Definitive Analysis
| Stable Growth | $762,991.80 - $2,776,054.86 | $1,272,860.55 |
| Multi-Stage | $758,279.50 - $832,078.43 | $794,484.71 |
| Blended Fair Value | $1,033,672.63 | |
| Current Price | $431,500.00 | |
| Upside | 139.55% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.56% | 2.26% | 4,812.23 | 4,812.27 | 3,849.72 | 3,849.80 | 3,849.75 | 3,849.71 | 3,849.71 | 3,850.01 | 3,849.72 | 3,849.67 |
| YoY Growth | - | - | 0.00% | 25.00% | 0.00% | 0.00% | 0.00% | 0.00% | -0.01% | 0.01% | 0.00% | 0.00% |
| Dividend Yield | - | - | 1.19% | 1.27% | 1.02% | 1.29% | 1.36% | 1.33% | 1.25% | 1.26% | 1.29% | 0.96% |
| Net Income To Common (M) | 164,017.18 |
| (-) Cash Dividends Paid (M) | 29,705.92 |
| (=) Cash Retained (M) | 134,311.26 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 32,803.44 | 20,502.15 | 12,301.29 |
| Cash Retained (M) | 134,311.26 | 134,311.26 | 134,311.26 |
| (-) Cash Required (M) | -32,803.44 | -20,502.15 | -12,301.29 |
| (=) Excess Retained (M) | 101,507.82 | 113,809.11 | 122,009.97 |
| (/) Shares Outstanding (M) | 6.01 | 6.01 | 6.01 |
| (=) Excess Retained per Share | 16,895.44 | 18,942.93 | 20,307.92 |
| LTM Dividend per Share | 4,944.39 | 4,944.39 | 4,944.39 |
| (+) Excess Retained per Share | 16,895.44 | 18,942.93 | 20,307.92 |
| (=) Adjusted Dividend | 21,839.84 | 23,887.32 | 25,252.31 |
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.35% | 4.35% | 5.35% |
| Fair Value | $762,991.80 | $1,272,860.55 | $2,776,054.86 |
| Upside / Downside | 76.82% | 194.99% | 543.35% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 164,017.18 | 171,154.33 | 178,602.04 | 186,373.85 | 194,483.83 | 202,946.72 | 209,035.13 |
| Payout Ratio | 18.11% | 32.49% | 46.87% | 61.24% | 75.62% | 90.00% | 92.50% |
| Projected Dividends (M) | 29,705.92 | 55,606.63 | 83,705.21 | 114,143.89 | 147,073.14 | 182,652.05 | 193,357.49 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.31% | 6.31% | 6.31% |
| Growth Rate | 3.35% | 4.35% | 5.35% |
| Year 1 PV (M) | 51,804.97 | 52,306.22 | 52,807.47 |
| Year 2 PV (M) | 72,651.09 | 74,063.80 | 75,490.11 |
| Year 3 PV (M) | 92,296.91 | 95,002.04 | 97,759.51 |
| Year 4 PV (M) | 110,793.09 | 115,143.74 | 119,621.28 |
| Year 5 PV (M) | 128,188.39 | 134,511.14 | 141,080.96 |
| PV of Terminal Value (M) | 4,100,008.78 | 4,302,237.23 | 4,512,367.87 |
| Equity Value (M) | 4,555,743.23 | 4,773,264.16 | 4,999,127.19 |
| Shares Outstanding (M) | 6.01 | 6.01 | 6.01 |
| Fair Value | $758,279.50 | $794,484.71 | $832,078.43 |
| Upside / Downside | 75.73% | 84.12% | 92.83% |
| Ticker ⇵ | Company ⇵ | Dividend Yield % ▼ | Dividend Per Share ⇵ | Payout Ratio % ⇵ |
|---|---|---|---|---|
| VKQ | Invesco Municipal Trust | 8.62% | $0.84 | 69.07% |
| ARCC | Ares Capital Corporation | 8.61% | $1.76 | 91.56% |
| TPVG | TriplePoint Venture Growth BDC Corp. | 8.52% | $0.57 | 67.26% |
| C-PJ | Citigroup Inc. | 8.49% | $2.13 | 26.99% |
| RVT | Royce Value Trust Inc. | 8.42% | $1.36 | 39.40% |
