DDM Analysis: TKBP.SW

Valuation Snapshot

Stable Growth	$369.12 - $809.02	$530.20
Multi-Stage	$803.38 - $884.76	$843.28
Blended Fair Value	$686.74
Current Price	$153.00
Upside	348.85%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	3.32%	4.70%	4.83	4.56	4.54	4.38	4.11	4.10	4.03	4.02	4.00	3.99
YoY Growth	-	-	5.91%	0.51%	3.49%	6.63%	0.23%	1.71%	0.31%	0.38%	0.35%	30.88%
Dividend Yield	-	-	3.80%	3.81%	3.81%	4.11%	3.93%	3.76%	3.93%	3.95%	4.52%	5.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	317.36
(-) Cash Dividends Paid (M)	36.47
(=) Cash Retained (M)	280.89

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	63.47	39.67	23.80
Cash Retained (M)	280.89	280.89	280.89
(-) Cash Required (M)	-63.47	-39.67	-23.80
(=) Excess Retained (M)	217.42	241.22	257.09
(/) Shares Outstanding (M)	16.00	16.00	16.00
(=) Excess Retained per Share	13.59	15.08	16.07
LTM Dividend per Share	2.28	2.28	2.28
(+) Excess Retained per Share	13.59	15.08	16.07
(=) Adjusted Dividend	15.87	17.36	18.35
WACC / Discount Rate	5.03%	5.03%	5.03%
Growth Rate	0.70%	1.70%	2.70%
Fair Value	$369.12	$530.20	$809.02
Upside / Downside	141.25%	246.54%	428.77%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	317.36	322.77	328.27	333.86	339.54	345.33	355.69
Payout Ratio	11.49%	27.19%	42.89%	58.60%	74.30%	90.00%	92.50%
Projected Dividends (M)	36.47	87.77	140.81	195.63	252.28	310.80	329.01

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	5.03%	5.03%	5.03%
Growth Rate	0.70%	1.70%	2.70%
Year 1 PV (M)	82.74	83.56	84.39
Year 2 PV (M)	125.14	127.64	130.16
Year 3 PV (M)	163.90	168.83	173.86
Year 4 PV (M)	199.26	207.29	215.56
Year 5 PV (M)	231.42	243.14	255.33
PV of Terminal Value (M)	12,051.68	12,662.05	13,296.91
Equity Value (M)	12,854.13	13,492.51	14,156.21
Shares Outstanding (M)	16.00	16.00	16.00
Fair Value	$803.38	$843.28	$884.76
Upside / Downside	425.09%	451.16%	478.28%

High-Yield Dividend Screener

US Stocks Global Stocks

« Prev Page 21 of 30 Next »

Ticker ⇵	Company ⇵	Dividend Yield % ▼	Dividend Per Share ⇵	Payout Ratio % ⇵
GATX	GATX Corporation	1.45%	$2.47	28.36%
SF	Stifel Financial Corp.	1.45%	$1.86	30.82%
0HFN.L	Analog Devices, Inc.	1.44%	$3.90	84.88%
HAYN	Haynes International, Inc.	1.44%	$0.88	30.16%
0I58.L	Cummins Inc.	1.43%	$7.42	38.53%
0HRJ.L	CSX Corporation	1.42%	$0.51	33.32%
OLED	Universal Display Corporation	1.42%	$1.73	37.24%
BBW	Build-A-Bear Workshop, Inc.	1.41%	$0.86	19.50%
LBC	Luther Burbank Corporation	1.41%	$0.13	17.07%
SNDR	Schneider National, Inc.	1.41%	$0.38	58.72%
0R13.L	Church & Dwight Co., Inc.	1.40%	$1.16	36.55%
COHN	Cohen & Company Inc.	1.40%	$0.35	48.05%
HLI	Houlihan Lokey, Inc.	1.40%	$2.48	39.81%
PATK	Patrick Industries, Inc.	1.40%	$1.54	44.05%
CXT	Crane NXT, Co.	1.39%	$0.66	24.82%
ESBA	Empire State Realty OP, L.P.	1.39%	$0.09	49.94%
MMS	Maximus, Inc.	1.39%	$1.21	21.54%
WYNN	Wynn Resorts, Limited	1.39%	$1.70	34.98%
ATEN	A10 Networks, Inc.	1.38%	$0.24	34.61%
HYAC	Haymaker Acquisition Corp. III	1.38%	$0.16	37.41%
ISTR	Investar Holding Corporation	1.38%	$0.36	18.11%
MCY	Mercury General Corporation	1.38%	$1.27	16.00%
ACU	Acme United Corporation	1.37%	$0.55	28.31%
DE	Deere & Company	1.36%	$6.34	34.22%
HYAC-UN	Haymaker Acquisition Corp. 4	1.36%	$0.16	37.41%
RTX	RTX Corporation	1.36%	$2.56	52.52%
0HIN.L	Assurant, Inc.	1.35%	$3.22	19.47%
AL	Air Lease Corporation	1.35%	$0.86	9.51%
BGCP	BGC Partners, Inc.	1.34%	$0.06	11.88%
ESRT	Empire State Realty Trust, Inc.	1.34%	$0.09	49.94%
HUM	Humana Inc.	1.34%	$3.55	33.23%
ZEUS	Olympic Steel, Inc.	1.34%	$0.59	50.16%
0K9L.L	Nucor Corporation	1.33%	$2.22	31.04%
BY	Byline Bancorp, Inc.	1.33%	$0.39	13.97%
LPX	Louisiana-Pacific Corporation	1.33%	$1.09	35.19%
OPOF	Old Point Financial Corporation	1.33%	$0.56	32.91%
WSM	Williams-Sonoma, Inc.	1.33%	$2.50	27.85%
RUSHA	Rush Enterprises, Inc.	1.32%	$0.71	21.15%
VLEOX	Value Line Small Cap Opportunities Fund, Inc. Investor Class	1.32%	$0.79	56.29%
0IW7.L	Global Payments Inc.	1.31%	$1.01	13.82%
APO	Apollo Global Management, Inc.	1.31%	$1.92	27.59%
EMP	Entergy Mississippi, Inc. 1M BD 66	1.31%	$0.27	6.72%
NDSN	Nordson Corporation	1.31%	$3.15	36.67%
ROK	Rockwell Automation, Inc.	1.31%	$5.23	68.01%
UMBF	UMB Financial Corporation	1.31%	$1.52	18.87%
0L3I.L	The Charles Schwab Corporation	1.30%	$1.29	28.42%
0R2X.L	Corning Incorporated	1.30%	$1.15	72.69%
EBAY	eBay Inc.	1.30%	$1.13	24.20%
GGG	Graco Inc.	1.30%	$1.07	36.31%
HES	Hess Corporation	1.30%	$1.94	26.90%

Financial Statements

Fundamentals

Valuations

Miscellaneous

Mode

Ticker

Industry

Sector

Thurgauer Kantonalbank (TKBP.SW)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

High-Yield Dividend Screener