Definitive Analysis
| Stable Growth | $2,303,325.47 - $7,438,095.30 | $6,970,584.60 |
| Multi-Stage | $974,247.50 - $1,066,642.61 | $1,019,595.62 |
| Blended Fair Value | $3,995,090.11 | |
| Current Price | $245,000.00 | |
| Upside | 1,530.65% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 13.03% | 27.16% | 3,252.46 | 3,296.24 | 3,900.26 | 2,852.69 | 2,134.15 | 1,763.13 | 1,060.65 | 715.61 | 571.12 | 236.70 |
| YoY Growth | - | - | -1.33% | -15.49% | 36.72% | 33.67% | 21.04% | 66.23% | 48.22% | 25.30% | 141.28% | -19.54% |
| Dividend Yield | - | - | 2.56% | 2.75% | 3.86% | 2.89% | 1.69% | 2.52% | 1.23% | 0.66% | 0.70% | 0.35% |
| Net Income To Common (M) | 1,013,067.64 |
| (-) Cash Dividends Paid (M) | 205,678.63 |
| (=) Cash Retained (M) | 807,389.01 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 202,613.53 | 126,633.46 | 75,980.07 |
| Cash Retained (M) | 807,389.01 | 807,389.01 | 807,389.01 |
| (-) Cash Required (M) | -202,613.53 | -126,633.46 | -75,980.07 |
| (=) Excess Retained (M) | 604,775.49 | 680,755.56 | 731,408.94 |
| (/) Shares Outstanding (M) | 27.09 | 27.09 | 27.09 |
| (=) Excess Retained per Share | 22,327.36 | 25,132.42 | 27,002.46 |
| LTM Dividend per Share | 7,593.33 | 7,593.33 | 7,593.33 |
| (+) Excess Retained per Share | 22,327.36 | 25,132.42 | 27,002.46 |
| (=) Adjusted Dividend | 29,920.69 | 32,725.75 | 34,595.79 |
| WACC / Discount Rate | 6.87% | 6.87% | 6.87% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Fair Value | $2,303,325.47 | $6,970,584.60 | $7,438,095.30 |
| Upside / Downside | 840.13% | 2,745.14% | 2,935.96% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 1,013,067.64 | 1,078,917.04 | 1,149,046.65 | 1,223,734.68 | 1,303,277.44 | 1,387,990.47 | 1,429,630.18 |
| Payout Ratio | 20.30% | 34.24% | 48.18% | 62.12% | 76.06% | 90.00% | 92.50% |
| Projected Dividends (M) | 205,678.63 | 369,443.26 | 553,628.30 | 760,196.50 | 991,279.48 | 1,249,191.42 | 1,322,407.92 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 6.87% | 6.87% | 6.87% |
| Growth Rate | 5.50% | 6.50% | 7.50% |
| Year 1 PV (M) | 342,446.63 | 345,692.57 | 348,938.51 |
| Year 2 PV (M) | 475,673.07 | 484,733.31 | 493,879.02 |
| Year 3 PV (M) | 605,426.32 | 622,805.93 | 640,515.01 |
| Year 4 PV (M) | 731,773.52 | 759,915.46 | 788,861.41 |
| Year 5 PV (M) | 854,780.71 | 896,066.93 | 938,933.28 |
| PV of Terminal Value (M) | 23,379,098.14 | 24,508,317.32 | 25,680,754.38 |
| Equity Value (M) | 26,389,198.38 | 27,617,531.53 | 28,891,881.60 |
| Shares Outstanding (M) | 27.09 | 27.09 | 27.09 |
| Fair Value | $974,247.50 | $1,019,595.62 | $1,066,642.61 |
| Upside / Downside | 297.65% | 316.16% | 335.36% |
| 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% |