| OGN | Organon & Co. | 8.37% | $0.61 | 31.54% |
| MITT | AG Mortgage Investment Trust, Inc. | 8.12% | $0.70 | 43.47% |
| CAG | Conagra Brands, Inc. | 8.06% | $1.39 | 78.70% |
| NOG | Northern Oil and Gas, Inc. | 8.02% | $1.77 | 94.64% |
| PAA | Plains All American Pipeline, L.P. | 8.00% | $1.46 | 90.71% |
| TSLX | Sixth Street Specialty Lending, Inc. | 8.00% | $1.73 | 85.26% |
| ACCO | ACCO Brands Corporation | 7.90% | $0.29 | 67.00% |
| ETD | Ethan Allen Interiors Inc. | 7.90% | $1.81 | 97.75% |
| CQP | Cheniere Energy Partners, L.P. | 7.82% | $4.23 | 88.03% |
| UNMA | Unum Group 6.250% JR NT58 | 7.69% | $1.79 | 33.52% |
| WRB-PH | W.R. Berkley Corporation 4.125% | 7.68% | $1.27 | 26.69% |
| JHS | John Hancock Income Securities Trust | 7.65% | $0.89 | 94.90% |
| NID | Nuveen Intermediate Duration Municipal Term Fund | 7.59% | $1.02 | 84.59% |
| HWCPZ | Hancock Whitney Corporation - 6 | 7.58% | $1.77 | 31.35% |
| WRB-PG | W.R. Berkley Corporation 4.25% | 7.54% | $1.27 | 26.69% |
| NMT | Nuveen Massachusetts Quality Municipal Income Fund | 7.48% | $0.85 | 80.62% |
| LOAN | Manhattan Bridge Capital, Inc. | 7.45% | $0.35 | 74.53% |
| OPAL | OPAL Fuels Inc. | 7.43% | $0.18 | 46.94% |
| ZIONL | Zions Bancorporation N.A. - 6.9 | 7.42% | $1.86 | 32.04% |
| GMTA | GATX Corporation SR NT 2066 | 7.41% | $1.86 | 21.29% |
| IIM | Invesco Value Municipal Income Trust | 7.41% | $0.92 | 64.33% |
| JMM | Nuveen Multi-Market Income Fund | 7.28% | $0.44 | 61.06% |
| BKE | The Buckle, Inc. | 7.26% | $3.91 | 96.21% |
| MHI | Pioneer Municipal High Income Fund, Inc. | 7.19% | $0.64 | 13.70% |
| ORI | Old Republic International Corporation | 7.19% | $3.11 | 93.13% |
| PMF | PIMCO Municipal Income Fund | 7.07% | $0.59 | 92.59% |
| RYN | Rayonier Inc. | 7.04% | $1.52 | 30.67% |
| DRQ | Dril-Quip, Inc. | 7.02% | $1.08 | 50.37% |
| TRINI | Trinity Capital Inc. 7.875% Notes Due 2029 | 7.02% | $1.78 | 83.48% |
| C-PN | Citigroup Capital XIII TR PFD SECS | 7.01% | $2.13 | 26.99% |
| VPV | Invesco Pennsylvania Value Municipal Income Trust | 6.98% | $0.73 | 60.22% |
| VCV | Invesco California Value Municipal Income Trust | 6.97% | $0.78 | 60.58% |
| EOT | Eaton Vance National Municipal Opportunities Trust | 6.96% | $1.18 | 69.84% |
| FLATX | Fidelity Latin America Fund | 6.92% | $1.15 | 39.63% |
| EGY | VAALCO Energy, Inc. | 6.91% | $0.25 | 92.67% |
| NOM | Nuveen Missouri Quality Municipal Income Fund | 6.91% | $0.82 | 78.81% |
| UBCP | United Bancorp, Inc. | 6.90% | $0.99 | 96.30% |
| TBC | AT&T Inc. 5.625% Global Notes d | 6.89% | $1.72 | 55.65% |
| GTN | Gray Media, Inc. | 6.87% | $0.33 | 34.04% |
| HEP | Holly Energy Partners, L.P. | 6.86% | $1.40 | 74.08% |
| AFG | American Financial Group, Inc. | 6.85% | $9.23 | 96.49% |
| BANFP | BFC Capital Trust II PFD TR 7.20% | 6.85% | $1.80 | 25.72% |
| CFG-PD | Citizens Financial Group, Inc. | 6.83% | $1.71 | 43.60% |
| RCII | Rent-A-Center, Inc. | 6.81% | $1.82 | 79.98% |
| SPH | Suburban Propane Partners, L.P. | 6.81% | $1.27 | 78.56% |