08% |
| SPFI | South Plains Financial, Inc. | 1.53% | $0.59 | 16.67% |
| JMSB | John Marshall Bancorp, Inc. | 1.52% | $0.30 | 29.07% |
| 0J3H.L | The Hartford Financial Services Group, Inc. | 1.51% | $2.06 | 16.53% |
| TRV | The Travelers Companies, Inc. | 1.51% | $4.29 | 16.63% |
| CISMX | Clarkston Partners Fund Institutional Class | 1.50% | $0.19 | 32.74% |
| FCAP | First Capital, Inc. | 1.50% | $0.88 | 28.53% |
| MGYR | Magyar Bancorp, Inc. | 1.50% | $0.26 | 22.66% |
| OBT | Orange County Bancorp, Inc. | 1.50% | $0.43 | 15.62% |
| OSK | Oshkosh Corporation | 1.50% | $1.99 | 19.24% |
| SAIC | Science Applications International Corporation | 1.50% | $1.51 | 19.14% |
| FUL | H.B. Fuller Company | 1.49% | $0.90 | 43.28% |
| CBNK | Capital Bancorp, Inc. | 1.48% | $0.41 | 14.04% |
| FRBA | First Bank | 1.48% | $0.24 | 14.40% |
| ANDE | The Andersons, Inc. | 1.47% | $0.78 | 36.39% |
| IROQ | IF Bancorp, Inc. | 1.47% | $0.40 | 25.40% |
| WM | Waste Management, Inc. | 1.47% | $3.22 | 50.78% |
| ATR | AptarGroup, Inc. | 1.45% | $1.78 | 28.44% |
| CHX | ChampionX Corporation | 1.45% | $0.37 | 24.70% |