Definitive Analysis
| Stable Growth | $4,172.26 - $8,821.12 | $5,916.85 |
| Multi-Stage | $5,009.81 - $5,496.35 | $5,248.49 |
| Blended Fair Value | $5,582.67 | |
| Current Price | $1,285.00 | |
| Upside | 334.45% | |
| Decision | Buy | |
| Metric | 5Y CAGR | 10Y CAGR | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| DPS | 4.51% | 4.10% | 49.89 | 43.39 | 16.93 | 0.00 | 1.49 | 40.01 | 43.14 | 37.32 | 26.38 | 15.90 |
| YoY Growth | - | - | 14.97% | 156.29% | 0.00% | -100.00% | -96.27% | -7.25% | 15.60% | 41.49% | 65.91% | -52.39% |
| Dividend Yield | - | - | 5.64% | 2.91% | 1.38% | 0.00% | 0.09% | 4.94% | 1.88% | 1.11% | 1.21% | 0.94% |
| Net Income To Common (M) | 3,227,615.00 |
| (-) Cash Dividends Paid (M) | 751,833.00 |
| (=) Cash Retained (M) | 2,475,782.00 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| Required Retention Ratio | 20.0% | 12.5% | 7.5% |
| (=) Cash Required (M) | 645,523.00 | 403,451.88 | 242,071.13 |
| Cash Retained (M) | 2,475,782.00 | 2,475,782.00 | 2,475,782.00 |
| (-) Cash Required (M) | -645,523.00 | -403,451.88 | -242,071.13 |
| (=) Excess Retained (M) | 1,830,259.00 | 2,072,330.13 | 2,233,710.88 |
| (/) Shares Outstanding (M) | 14,034.44 | 14,034.44 | 14,034.44 |
| (=) Excess Retained per Share | 130.41 | 147.66 | 159.16 |
| LTM Dividend per Share | 53.57 | 53.57 | 53.57 |
| (+) Excess Retained per Share | 130.41 | 147.66 | 159.16 |
| (=) Adjusted Dividend | 183.98 | 201.23 | 212.73 |
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Fair Value | $4,172.26 | $5,916.85 | $8,821.12 |
| Upside / Downside | 224.69% | 360.46% | 586.47% |
| Metric | TTM | Dec-27 | Dec-28 | Dec-29 | Dec-30 | Dec-31 | Terminal |
|---|---|---|---|---|---|---|---|
| Net Income (M) | 3,227,615.00 | 3,340,929.34 | 3,458,221.89 | 3,579,632.32 | 3,705,305.21 | 3,835,390.18 | 3,950,451.88 |
| Payout Ratio | 23.29% | 36.64% | 49.98% | 63.32% | 76.66% | 90.00% | 92.50% |
| Projected Dividends (M) | 751,833.00 | 1,223,949.82 | 1,728,289.90 | 2,266,533.89 | 2,840,440.75 | 3,451,851.16 | 3,654,167.99 |
| Metric | LOW | BASE | HIGH |
|---|---|---|---|
| WACC / Discount Rate | 7.03% | 7.03% | 7.03% |
| Growth Rate | 2.51% | 3.51% | 4.51% |
| Year 1 PV (M) | 1,132,497.78 | 1,143,545.38 | 1,154,592.98 |
| Year 2 PV (M) | 1,479,667.33 | 1,508,676.66 | 1,537,967.60 |
| Year 3 PV (M) | 1,795,491.93 | 1,848,551.64 | 1,902,646.52 |
| Year 4 PV (M) | 2,081,999.99 | 2,164,436.74 | 2,249,297.64 |
| Year 5 PV (M) | 2,341,104.48 | 2,457,542.36 | 2,578,567.79 |
| PV of Terminal Value (M) | 61,479,143.94 | 64,536,889.25 | 67,715,106.84 |
| Equity Value (M) | 70,309,905.46 | 73,659,642.03 | 77,138,179.38 |
| Shares Outstanding (M) | 14,034.44 | 14,034.44 | 14,034.44 |
| Fair Value | $5,009.81 | $5,248.49 | $5,496.35 |
| Upside / Downside | 289.87% | 308.44% | 327.73% |
| 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% |